Ramco's ASEAN and European operations continued to drive revenues during the 2nd quarter of FY 2001-02, by recording a growth of 37 percent and 24 percent respectively over the corresponding period last year. The US revenues however slumped by 30 percent when compared to the corresponding period last year owing to the dual impact of the US slowdown and the 11 September.
During the second quarter of FY 2001-02, the company has posted global revenues of $ 12.02 million, registering a growth of 20 percent on a sequential quarter (Q-on-Q) basis. Under US GAAP, the company has incurred a loss of $ 2.13 million for the second quarter. For the first half on FY 2001-02, the company has posted global revenues of $ 22.05 million and a loss of $ 4.82 million. This is mainly on account of investments in product development and in efforts to build long-term strategic partnerships with large global corporations. The company has invested about 50 percent of its manpower on development of the next-generation ERP suite of products that are expected to be ready in early FY 2002-03.
During the second quarter, ERP solutions registered a 20 percent growth in revenues compared to the corresponding period last year. There is a welcome revival in demand for ERP solutions worldwide and this augurs well for the next-generation ERP suite of products currently under development.
"We had wisely started investing in both Europe and ASEAN six years ago and this geographical spread is serving us well during current times. Our pipeline of orders is very healthy and the outlook is positive," said Lakshmi Narasimhan, President of Ramco Systems.