CMS’ solutions enable growth for expanding market share
Leading banks from India’s robust banking sector are adding new branches, particularly in under-penetrated tier-4, tier-5 and tier-6 centres, citing strong growth in credit and healthy margins.
“Banks are on a branch addition spree as they look to follow a ‘physical plus online’ approach as we have seen leading banks invest in adding new branches, particularly in under-penetrated tier-4, tier-5 and tier-6 centres,” CMS Info Systems Limited Executive Vice Chairman, Whole Time Director and CEO, Rajiv Kaul said on 27 Jan.
“With the Indian banking sector reporting robust growth in credit and healthy margins, banks are refocusing on expanding and capturing a wider deposit share and deepening geographical presence.
“Our technology led solutions will enable growth as we focus to expand our market share. Looking ahead, and beyond, our longer-term business forecast continues to be strong,” said Kaul when announcing the results for Q3 FY 2023.
“Despite macro challenges, we have delivered a strong Q3 with industry-leading growth and earnings, which are up 26% YoY. This clearly is a reflection of our strong client engagement, robust business model and our employees’ unwavering dedication.
“We continue to prioritize facilitation of seamless commerce through our integrated business services platform to BFSI and Retail sector,” he said.
CMS, India’s leading business services company offering banking logistics and technology services from Mumbai, achieved revenues of Rs.493 crores, 21.7% growth over the previous year, while the operating profit (EBITDA) grew 28.9% from Rs.105 crores to Rs.135 crores in the Q3 quarter.
PAT was Rs.76 crore, a 25.8% YOY growth.
It had the highest ever quarterly currency throughput at Rs.3.3 trillion, up 10.7% YoY.
CMS Info Systems Limited (BSE: CMSINFO | 543441, NSE: CMSINFO) is a leading business services company providing logistics and technology solutions to banks, financial institutions, organized retail and e-commerce companies in India with presence across Cash Logistics, ATM Managed Services and Technology Solutions. fiinews.com
