Last year, the company has made substantial investments in perfecting Ramco VirtualWorks - the company's unique capability to assemble enterprise class applications. This ground breaking, model-based development and delivery platform enables rapid assembly of personalized applications and addresses an enterprise's unique, best and next business practices.

Over the year, the company has been successfully implementing solutions using the platform on several prestigious customers including Boeing, Swatch Group, Government of Andhra Pradesh, Tirumala Tirupati Devasthanams (TTD) and MMTC. The company plans to extend its offerings to a whole host of industries/verticals during the coming year. With a greater market penetration in focus, the company has taken on board senior management professionals in USA & Europe.

During the year the company launched Ramco Business Decisions, a smart Corporate Performance Management Solution. The offering has received good response from many customers, prospects, analysts and partners.

The company today announced its audited results for the Fiscal Year ended March 31, 2003. The total income reported is Rs. 84.98 crores as against Rs. 98.53 crores in the corresponding period of the previous year. The net loss after tax was Rs. 27.32 crores compared to Rs. 8.76 crores earned in the previous year.

Commenting on the results, Mr. P.R.Venketrama Raja, Vice Chairman, Managing Director & CEO said, " Transition to new offerings based on our significant new technology platform has had an impact on the revenues during the last fiscal year. The market response to our new offerings is very encouraging .If some key decisions go in our favour we should see a healthy growth in the revenues in the next fiscal year."

The global revenues of Ramco Systems Ltd, including revenues form subsidiaries in USA, Switzerland, Singapore and Malaysia and branches in UK and Germany, registered USD 32.32 million as against USD 36.33 million in the previous year.

Among our business lines, CRM showed promise with revenue contributions rising by 28%, while the networking business registered a marginal rise of 5%. The products business remained stable. The geographical growth was spearheaded by USA with a 4% rise in revenues.

The company is exploring the emerging opportunities in South Africa. It has set up an office in Durban and is working closely with business partners.