BWI: Ramco on Demand ERP Continues to Grow; adds 21 New Customers in Q1

Press release from Business Wire India
Source: Ramco Systems Limited
Monday, August 02, 2010 09:10 PM IST (03:40 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges, Transport engineering; Technology
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Ramco on Demand ERP Continues to Grow; adds 21 New Customers in Q1
Company Maintains Breakeven, Posts Global Income of USD10.20 M

Chennai, Tamil Nadu, India, Monday, August 02, 2010 -- (Business Wire India) -- Ramco Systems (BSE - 532370, NSE - RAMCOSYS, MSE - RSST), one of the leading IT product company focused on consulting, product and managed services today announced, the results for the first quarter of FY 2010-11.

For the quarter ended June 30, 2010 (Q1:10-11), global income of Ramco Systems including revenues from subsidiaries in USA, Switzerland, Singapore, Malaysia and South Africa stood at USD 10.20 m (Rs 45.86 cr). The profit for the quarter stood at USD 0.06 m (Rs 0.25 cr) as against last year corresponding quarter profit of USD 0.15 m (Rs 0.73 cr).

Financial highlights:
. Q1 revenue grows 11% YoY
. India operations contributed 60%, followed by US with 24%, as against last year corresponding quarter contributions of 42% and 34% respectively, depicting stronger domestic scenario.
. India was the primary revenue driver with the revenue of USD 5.91 m followed by US with USD 2.34 m.
. Middle East & North African markets have shown consistent growth contributing 11% as against last year corresponding quarter contributions of 7%.

Business highlights:
. Adds 21 new customers for Ramco OnDemand ERP
. Sees Aviation market reviving, globally
. Wins a deal for its MRO offerings from a large airline in India
. Sees good traction from Middle East, maintains healthy pipeline

Other announcements:
. Ramco announced a global partnership with IDBLUETM to provide end to end RFID solutions within the aerospace sector for the purpose of MRO, aircraft and component, data identification, tracking, enhanced line maintenance and performance based utilization.
. The company once again was successfully audited for ISO 9001:2008 Quality standards and ISO 27001:2005 information security standards.

Commenting on the results, Mr. P.R. Venketrama Raja, Vice Chairman, Managing Director & CEO, Ramco Systems said, - "We have consistently maintained breakeven for the last six quarters and are looking forward for similar traction in the coming quarters. This quarter has been good for us in terms of new order wins and customer acquisitions. Our sustained efforts and investments towards our OnDemand offering have started yielding the desired results with consistent traction and addition of customers, QoQ. In addition, we are also witnessing good visibility for our Banking Analytics practice. Overall, the financial year has begun on a positive note and with the strengthening of our products & technology, we are hopeful of good quarters ahead."


About Ramco Systems

Ramco Systems, a part of the USD 800+ million Ramco Group, has delivered enterprise software and services since 1989. Today, Ramco is a global provider, catering to over 100,000 users. Their resource strength exceeds over 1,300 employees operating out of 18 offices in 9 countries. Ramco Systems develops cost effective, flexible, and innovative enterprise applications, which can be fast deployed. It helps businesses respond to change swiftly. The company provides solutions to multiple verticals including banking, insurance, manufacturing, supply chain, aviation, transportation and logistics, healthcare, governance, retail and so on. Ramco's collaborative solution innovation platform-Ramco VirtualWorks ensures that when your business changes, your system also changes along. Ramco Systems has been certified for ISO 9001:2008 quality standards, and ISO 27001:2005 security standards.

For more information, please visit www.ramco.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.



CONTACT DETAILS
Vinitha Ramani , Ramco Systems Ltd., +919840368048, vinitharamani@rsi.ramco.com
Twinkle Xavier, 20:20 MEDIA, +919884480115, twinkle@2020india.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TRANSPORT, TECHNOLOGY

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