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Ramco Systems Ltd, a Chennai-based enterprise software company, reported a net loss of Rs 5 crore on revenue of Rs 135 crore for the fourth quarter ended March 31, 2020 as against a net profit of Rs 9 crore on revenue of Rs 144 crore for the corresponding period last year.
Growth trajectory was impacted in the fourth quarter due to covid outbreak, which led to multiple projects getting delayed or deferred for the future, said a company press release.
For the year ended March 31, 2020, the company reported reduced net profit of Rs 11 crore (Rs 17 crore) on increased revenue of Rs 578 crore (Rs 552 crore).
Revenue from markets outside India stood at 75 per cent in FY20 with Asia continuing to show promising growth. Last year, the company signed 22 Million-Dollar-Plus deals.
While the airline segment globally is under tremendous pressure, the strategy to diversify into sectors like defence and focus on leveraging technology to bring automation and cost optimisation is helping grow this business, the release said.
Virender Aggarwal, CEO, Ramco Systems, said that traditionally, the fourth quarter has always been good. However, the pandemic outbreak delayed multiple projects. The company is taking multiple steps to mitigate the impact by offering OpEx model of payment terms.
On Friday, the company’s share price on the Bombay Stock Exchange closed at Rs 128.10, down by 3.25 per cent.
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