Ramco Systems tumbles after Q1 net loss widens to Rs 51 cr

Ramco Systems dropped 10.92% to Rs 276.45 after the company reported net loss of Rs 50.69 crore in Q1 FY23 compared with net loss of Rs 8.93 crore in Q1 FY22.

Revenue from operations slipped 14.62% to Rs 119.92 crore in Q1 FY23 from Rs 140.45 crore in the corresponding quarter previous year.

The company reported a pre-tax loss of Rs 50.34 crore in the first quarter as against a pre-tax loss of Rs 6.04 crore in Q1 FY22. Total expense jumped 15.04% to Rs 171.29 crore in Q1 FY23 over Q1 FY22.

For the quarter ended 30 June 2022, global consolidated income of Ramco Systems stood at $15.84 million (Rs 120.9 crore). The net loss after tax for the quarter amounted to $6.64 million (Rs 50.7 crore).

The quarterly order booking stood at $21.77 million, highest in the last five quarters, the company stated.

Commenting on the results, P.R. Venketrama Raja, chairman of Ramco Systems, said, "Our investments in the automation of implementation and deployment processes have started showing results in reliable and faster project deployments and are thereby improving our ability to provide enhanced customer experience. The current quarter witnessed improved order booking as a result of most markets opening up their borders, thereby enabling closer, in-person engagements with customers and prospects. This positive momentum is seen across business lines and geographies, in line with the investments we have made in last few quarters."

Ramco Systems is a next-gen enterprise software player disrupting the market with its multi-tenant cloud and mobile-based enterprise software in HR and Global Payroll, ERP and M&E MRO for Aviation.

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