Latest News | CMS Info Systems Net Profit Rises 37 Pc to Rs 73 Crore

Mumbai, Nov 1 (PTI) The largest cash management firm CMS Info Systems on Tuesday reported a 37 per cent growth in net profit at Rs 73 crore for the July-September quarter of FY23 on robust revenue growth and margin expansion.

The company said revenue grew 27 per cent to Rs 472 crore in the reporting quarter, giving it an operating margin of 29.1 per cent, which rose 320 basis points from the year-ago quarter at Rs 137 crore. The management attributed this to the change in business mix, which it did not explain in the statement.

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Cash management activities grew 6 per cent despite a slowdown in consumption, particularly in rural areas, it said, but large order book, which expanded to Rs 2,800 crore with Rs 600 crore of new order wins, cushioned this.

Rajiv Kaul, vice-chairman and chief executive, said the company has been delivering over 20 per cent operating profit growth for the past six consecutive quarters, thanks to its market leadership, expansion of technology-enabled services, orders from large enterprises and better execution.

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Cash management services revenue grew to Rs 324 crore, registering a 17 per cent increase, giving the company an operating income of Rs 81 crore.

Revenue from managed services and technology solutions rose 51 per cent to Rs 164 crore, helping the company earn Rs 32 crore of operating income.

CMS is the largest cash management company in the country as well as one of the largest ATM cash management firms worldwide. Its businesses include ATM and retail cash management, currency chest automation, bullion logistics, banking automation solutions, brown label ATMs, ATM security software, AI-based remote monitoring services and card issuance.

The CMS counter rallied to an all-time high of Rs 344.25 on the BSE intra-day before settling down at Rs 334.05, up 6.96 per cent on a day when the Sensex gained for the fourth consecutive day rallying 0.62 per cent to 61,121.35, a new 10-month high.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)