Chennai, August 2, 2010: 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).
- 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%.
- 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
- 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.”