CMC Ltd, a subsidiary of Tata Consultancy Services, plans to ramp up its international business in the current financial year to around 23 per cent of its total business.
During the previous financial year the international business contributed around 18 per cent of the company's total turnover.
R Ramanan, managing director and chief executive officer of CMC, said, "For the company to improve its over all portfolio it is important to have a good mix of domestic and international business. With the solutions that the company provides getting more popular among foreign companies we expect the international business to contribute around 23 per cent this year."
"Apart from increasing our foreign business, we would also be concentrating on cross-selling in the domestic market for better profitability," he said. According to Ramanan, the synergy with TCS was instrumental in CMC getting into multiple markets.
"We would be collaborating with TCS where ever possible to bring in the best practices. Since TCS has a global presence it would help us in getting into new markets," Ramanan said.
CMC plans to invest more into research and development (R&D) during the current financial year. "During the previous financial year we invested Rs 12 crore (Rs 120 million) which is approximately around 1.5 per cent of the turnover and if it is necessary we would be investing more in R&D activities." he said.
According to him, this year the investment would be mainly in developing e-security and security technology for ports and cargo.
"Another important factor for the success would depend on how agile can the company be to the changing needs," Ramanan said.
CMC also plans to increase its headcount by around 300 from the present 3,100 by the end of the current financial year.
S Ramadorai, chairman CMC Ltd and managing director of Tata Consultancy Services, said, "There are no plans of merging CMC with TCS. But if it is beneficial and the boards of both the companies agree then we are open for the merger."
