Press release from Business Wire India
Source: Ramco Systems Limited
Friday, February 11, 2011 10:50 AM IST (05:20 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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Ramco Posts Global Income of USD 12.67 m; Revenues Grow 41% sequentially
Strategy to focus on newer markets yields result; Ramco OnDemand ERP marches ahead with 43 new orders in Q3
Chennai, Tamil Nadu, India, Friday, February 11, 2011 -- (Business Wire India) -- Ramco Systems Limited (BSE - 532370, NSE - RAMCOSYS, MSE - RSST); a leading software company focused on consulting, products and managed services, today announced, the results for the third quarter of FY 2010-11.
For the quarter ended December 31, 2010 (Q3:10-11), global income of Ramco Systems Limited, including revenues from subsidiaries in USA, Canada, Switzerland, Singapore, Malaysia and South Africa stood at USD 12.67 m (Rs 56.73 crs). The profit for the quarter stood at USD 0.12 m (Rs 0.54 cr) as against last year corresponding quarter profit of USD 0.08 m (Rs 0.36 cr).
Financial highlights:
. Q3 revenue grows 41% YoY
. India was the primary revenue generator with 46%, while US contributed 19%
. Newer markets like Middle East and Africa showed momentous growth contributing 15% as against last year corresponding quarter contributions of 13%
Business highlights:
. Adds 61 new customers
. Ramco OnDemand ERP gets 43 new orders; 95% over last quarter; customer acquisition trend continues
. Increased interest seen for GRP (Government Resource Planning) software from the Government in North Africa
. Aviation business continues to show optimistic growth, globally
- Inks deal with Aveos, a leading, independent, global provider of MRO services to the aviation industry for Series 5 Aviation MRO software, including Financials and Aviation Analytics
- Signs a prestigious contract with MAS GMR Aerospace Engineering Co. Ltd. for Maintenance, Repair & Overhaul (MRO) suite of Aviation software offerings
Awards:
. Ramco Systems was awarded 'Innovation in IT Applications' at the 3rd India Power Awards organized by the Council of Power Utilities in conjunction with the Annual Conference & Exhibition on Transmission, Distribution and Metering to promote excellence in the Power sector.
New market entry:
. In the third quarter of the year, the company entered into a partnership with Computer Source Ltd (CSL), a leading technology distributor in Bangladesh to offer its full suite of ERP offerings.
Commenting on the results, Mr. P.R. Venketrama Raja, Vice Chairman, Managing Director & CEO, Ramco Systems Limited, said, - "Our strategy to invest in underserved markets coupled with early entry into and powerful product lines like Cloud ERP, Analytics and Aviation have begun to reap good benefits. This year has been extremely important as we embarked on a concerted effort to market Ramco OnDemand ERP- (ERP on cloud) and the results have been good. Our Cloud ERP product has been growing QoQ and we are confident that this trend will continue in the quarters ahead. The market is maturing and we are seeing growing interest from not only small but medium and large scale companies as well to adopt ERP on Cloud. In addition to RODE, there is also good market interest and feedback for our Banking Analytics offering which is a powerful product that will greatly benefit the Banking Industry. Overall, the market sentiment is upbeat and we are hopeful of a positive growth in the business."
About Ramco Systems:
Ramco Systems, a part of the USD 875 million Ramco Group, is a leading software company focused on consulting, product and managed services business. Headquartered in Chennai, Ramco Systems was started as an R&D division of Ramco Industries Limited in 1992, and later established as an independent company in 1999. The company focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments. Globally, Ramco has over 100,000 users from 800+ customer organizations since inception. The company currently has 14 offices spread across India, USA, Canada, Europe, Middle East, South Africa and APAC and employs over 1,500 employees.
Ramco's key differentiator is its innovative approach to develop products through its revolutionary enterprise application assembly and delivery platform - Ramco VirtualWorksT. Ramco Systems has seven major product suites - Ramco Enterprise Suite, Ramco Enterprise Asset Management Suite, Ramco Aviation, Ramco OnDemand ERP (ERP on SaaS), Ramco Enterprise Information Management Suite, Ramco Advanced Process Control, and Ramco Mine Management. Strong domain knowledge coupled with proven implementation expertise enables Ramco to provide specialized solutions in verticals such as Manufacturing, Real Estate & Construction, Energy & Utilities, Logistics, Service, BFSI, Aviation, Government and Defense.
Ramco Systems has been assessed for ISO 9001:2008 and ISO 27001:2005 information security standards. Ramco's BPO unit is SAS 70 Type II certified.
"Ramco Systems Limited ("the Company") is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a rights issue of its equity shares and has filed a draft letter of offer ("DLOF") with the Securities and Exchange Board of India ("SEBI"). The DLOF is available on the website of SEBI at www.sebi.gov.in, on the website of the lead manager at www.centrum.co.in and of the Company at www.ramco.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled "Risk Factors" of the aforementioned DLOF. The distribution of the DLOF to persons in certain jurisdictions outside India may be restricted by legal requirements prevailing in those jurisdictions. Persons into whose possession the DLOF may come will require them to inform themselves about and observe such restrictions. The equity shares proposed to be issued have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India (including but not limited to any securities laws in the United States) and may not be offered or sold, and persons in any such jurisdiction shall not participate in the proposed issue except in compliance with the applicable laws of such jurisdiction".
For more information, please visit www.ramco.com
Follow Ramco on Twitter @ramcosystems /read latest news & updates on http://www.ramcoblog.com/
Safe Harbor
Certain statements in this release concerning our future growth prospects are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT business including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Ramco Systems may, from time to time, make additional written and oral forward-looking statements, including statements contained in our reports to shareholders. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
To view the financial results, please click on the links given below:
Unaudited Results
Unaudited Results
For picture(s)/data to illustrate this release click below:
http://www.BusinessWireIndia.com/attachments/unaudited_results_latest.pdf
unaudited_results_latest.pdf
http://www.BusinessWireIndia.com/attachments/unaudited_results_Q3_10_11_India_V1.pdf
unaudited_results_Q3_10_11_India_V1.pdf
CONTACT DETAILS
Vinitha Ramani , Ramco Systems Ltd., +91 9840368048, vinitharamani@rsi.ramco.com
Twinkle Xavier, 20:20 MEDIA, +91 9884480115, twinkle@2020india.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY
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