Ramco Systems posts Q2 revenue of USD 15.48m
Chennai, India – October 30, 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 second quarter of the financial year 2023-24.
For the quarter ended September 30, 2023 (Q2: 2023-24), global consolidated income of Ramco Systems Limited stood at USD 15.71m (Rs. 128.7cr). The net loss after tax for the quarter stood at USD 17.81m (Rs. 145.8cr).
Results at a Glance:
- During the quarter, a one-time, non-cash provision of USD 13.10m had been accounted
- Quarterly Order Booking stood at USD 16.60m
- Signed two “Million-Dollar plus” deals
- A leading global automotive parts supplier chose Ramco to manage its payroll operations
- One of India’s leading integrated building materials companies selected Ramco ERP system
- Unexecuted Order Book at USD 193m
- Bagged recognitions from key research firms underscoring our leader positioning in the payroll segment
Commenting on the results, P.R. Venketrama Raja, Chairman, Ramco Systems, said, “Q2 was a quarter of reassessment to strategically review and craft a fresh roadmap for the company. This assessment has helped us get more clarity and consciously align our business. I’m confident that this will help us carve our growth trajectory in the second half of FY24. Moreover, our investments in technology continue to underscore our commitment in providing the best possible solutions to our customers. From the introduction of a low-code platform to the development of various self-service tools, we will further enhance our technological capabilities in the upcoming quarters.”
Sundar Subramanian, CEO, Ramco Systems, said, “During the quarter, the company performed a comprehensive strategic review of all its business units, considering various factors such as project viability, aging, the decision to exit unprofitable solutions, customer descoping, and country-specific risks. Following this assessment, the Company decided to allocate a one-time provision for Trade Receivables and Unbilled Revenue. Our turnaround strategy, combined with strong deal momentum, robust unexecuted order book, and a sustained global market interest in our product lines are all exceptionally promising.”