CMS Q1 Net Profit Up 3%, Rs 93.6 Cr

Mumbai, Jul 23 (PTI) Cash handling company CMS Info Systems on Wednesday reported a 3 per cent increase in its consolidated net profit at Rs 93.6 crore in the June quarter.

The city-headquartered company also announced a decision to acquire Securens Systems to scale its vision artificial intelligence business at an investment of Rs 80 crore.

CMS' overall revenues grew 5 per cent to Rs 627 crore during the reporting quarter, which included an 8 per cent growth in cash logistics at Rs 417 crore and an 8 per cent growth in managed services and technology solutions business at Rs 258 crore.

The flagship business delivered a marginal 1 per cent expansion in operating profit at Rs 100 crore in the quarter, while the same for the other vertical declined 11 per cent to Rs 36 crore, as per an official statement.

The company reported order wins of Rs 500 crore during the quarter, and had a 9 per cent increase in cash logistics touchpoints to 1.53 lakh.

"We continue to focus on executing our order book while maintaining a stable business profile. With the Securens acquisition, our HAWKAI brand will scale to a market leading position, more than 2X of its closest competitor," its executive vice chairman and chief executive Rajiv Kaul said.

The CMS scrip closed 2.65 per cent down at Rs 502.65 apiece on the BSE on Wednesday, as against a 0.66 per cent gains in the benchmark.