The company has recorded a Rs 51.44-crore turnover during the first quarter, an 35 per cent increase compared with the previous year's Rs 38.03 crore. Chairman and managing director SS Ghosh told reporters that the better performance was possible owing to a number of breakthroughs that CMC achieved in providing information technology solutions in key areas like the railways, finger printing, tracking systems and enterprise resource planning systems.

"The investments that we have been making in research and development and to gain expertise for entering new high-growth areas, have now started paying dividends", said Ghosh.

Ghosh said that the company expected its revenue to grow by at least 30 per cent in the next two years. "We have charted out a five-year growth plan for the company and with favourable governmentpolicies, our plans will produce good results.

During the quarter, the company has achieved a number of breakthroughs, including the launch of the country's first insurance application software package, Genisys, a joint venture with Price Waterhouse for ERP solutions and setting up of a "Java competency centre" in Hyderabad.

CMC also bagged a number of contracts during the quarter, including one for installing FACTS, a fingerprint analysis and criminal tracking system, to the Mauritius police, a package to streamline operations at Indian Railways and a depository software at the Bombay Stock Exchange.

The company plans to consolidate its position during the year based on investments in various developmental activities during the earlier years. CMC plans to maximise returns from areas in which it has expertise and also maintain leadership in the market.