BWI: Ramco Posts Global Income of USD 49.63 m for FY 2011-12; Quarterly Income Stood at USD 10.81 m

Press release from Business Wire India
Source: Ramco Systems Limited
Thursday, May 24, 2012 08:24 PM IST (02:54 PM 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 49.63 m for FY 2011-12; Quarterly Income Stood at USD 10.81 m


Chennai, Tamil Nadu, India, Thursday, May 24, 2012 -- (Business Wire India) -- Ramco Systems (BSE - 532370, NSE - RAMCOSYS, MSE - RSST); an enterprise software company focusing on enterprise cloud platform, products and services, today announced, the results for the fourth quarter of FY 2011-12.

For the quarter ended March 31, 2012 (Q4:11-12), global income of Ramco Systems Limited, including revenues from subsidiaries in USA, Canada, Switzerland, Singapore, Malaysia, South Africa and Dubai stood at USD 10.81 m (Rs 54.30 cr). The net loss for the quarter stood at USD 1.54 m (Rs 7.34 cr).

For the year ended March 31, 2012 (FY: 2011-12), global income of Ramco Systems Limited stood at USD 49.63 m (Rs 234.15 cr). The net loss for the year stood at USD 1.89 m (Rs 8.93 cr) as against last year corresponding year profit of USD 0.51 m (Rs 2.31 cr). The net loss was mainly attributed to providing for the receivables from a large aviation customer from N. America who had filed for bankruptcy.

Highlights - FY 2011-12:

Financial & Business:

-- FY revenue grows 4.67% YoY
-- Establishes itself as a prominent player for ERP on Cloud; lays the platform for taking Ramco ERP on Cloud to global customers

New appointment:

Mr. Virender Aggarwal has been appointed as Chief Executive Officer of Ramco Systems to further strengthen the team. Prior to this, Virender was President & APAC Region Head for a leading IT Services firm based in Singapore. He brings with him rich experience in building brands and expanding markets and has a keen interest in new technologies.

New Product launch:

-- Added two new products on the cloud-Ramco Analytics & Ramco Gateway products.

-- Ramco Banking Analytics announced the launch of its ADF solution, which enables banks to automatically adhere to the RBI guideline for submission of returns without any manual Intervention.

New subsidiary:

-- Ramco Systems incorporated a wholly owned subsidiary named Ramco Systems FZ-LLC in Dubai.

Awards:

-- Secured the esteemed Watts S Humphrey award for Software Quality and Process Improvement at the SPI Conference 2011, organised by Software Process Improvement Network (SPIN), Chennai.

-- Ramco's BPO operations once again secured an award for Operational Excellence & Quality at the event hosted by Employer Branding Institute; World HRD Congress & Stars of the Industry Group, with CMO Asia as Strategic Partner and held at Singapore.

-- The PCQuest Users' Choice Awards 2011 ranked Ramco ERP as enjoying the highest brand loyalty amongst its SME customers.

Commenting on the results, Mr. P.R. Venketrama Raja, Vice Chairman and Managing Director, Ramco Systems Limited, said, - "We have a non-linear business model and continue to invest in our platforms and IP. This has helped us stay ahead of the herd and offer a value proposition that can challenge the future of legacy software. In the last few years we have perfected our Cloud ERP offering and are now poised to launch it in global markets. We have brought in senior members with international experience to help us leverage our strengths and strategize our entry into new markets. Ramco ERP on Cloud is functionally strong to challenge any legacy ERP software and replace it. With the cloud technology gaining traction, we look forward to becoming a prominent cloud ERP player, globally."

About Ramco Systems:

Ramco Systems provides next generation, end-to-end enterprise solutions that render complete transformation of the business in real time. Built on Ramco's proprietary platform-Ramco VirtualWorks®, all Ramco products are cloud architected by design and address the entire business cycle from transaction to analytics. Part of the USD 952 mn Ramco Group, the company offers ERP, HCM, SCM, CRM, Financials, Service Management, Asset Management, Process Control, Project Management and Analytics to 11+ industry verticals on the most appropriate cloud model-public, private and community. Ramco focuses on providing innovative business solutions that can be delivered quickly and cost-effectively in complex environments. Globally, Ramco has over 140,000 users from 950+ customer organizations across 35 countries. The company currently has 16 offices spread across India, USA, Canada, Europe, Middle East, South Africa and APAC and employs over 1,800 employees.

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.

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Unaudited Financial Results
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CONTACT DETAILS
Vinitha Ramani, Ramco Systems Ltd., +91 9840368048, vinitharamani@rsi.ramco.com
Divya Singh, 20:20 MSL, +91 9789882403, divya.singh@2020msl.com

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

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