Ramco Systems Ltd, the Chennai-based software company, has reported a reduced net loss of ₹1.82 crore for the third quarter ended December 31, 2023, as against a net loss of ₹2.64 crore for the same period last year and a net loss of ₹6.16 crore in the sequential quarter. Revenue in Q3 increased marginally to ₹69 crore (₹66 crore).
Sundar Subramanian, CEO, Ramco Systems, said, “We are continuing on our path of significant turnaround, simplifying and strengthening our business. Our focus remains on innovation, ensuring the delivery of quality products to our clients.”
The company is deepening its investment in modern technologies such as low-code development, zero-friction UX and embedded AI. “This strategy positions the company to thrive, even in uncertain economic conditions, as we forge ahead, ready to embrace future opportunities,” he said.
Strategic partnerships
The company has recently secured strategic partnerships with prominent services firms, Deloitte Touche Tohmatsu India LLP and BDO India. These alliances will blend Ramco’s advanced payroll platform with the vast consulting prowess and services offered by these partners, establishing a benchmark for global payroll excellence.
As the company’s turnaround strategy unfolds, Ramco is expecting stronger growth and improved results in the coming quarters. “This positive change reflects Ramco’s commitment to excellence and strategic partnerships, setting us on a path to outperform expectations and secure a leading position in the industry,” he said.
Ramco Systems’ share price on the BSE closed at ₹313.60, down 7.34 per cent.