Driven
by continued customer confidence,
Ramco Systems has successfully
moved into the black and reported
a breakeven situation and a
global revenue growth of 13%
for the first quarter of 2007-08.
The global Q1 revenues of Ramco
Systems Ltd, including revenues
from subsidiaries in USA, Switzerland,
Singapore, Malaysia, South Africa
and India stood at USD 17.51
million as against USD 15.47
million in the first quarter
of the previous fiscal. The
company has turned around and
posted a net profit of USD 0.07
m compared to a net loss of
USD (1.24million) during the
corresponding period last year.
Software revenues for the quarter
grew by 21% from USD 9.58 Million
in Q1 2006-07 to USD 11.60 Million
for Q1 2007-08. The growth in
the software solutions business
was spearheaded by India and
the US which clocked impressive
growth rates of 64% & 40%
respectively.
Global software and services
revenue contribution was led
by USA and India with a share
of 40% and 31% respectively.
Among the business lines, the
software solutions business
contributed 82%, while the IT
Services practice accounted
for the rest of the global Q1
revenues.
For India, the total quarterly
income reported was Rs.28.38
crores. The net loss has been
significantly cut to Rs.2.96
crores - a 56% reduction compared
to the loss in the corresponding
quarter of the last fiscal.
During the quarter, the company
witnessed significant traction
in Aviation and the pipeline
is very healthy. The company
is aggressively moving up the
business value chain and has
formed a dedicated Strategic
Consulting Group. This is expected
to open up significant opportunities
for Ramco in its key markets.
Ramco ERP OnDemand, Ramco’s
software offering on a monthly
subscription model is gaining
wider acceptance and the user
base has been steadily increasing.
Commenting on the results,
Mr. P.R.Venketrama Raja, Vice
Chairman, Managing Director
& CEO said, "Ramco’s
investments in innovative business
solutions, targeted marketing
and key talent combined with
strict cost-control has enabled
the company to turn-around and
achieve break-even. We hope
to build on these initiatives
and achieve profitable growth
in the coming quarters”.
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