Comments
Enterprise software player Ramco Systems reported a consolidated net loss at ₹45.40 crore for the fourth quarter ended March 31, 2023, the company said on Wednesday.
The city-based firm had reported a consolidated net loss of ₹26.45 crore in the corresponding quarter of the previous year.
For the year ended March 31, 2023, the consolidated net loss stood at ₹206.86 crore as against ₹72.93 crore registered in the corresponding quarter of the previous year.
Total income on a consolidated basis during the quarter went up to ₹128.26 crore as against ₹125.24 crore registered in the corresponding period of last year.
For the 2022-2023 financial year, the consolidated total income was ₹497.73 crore as against ₹540.37 crore 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.
Strong order book
The company improved recurring revenues throughout the year while all the geographies contributed to the increased booking momentum.
During the yea, the company raised ₹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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.