Ramco Systems FY20 revenue stands at USD 81.03m
Q4 order booking impacted due to COVID-19 Outbreak
Chennai, India – June 19, 2020: Ramco Systems (BSE -532370, NSE - RAMCOSYS); a global enterprise software company focusing on Next Generation Cloud ERP, today announced the results for the fourth quarter and financial year 2019-20.
For the year ended March 31, 2020 (FY: 2019-20), global income of Ramco Systems Limited was USD 82.33m (Rs 578.1cr). The net profit after tax for the year stood at USD 1.45m (Rs.10.2cr). Growth trajectory was impacted in Q4 because of COVID-19 outbreak which led to multiple projects getting delayed or deferred for the future.
For the quarter ended March 31, 2020 (Q4: 2019-20), global consolidated income of Ramco Systems Limited stood at USD 18.97m (Rs 135.5 cr).
- 22 ‘Million-Dollar-Plus' deals signed in FY20
- COVID impact results in significant drop in order booking in Q4
- Revenue from markets outside India stood at 75% in FY20; Asia continues to show promising growth
- Ramco ERP recognized as a LEADER in SoftwareReviews' Enterprise Resource Planning Data Quadrant - Top 3 Vendors for business value creation, vendor support and ease of customization
- Focus on driving Digital Transformation leads to increase in large opportunities getting added to the pipeline; working with futuristic organizations to reboot their business for a post-Pandemic era
- Ramco Services Resources Planning (SRP) adds one of the world's second largest Human Resources provider and temporary staffing firm as its client for its Asia operations
- Continuous thrust on multi-country payroll results in organizations embracing the true power of Ramco's DIGITAL Managed Payroll Services
- Ramco Aviation takes a digital leap with its new product version (v5.8.9) - embeds production-ready Al/ML use cases, complete UI refresh on EXT JS 6.0 platform, builds in module to address ITM business among others
- While the Airline segment globally is under tremendous pressure, the strategy to diversify into sectors like Defense and focus on leveraging technology to bring automation and cost optimization is helping grow this business
- Launch of RamcoGEEK - Pandemic Control System to help organizations leverage technology to enable safe entry, pre-screening, safe distancing, real-time location sensing, contact tracing and more for employees and visitors
Commenting on the results, P.R. Venketrama Raja, Chairman, Ramco Systems, said, "The world today is battling a major global health pandemic that is having a significant impact on people, businesses and the economy. There has been a strong sense of disruption in work and social lives. However, this disruption is driving forward-looking companies to scale their initiatives and drive transformation in business operations. We (Ramco) are happy to be aiding organizations move into the future where digital is the center to every interaction, and further up their adoption curve."
Virender Aggarwal, CEO, Ramco Systems, said, "Traditionally, Q4 has always been a good quarter for us. We were cruising towards a great finish but circumstances due to the pandemic outbreak delayed multiple projects. We are taking multiple steps to mitigate the impact by offering OpEx model of payment terms. We have also been able to optimize our spends and have a positive cash flow and are seizing this opportunity to learn and adapt to the new normal."
“The pandemic has also given an opportunity for businesses to transform and rethink business priorities of the future. Emerging technologies like Artificial Intelligence and Machine Learning are helping the world come up with smarter ways to deal with the current situation. With niche offerings and focused efforts and investments in the right direction, we have been strengthening our hold", added Aggarwal.