Ramco Systems taking 'multiple steps' to mitigate impact caused by COVID-19
According to the city-based company, COVID-19 has resulted in a significant drop in order booking during the fourth quarter.
"Traditionally, Q4 has always been a good quarter for us. We were cruising towards a great finish but circumstances due to the pandemic outbreak delayed multiple projects," Ramco Systems CEO Virender Aggarwal said in a statement.
He said the company was taking 'multiple' steps to mitigate the impact by offering the 'OpEx' model of payment terms.
"We have also been able to optimise our spends and have a positive cash flow and are seizing this opportunity to learn and adapt to the new normal", he said.
The city-based company declared financial results for the quarter ending March 31, 2020.
Net loss for the quarter under review stood at Rs 135.95 million as against net profit at Rs 91.37 million registered in the same period last fiscal.
For the year ending March 31, 2020 net profits stood at Rs 248.91 million as against Rs 518.86 million registered last year.
Total income during the January-March 2020 quarter slipped to Rs 757.80 million from Rs 820.06 million registered in the same quarter last year.
For the year ending March 31, 2020 total income stood at Rs 3,197.56 million as against Rs 3,245.01 million registered year ago.
Company chairman P R Venketrama Raja said the world was battling a major global health pandemic that is having a significant impact on people, businesses and economy.
"There has been a strong sense of disruption in work and social lives. However, this disruption in driving forward-looking companies to scale their initiatives and drive transformation in business operations," he said.
Ramco Systems in FY20 signed 22 'million dollar plus' deals while the revenue from overseas stood at 75 per cent in FY20.
The company said focus was on driving digital transformation which was leading to an increase in large opportunities getting added to the pipeline. VIJ SS