It is sunny times here at Ramco Systems. The year 2010 has ended rather well and we make no qualms in announcing it.
For the quarter ended December 31, 2010 (Q3:10-11), the global income of Ramco Systems Limited, including revenues from subsidiaries in USA, Canada, Switzerland, Singapore, Malaysia and South Africa stood at USD 12.67 m (Rs 56.73 crs). The profit for the quarter stood at USD 0.12 m (Rs 0.54 cr) as against last year’s corresponding quarter profit of USD 0.08 m (Rs 0.36 cr).
Our signature product “Ramco OnDemand ERP” has also shown a significant acceptance in the market winning us 43 new orders in Q3. Our Cloud ERP strategy is our strongest differentiator and we hit the market at the perfect time with this offering.
Commenting on the results, here is what our Vice Chairman, Managing Director & CEO, Ramco Systems Limited, Mr. P.R. Venketrama Raja, had to say, “Our strategy to invest in underserved markets coupled with early entry into and powerful product lines like Cloud ERP, Analytics and Aviation have begun to reap good benefits. This year has been extremely important as we embarked on a concerted effort to market Ramco OnDemand ERP- (ERP on cloud) and the results have been good. Our Cloud ERP product has been growing Quos and we are confident that this trend will continue in the quarters ahead. The market is maturing and we are seeing growing interest from not only small but medium and large scale companies as well to adopt ERP on Cloud. In addition to RODE, there is also good market interest and feedback for our Banking Analytics offering which is a powerful product that will greatly benefit the Banking Industry. Overall, the market sentiment is upbeat and we are hopeful of a positive growth in the business.”
Here is a snapshot of the results
- Q3 revenue grows 41% YoY
- India was the primary revenue generator with 46%, while US contributed 19%
- Newer markets like Middle East and Africa showed momentous growth contributing 15% as against last year corresponding quarter contributions of 13%
- Adds 61 new customers
- Ramco OnDemand ERP gets 43 new orders; 95% over last quarter; customer acquisition trend continues
- Increased interest seen for GRP (Government Resource Planning) software from the Government in North Africa
- Aviation business continues to show optimistic growth, globally
- Inks deal with Aveos, a leading, independent, global provider of MRO services to the aviation industry for Series 5 Aviation MRO software, including Financials and Aviation Analytics
- Signs a prestigious contract with MAS GMR Aerospace Engineering Co. Ltd. for Maintenance, Repair & Overhaul (MRO) suite of Aviation software offerings.
- Ramco Systems was awarded ‘Innovation in IT Applications’ at the 3rd India Power Awards organized by the Council of Power Utilities in conjunction with the Annual Conference & Exhibition on Transmission, Distribution and Metering to promote excellence in the Power sector.
New market entry:
- In the third quarter of the year, the company entered into a partnership with Computer Source Ltd (CSL), a leading technology distributor in Bangladesh to offer its full suite of ERP offerings