The Adaptive Enterprise Solutions
built on Ramco VirtualWorks
fill a much needed gap with
the constant change in enterprise
requirements of most customers.
This has helped Ramco achieve
a turnover of over USD 50
Million.
Pending High Court approval
for the scheme of arrangement
for capital reduction, the
company today announced its
unaudited results for the
Fiscal Year ended March 31,
2005. The global revenues
of Ramco Systems Ltd, including
revenues from subsidiaries
in USA, Switzerland, Singapore,
Malaysia and South Africa
registered a 33% growth at
USD 50.02 million as against
USD 37.58 million in the previous
year.
Global software revenues
for the year grew by 46% from
USD 19.59 Million in 2003-04
to USD 28.56 Million in the
current year. Quarterly revenues
for the quarter ended March
31, 2005 stood at USD 13.76
Million, registering a growth
of 14% QoQ & 15% YoY.
For India, the total annual
income reported a 43% growth
at Rs.122.78 crores as against
Rs.85.92 crores in the previous
year. The net loss (before
accounting for a one time
adjustment of extra-ordinary
items of Rs 27.49 crores towards
asset impairment) stood at
Rs 12.86 crores as against
a loss of Rs 33.27 crores
for the previous year.
The achievements for the
year included various milestones
like successful development
of VirtualWorks 2.0. A significant
number of strategic projects
on VirtualWorks supporting
multiple technology platforms
at global customer locations
have gone live. Ramco DecisionWorks
has also acquired several
marquee customers in EMEA.
We have consolidated our
entry in the BFSI segment
with several projects and
emerged as a preferred vendor
for large financial institutions.
To top it, our customers have
endorsed our services in the
recently conducted Customer
Satisfaction Audit-2005 by
DQ-IDC India, where we were
placed in the No 1 slot in
the Enterprise Applications
category.
The geographical growth was
spearheaded by USA with a
contribution of 42% of the
global revenues. We have set
up a dedicated office in Middle
East to cater to the growing
demand for enterprise solutions
in the region. The acceptance
of the Local Governance solutions
in South Africa contributed
to revenues of USD 5.67 Million.
Among the business lines,
the software solutions business
spearheaded the growth with
a revenue contribution of
over 58%, while the IT Services
practice contributed to 20%
of the global revenues.
Commenting on the
results, Mr. P.R.Venketrama
Raja, Vice Chairman, Managing
Director & CEO said,
"The growth in revenues
this year, has been due to
successful multi-country implementations
of adaptive enterprise solutions.
We expect a similar growth
for the next fiscal with major
contributions in the later
half. This is primarily due
to tier 1 prospects and large
partners, evincing interest
in our technology and exploring
long term relationships. ”
