Ramco Systems FY 17 revenue stood at USD 67.24m; Substantial shift towards Cloud based deals witnessed
FY 2017 marks a shift in Quality and Size of engagements; Momentum on Cloud continues with growth in unexecuted order book by USD 33m; Ramco emerges as a formidable player in Asia; consolidates position in China; Ramco Logistics continues to win client trust
Chennai, India – May 30, 2017: Ramco Systems (BSE - 532370, NSE – RAMCOSYS); a global enterprise software company focusing on enterprise cloud platform, products and services, today announced the results for the fourth quarter and financial year ending 2016-17.
For the year ended March 31, 2017 (FY: 2016-17), global income of Ramco Systems Limited was USD 68.76m (Rs 459.3 cr). The net profit after tax for the year stood at USD 1.60m (Rs 10.7cr). The net impact of forex stood at USD 2.64m, compared to the previous year.
For the quarter ended March 31, 2017 (Q4: 2016-17), global consolidated income of Ramco Systems Limited stood at USD 18.14m (Rs 121.6 cr). The net profit after tax for the quarter, amounted to USD 1.19m (Rs.7.9 cr).
Highlights for FY 2016-17:
- Revenue from markets outside India stood at 73%
- Asia (including ANZ) followed by US are the top contributors to order book
- Philippines, Indonesia, China emerge as growth markets
- Ramco consolidates position in Australia with 25+ clients
- Aviation strengthens position in China with key wins
- Strategy to address HCM mid-market segment in U.S begins to bear results with standalone wins sprouting in the region
- Number of Million dollar deals seeing an increase – a testimony of large / multi-country mandates being signed, making up close to 50% of the orders booked
- Operational efficiency resulted in improved collections by USD 10m compared to previous year
- Focus on Partners as Force Multiplier starts to pay off; boutique partners get ready to anchor growth in regional markets
- Multi-country Payroll on a unified platform is driving Fortune 500 & MNCs as customers
- Ramco Logistics recognized as notable vendors for SMB TMS vendors in Gartner’s Magic Quadrant for Transportation Management Systems
- Focus on Innovation leads to launch of Ramco applications on Microsoft HoloLens; Chatbots get mainstream with launch on Teams
- Ramco ERP gets ready with GST / GSP requirements for India; to enable clients steer through the GST era with ease
Commenting on the results, P.R. Venketrama Raja, Vice Chairman and Managing Director, Ramco Systems, said, “Over the last few years, we have taken a conscious decision to focus on fewer things but do them better. The testimony to this is number of fortune companies we have signed and the inroads we have made with our Aviation offering into markets like, China. The sharper focus has given us better results with both quality and scope of business engagements getting better. The thrust on Innovation and simplification has resulted in building an agile organization that is ready to adapt and change based on market needs.”
Commenting on the business performance, Virender Aggarwal, CEO, Ramco Systems, said, “We have seen significant growth in recurring bookings resulting in unexecuted order book growing by USD 33m. However, the recurring nature of business has impacted the revenues in the short term; and the profitability was impacted by currency fluctuations and the change in Indian accounting standards. While this hurts our quarterly revenues in the immediate timeframe, we are happy to see the strong recurring revenue being built for the future.”