We are happy to share with you the positive news that all our efforts and investments of the past few years have started yielding expected results, and, for the Jan’04 – Mar’04 quarter , we have achieved break-even globally, and in India, we have registered a net profit of Rs 4.20 crores during the last quarter of the financial year 2003-04.

During the year, we continued to invest in the company’s unique solution assembly and delivery platform – Ramco VirtualWorks®. The platform has successfully delivered the promised order-of-magnitude benefits and solutions offered using Ramco VirtualWorks have accounted for over 45% of the company’s global software revenues.

All our offerings have been well received and this has resulted in the company gaining entry into newer markets and verticals which is reflected in the improved performance, consistent quarter-on-quarter growth and a healthy prospect base.

The company today announced its audited results for the Fiscal Year ended March 31, 2004. The global revenues of Ramco Systems Ltd, including revenues from subsidiaries in USA, Switzerland, Singapore, Malaysia and South Africa and branches in UK and Germany, registered a 15% growth at USD 37.22 million as against USD 32.32 million in the previous year.

During the fourth quarter, Ramco Systems India’s revenues grew by 57% to Rs. 33.03 crores compared to 21.01 crores during the corresponding period of the previous year. The net profit after tax for the quarter was Rs. 4.20 crores compared to a net loss of Rs. 3.34 crores during the corresponding quarter last year.

Commenting on the results, Mr. P.R.Venketrama Raja, Vice Chairman, Managing Director & CEO said, " Our investments in Ramco VirtualWorks have started yielding positive results. The market response to our technology offerings is on expected lines and is reflected in the quarter-on-quarter revenue growth during the last four quarters. We intend to accelerate our growth and market penetration in the coming quarters and are investing in marketing and developing business partners.”

Among the business lines, the software solutions business spearheaded the growth with a revenue contribution of over 57% , while the CRM practice contributed to 20% of the global revenues. The geographical growth was spearheaded by USA with a 36% rise in revenues.

The year also marked the completion of the company’s transformation into a holistic provider of end-to-end software solutions comprising Assembled Solutions, Software Services and platform engagements. The company has successfully entered into South Africa with an order win to engage the Ramco VirtualWorks platform with a government organization.

During the year, we have initiated steps to protect our intellectual property with the filing of 46 provisional patent applications in the United States Patent and Trademark Office.