Despite the Covid-19 pandemic, Chennai-based software company Ramco Systems Ltd reported the highest ever net profit of ₹14 crore for the first quarter ended June 30, as against ₹3 crore for the same quarter last year.

The solid performance was due to good wins in aviation and logistics verticals, and operational measures.

Interestingly, the net profit in the first quarter was more than ₹11 crore reported for the entire financial year 2019-20.

Global consolidated income was ₹149 crore (₹142 crore). Quarterly order bookings stood at $21.37 million, which was 63 per cent growth over the previous quarter.

In the first quarter, the company had four ‘million-dollar-plus deals, and the aviation vertical had a major deal with a leading US-based MRO OEM player, says a company tweet.

The focus on innovation, digital transformation and strategic entry into the US Defense sector led to the aviation business soaring high, a company release said.

Despite the Covid-19 scenario, focus on austerity measures and collection resulted in the reduction of borrowings by ₹21.25 crore during the first quarter with borrowings at ₹75 crore as at June 30.

Ramco Logistics has signed a deal with one of the leading conglomerates for its upcoming logistics arm in India, the release said.

PR Venketrama Raja, Chairman, Ramco Systems, in the release said, Ramco has recorded a great start to business this year. Company’s efforts in delivering outcome via digital transformation and enabling companies to remain agile in an ever changing world are yielding results.

Contrary to the fact that the pandemic created a halt for the aviation industry, Ramco's aviation offering has seen greater uptake as Defense/ MRO players are leveraging this opportunity to reboot their business. “We look forward to aid many such organisations embrace technology and utilize this time to speed up their digital transition. Tight control measures have led to one of the best performing quarters for us," he said.

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