Ramco Systems announces third quarter results for FY24
Chennai, India – February 07, 2024: Ramco Systems (BSE-532370, NSE-RAMCOSYS), global enterprise software company focusing on next-generation Cloud Enterprise Applications, today announced the results for the third quarter of the financial year 2023-24.
For the quarter ended December 31, 2023 (Q3: 2023-24), global consolidated income of Ramco Systems Limited stood at USD 15.58M (Rs. 128.9Cr.). The net loss after tax for the quarter stood at USD 3.13M (Rs. 26.4Cr.).
Results at a Glance:
- Recurring revenue continues to trend up
- Quarterly Order Booking stood at USD 7M
- Unexecuted Order Book at healthy USD 180.3M
- Bottomline continues to improve
- Signed partnerships with Deloitte Touche Tohmatsu India LLP and BDO India
- Setting the stage for the launch of modern payroll platform that redefines the way global businesses manage payroll
Sundar Subramanian, CEO, Ramco Systems, said, "We are continuing on our path of significant turnaround, simplifying and strengthening our business. Our focus remains on innovation, ensuring the delivery of quality products to our clients. With a commitment to agile product implementations, improved user interfaces, and accessible, partner-compatible platforms, we're deepening our investment in modern technologies like low-code development, zero-friction UX and embedded AI. This strategy positions us to thrive, even in uncertain economic conditions, as we forge ahead, ready to embrace future opportunities."
The company has recently secured strategic partnerships with prominent services firms, Deloitte Touche Tohmatsu India LLP and BDO India. These alliances will blend Ramco's advanced payroll platform with the vast consulting prowess and services offered by these partners, establishing a benchmark for global payroll excellence. As a pivotal element of Ramco Global Payroll's platform strategy, these partnerships signify not just a commitment to innovation but also an endorsement of our platform and strategy by industry leaders. This recognition underscores the value and effectiveness of our approach, promising to drive platform-led growth and empower businesses worldwide to revolutionize their payroll systems.
"As our turnaround strategy unfolds, we are expecting stronger growth and improved results in the coming quarters. This positive change reflects our commitment to excellence and strategic partnerships, setting us on a path to outperform expectations and secure a leading position in the industry" stated Sundar.