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Ramco Systems FY24 revenue stood at USD 63.92m

Ramco Systems FY24 revenue stood at USD 63.92m

Q4 witnessed 19% YoY increase in Order Bookings, with positive EBITDA of USD 0.43m; Debut of Ramco Payce and the expansion of Ramco’s Aviation MRO Solution signal significant development

Chennai, INDIA – May 21, 2024 – Ramco Systems (BSE - 532370, NSE – RAMCOSYS), a global enterprise software company offering next-generation SaaS-enabled platform and products, today announced results for the fourth quarter and financial year 2023-24.


For the quarter ended March 31, 2024 (Q4: 2023-24), global consolidated income of Ramco Systems Limited stood at USD 16.00m (Rs 132.3cr).


For the year ended March 31, 2024 (FY: 2023-24), global consolidated income of Ramco Systems Limited was USD 64.41m (Rs 529.9cr). The net loss after tax for the year stood at USD 29.41m (Rs 241.9cr).

Results at a Glance:

FY24 Financial Highlights –

  • Recurring Revenue grew at a healthy pace of 13% YoY, as compared to 5% last year
  • Signed 11 “Million-Dollar plus” deals; Q4 witnessed the addition of a record multi-million-dollar deal signed in the history of Ramco Systems
  • Unexecuted Order Book stood at a healthy USD 188m

FY24 Business Highlights –

  • Launched Ramco Payce, a SaaS-based payroll platform that offers swift implementation, lightning-fast payroll processing, enhanced accuracy and a modern user interface with fast, effortless, and precise payroll management
    • With 13+ events across India, APAC, ANZ, and Middle East, Ramco Payce witnessed significant traction across markets – a testament to Ramco’s commitment to innovation and excellence in payroll
  • Gained inroads into Aircraft Engine MRO market, with the addition of a multi-million-dollar deal signed with South Korea’s flag carrier and largest airline, Korean Air
  • Signed strategic partnerships with Deloitte Touche Tohmatsu India LLP and BDO India to redefine the payroll landscape
  • Continued to bag recognitions from key research firms, underscoring our leadership position in the payroll segment
    • Recognized as a ‘Leader’ & ‘Star Performer’ in Everest Group’s Multi-Country Payroll Solutions PEAK Matrix® Assessment 2023 for APAC
    • Positioned as a ‘Leader’ in ISG’s maiden Provider Lens™ for Payroll Solutions & Services 2023
    • Ranked as a ‘Leader’ in NelsonHall’s 2023 Payroll Services NEAT Evaluation
    • Bagged the High Performing Partnership Award at the 2024 ISG Paragon Awards™ ANZ, in collaboration with esteemed client, New Zealand’s leading telecommunications provider
    • Recognized by ET NOW as one of the Best Organizations for Women 2024 for the second consecutive year
    • Rated as a Leader in G2 Grid Report 2024 for ERP & Multi-Country Payroll

Commenting on the results, P.R. Venketrama Raja, Chairman, Ramco Systems, said, “FY24 has been an eventful year for Ramco Systems. With an uptick in revenue and order bookings, the company achieved cash-flow stabilization. The year also marked the beginning of our tech modernization journey with the launch of Ramco Payce. Our commitment to improving user experience and scalability, coupled with the adoption of cutting-edge technology stacks, is enabling us to provide best-in-class enterprise applications. I am confident that our emphasis on operational excellence will drive client satisfaction and enhance business agility.”


Sundar Subramanian, CEO, Ramco Systems, said, “Our turnaround efforts are underway, and we are beginning to see positive signs of progress. Our strategic direction will remain focused on platform modernization and transformation. Our commitment to customer-centricity, combined with the power of our SaaS-enabled platform, will empower organizations with seamless access to cutting-edge technologies and swift deployment, helping us deliver excellence. With our rich and extensive IP and specialized offerings in Aviation MRO and Global Payroll, I am confident that we are well-positioned to capture a significant share of the broader market.”


Download the pdf version of the Financial Results