Encouraged by customer confidence in Ramco VirtualWorks across the globe, Ramco Systems posted a 21% revenue growth compared to the previous year. Currently, there are over 70 VirtualWorks projects which are at various stages of engagement and more than half of them are already LIVE.

The global revenues of Ramco Systems Ltd, including revenues from subsidiaries in USA, Switzerland, Singapore, Malaysia and South Africa stood at USD 59.24 million as against USD 49.11 million in the previous year. The net loss for the year has been significantly reduced to USD 5.37 million, registering a 64% drop over the previous year. Quarterly revenues for the period ended March 31, 2006 stood at USD 17.35 Million, registering a growth of 29% Quarter-on-Quarter.

Software revenues for the year grew by 22% from USD 29.61 Million in 2004-05 to USD 36.05 Million for 2005-06

For India, the total annual income reported was Rs.117.47 crores and the net loss has been trimmed by 16 % to Rs. 34.07 crores.

During the year, the company reached significant milestones, the most important being recognized as the No. 1 company for customer satisfaction in the Enterprise Solutions segment for the second year in a row by Dataquest-IDC. This is an acknowledgement of Ramco’s continued focus in delivering customer delight through enduring software assets built using innovative technology.

Other milestones include strategic orders from new geographies, winning million dollar deals and entering into global partnerships that promise sustained long term revenues. These orders include projects in eGovernance, Aviation MRO, Manufacturing & BFSI segments.

Global revenue contribution was led by USA with a share of 34%. South African operations expanded its customer base beyond Local Governance solutions and registered an impressive growth of 43%.

Among the business lines, the software solutions business contributed over 58%, while the IT Services practice accounted for 20% of the global revenues.

Commenting on the results, Mr. P.R.Venketrama Raja, Vice Chairman, Managing Director & CEO said, "Ramco’s dedicated focus in delivering customer delight has earned global appreciation for Ramco VirtualWorks and a positive revenue growth. With proven successes, strong partnerships and quality processes, the company is poised for aggressive growth in the future ”

Subject to the approval of the shareholders, the Board of Directors of the company have approved the transfer of the Secured Converged Networking division to the wholly owned subsidiary Company, viz, M/s. Ramco Infotech Solutions Limited.