Continued customer confidence
in Ramco VirtualWorks helped
Ramco Systems post a 26% first
quarter global revenue growth
compared to the corresponding
period last year(Apr-Jun05).
The global revenues of Ramco
Systems Ltd, including revenues
from subsidiaries in USA,
Switzerland, Singapore, Malaysia
and South Africa stood at
USD 15.34 million as against
USD 12.20 million in the first
quarter of the previous fiscal.
The net loss for the quarter
has been significantly reduced
to USD 1.24 million, registering
a 66% drop over the corresponding
period last year.
Software revenues for the
quarter grew by 44% from USD
6.88 Million in Q1 2005-06
to USD 9.58 Million for Q1
2006-07. The growth in the
software solutions business
was spearheaded by India and
the US which clocked impressive
growth rates of 232% &
88% respectively.
Global revenue contribution
was led by India & USA
with a share of 37% and 35%
respectively. Among the business
lines, the software solutions
business contributed over
62%, while the IT Services
practice accounted for 18%
of the global Q1 revenues.
For India, the total quarterly
income reported was Rs.33.75
crores with a net loss of
Rs. 6.79 crores.
During the quarter, the company
won significant orders from
India, the US & Singapore..
The company is aggressively
pursuing a few strategic relationships
that are expected to improve
predictability of revenues.
Commenting on the
results, Mr. P.R.Venketrama
Raja, Vice Chairman, Managing
Director & CEO said,
"Ramco’s continued
focus in delivering real value
to customers is reflected
in the global recognition
for Ramco VirtualWorks and
a positive revenue growth.
We have turned cash positive
globally during the quarter
and our investments in people
and partnerships are expected
to lead us to a profitable
growth in the coming months
”
During the quarter, Ramco
Systems India achieved the
Microsoft Gold Certified Partner
status. This is a recognition
of Ramco's competency in providing
Custom Development Solutions
and ISV Solutions on the Microsoft
Platform.
