New Delhi, April 26: CMC Limited has reported a rise of 24 per cent in revenues to Rs 763.67 crore in the year ended March 2004 from Rs 614.73 crore in the previous year.

The IT solutions provider’s profit-after-tax stood at Rs 47.99 crore, an increase of 30 per cent over the previous year. The consolidated revenues of the company along with its wholly-owned subsidiary CMC Americas Inc for 2003-04 was Rs 801.75 crore, an increase of 18 per cent over Rs 679.09 crore in the previous year.

The consolidated profit-after-tax increased by 23 per cent to Rs 44.77 crore.

The board has proposed a dividend of Rs 5.50 per share, subject to the shareholders’ approval.

“The revenue growth during the year has been mainly driven by customer services in the domestic market and systems integration solutions in the international market,” said CFO J. K. Gupta. A 19 per cent growth in international service revenue helped bring down the effective tax rate from 34.6 per cent to 27.0 per cent, he added.

“The company continues to focus on its core competencies which revolve around implementing complex systems integration solutions, hi-tech embedded systems design and development, end-to-end IT infrastructure management and the emerging areas of IT-enabled services and knowledge management services such as e-learning and corporate training,” MD and CEO R. Ramanan said.

The company had identified West Asia and Africa as areas with good opportunities and opened an office in Dubai in the beginning of the year to address these opportunities, he added.

The company tailored software for banking, securities, insurance, biometric solutions and railways. It has emerged as an important international player in the high-tech embedded systems area and is servicing a number of international clients.

The company has set up a centre in Hyderabad to develop FPGA-based solutions for one of the largest supplier of programmable logic solutions in the world.