Ramco Systems net loss narrows to Rs 10 cr in Q2 FY25

Ramco Systems reported consolidated net loss of Rs 9.64 crore in Q2 FY25 as compared with net loss of Rs 145.76 crore in Q2 FY24.

Total income jumped 11.41% year on year (YoY) to Rs 143.42 crore in the quarter ended September 2024.

The company reported a pre-tax loss of Rs 6.58 crore in the second quarter of FY25 as against a pre-tax loss of Rs 147.73 crore in Q2 FY24.

Total expenses tumbled 45.74% YoY to Rs 150 crore during the quarter. Other expenses stood at Rs 48.57 crore (down 71.8% YoY) and employee benefits expense was at Rs 77.09 crore (down 4.47% YoY) during the period under review.

For the quarter ended 30 September 2024, global consolidated income of Ramco Systems stood at $17.23 million (Rs 143.4 crore).

The order booking stood at $10.7 million during the quarter under review.

Meanwhile, the company announced that Sundar Subramanian, CEO will step down from his position effective from 3 January 2025, to focus on personal interests. The board has appointed Abinav Raja, currently Whole Time Director, as Managing Director of the company.

P.R. Venketrama Raja, chairman of Ramco Systems, said, "This year, we embarked on a strategic modernization journey with the launch of Ramco Payce, marking a pivotal milestone and underscoring our commitment to innovation. The recent release of Ramco Aviation 6.0 further strengthens the path, setting a foundation for sustained progress. Going forward, this momentum will extend across all business units, driving operational excellence and positioning us for substantial growth ahead."

Ramco Systems is a next-gen enterprise software player disrupting the market with its multi-tenant cloud and mobile-based enterprise software in HR and Global Payroll, ERP and M&E MRO for Aviation.

Shares of Ramco Systems closed 1.65% lower at Rs 421.35 on Friday, 8 November 2024.

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