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Ramco Systems posts Q1 revenue of USD 17.08m

Ramco Systems posts Q1 revenue of USD 17.08m

Chennai, India – August 07, 2023: Ramco Systems (BSE-532370, NSE-RAMCOSYS), a global enterprise software company focusing on next-generation Cloud Enterprise Applications, today announced the results for the first quarter of the financial year 2023-24.


Sundar Subramanian, an accomplished global technology leader with over 30 years of experience, has joined as the Chief Executive Officer of Ramco Systems. Under his guidance the organization will double down on its focus on operational excellence, strategic expansion and capitalize on new opportunities to achieve sustainable growth.


For the quarter ended June 30, 2023 (Q1: 2023-24), global consolidated income of Ramco Systems Limited stood at USD 17.13m (Rs. 139.9cr). The net loss after tax for the quarter stood at USD 5.72m (Rs. 46.8cr).


Results at a Glance:

  • Quarterly Order Booking stood at USD 23.14m
  • Signed 4 “Million-Dollar plus” deals; large deals signed across Global Payroll and Aviation business units
    • Global insurance company trusts Ramco to streamline their multi-country payroll operations
    • One of the largest global aircraft manufacturer trusts Ramco for maintenance and engineering operations
    • World’s leading petrochemicals manufacturer trusts Ramco to automate its payroll processes
  • Revenue showing positive momentum with a 11% uptick Q-o-Q
  • Bagged the Silver Award for Ramco's First Time Managers Program recognized by the highly acclaimed Economic Times HR Future Skills Award


Commenting on the results, P.R. Venketrama Raja, Chairman, Ramco Systems, said, “Our thrust on building an in-depth offering embedded with future-ready technology is not only pushing boundaries but also ensuring reliable and timely delivery, making a tangible impact on global enterprises. With a positive momentum in revenue along with our ability to deliver seamless experiences through innovation and excellence, we optimistically look forward to the following quarters.”


Sundar Subramanian, Chief Executive Officer, Ramco Systems, said, "Ramco's IP-rich platform and robust products have been a game-changer for our niche verticals. With a customer-first and innovation-led approach, we have been witnessing a higher adoption of our SaaS model, embedded with AI tools. We continue to maintain a competitive edge with investments in advance tools and technologies for better and faster delivery to market.”


Download the pdf version of the Financial Results