...reports net loss of Rs 8.76 crore

Ramco Systems has announced its audited results for the fiscal year ended March 31, 2002. The total income reported is Rs 93.84 crore as against Rs 120.23 crore in the corresponding period of the previous year. The net loss is Rs 8.76 crore compared to Rs 1.04 crore earned in the previous year. 

Commenting on the results, PR Venketrama Raja, Vice Chairman, Managing Director & CEO said, "It has been a turbulent year for business. The global economic slowdown significantly impacted our revenues. However, we have used this year to make significant investments in our next generation ERP-II product Ramco iEnterprise Series 4.0, slated for launch in the current year." 

The global revenues of Ramco Systems Ltd, including revenues from subsidiaries in USA, Switzerland, Singapore and Malaysia and branches in UK and Germany, registered $36.34 million as against $45.36 million in the previous year.

Among the various business lines, CRM showed promise with revenues showing triple-digit growth in comparison to the corresponding period in the previous year. Enterprise Products revenues were flat; however, the company has increased its presence in Process Manufacturing and HR verticals. The Systems Integration and Information Security businesses added prestigious customers while focusing on higher margins. 

The company has now been restructured into three Business Units - Enterprise Products, Enterprise Solutions and Enterprise Services and Systems Integration, with a clear mandate to increase focus, increase profitability, and to capitalize on market opportunities. With its expertise in business processes and enterprise solutions, the company is preparing to address the emerging Business Process Outsourcing market.

"With restructured and streamlined operations supported by world-class suite of products and software delivery platform, Ramco Systems is poised for a bright future," added Raja.