Info-tech

Ramco Systems posts reduced net profit of $1.76 million

Our Bureau Chennai | Updated on October 28, 2021

Continued lockdown impacts order booking in select regions

Ramco Systems reported reduced net profit of $1.76 million for the quarter ended September 30, against a net profit of $2.25 million for the corresponding period last year. Global consolidated income was down to $19.68 million ($22.27 million), said a company press release.

Continued lockdown in most of the Asian countries, with attendant delays in decision resulted in continued lower order booking from this key region. Other markets have compensated, ensuring order booking stability. The pipeline looks promising, with US /Europe/ANZ holding the key.

The company continues to be cash-positive and debt-free as at the end of the quarter, the release said.

Lockdown in many regions resulted in customers seeking more time to go live or in few cases, putting the projects on hold. Considering the uncertainties, the provision for doubtful debts / advances for the quarter increased to $2 million from $1.78 million in the previous quarter, the release said.

Published on October 28, 2021

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