Ramco Systems posts consolidated Q4 net loss at Rs 454.03 million

Enterprise software player Ramco Systems reported a consolidated net loss at Rs 454.03 million for the fourth quarter ending March 31, 2023, the company said on Wednesday.

The city-based firm had reported a consolidated net loss of Rs 264.50 million in the corresponding quarter of the previous year.

For the year ending March 31, 2023, the consolidated net loss stood at Rs 2,068.59 million as against Rs 729.30 million registered in the corresponding quarter of the previous year.

Total income on a consolidated basis during the quarter under review went up to Rs 1,282.68 million as against Rs 1,252.41 million registered in the corresponding period of last year.

For the 2022-2023 financial year, the consolidated total income was Rs 4,977.32 million as against Rs 5,403.77 million registered in the previous year.

In a statement, the company said during the just-concluded financial year, the company signed 19 'million-dollar-plus' deals and recorded an increase in cloud-based revenue mix to 55 per cent from the earlier 49 per cent.

The company improved recurring revenues throughout the year while all the geographies contributed to the increased booking momentum.

During the year under review, the company raised Rs 130 crore through issuance of equity shares and warrants on a preferential basis, it said.

''Our investments in technology and innovation continue to yield results. The thrust we have on developing sustainable solutions bundled with latest technology has been creating value for our customers,'' company chairman P R Venketrama Raja said.

''While we continue to build a healthier order book, we will remain focused on delighting our customers,'' he said.

Ramco Systems COO Sandesh Bilagi said: ''We are entering FY2024 with greater optimism on the back of strong order bookings and revenue visibility, improved operational efficiencies, and better resource utilisation.'' ''Our continued focus on enhancing our core tenets while leveraging transformative technology has helped us create a strong foundation for sustained revenue and profitability,'' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)