Ramco posts Rs 2.8 cr loss on Rs 78 cr revenue

Tags: News
Ramco Systems, IT software and services provider, reported Rs 2.8 crore net loss for the June quarter against Rs 9.3 crore loss in the year-ago period. Revenue stood at Rs 77.8 crore.

The firm’s board on Monday approved raising of funds up to Rs 500 crore by way of securities issue, subject to requisite approvals.

“The June quarter has started on a good note with our overall revenue showing a sequential growth. Cloud computing, which was earlier touted as the preferred option of small and medium enterprises, is gaining traction from large enterprises,” said PR Venketrama Raja, vice-chairman and MD.

Raja said this was a welcome sign, as many large enterprises were questioning the need for heavy Capex at the time of the upgrade cycle and they are now ready to relook at their IT backbone.

“We are witnessing this trend in multiple ERP and HCM (human capital management) opportunities globally, where organisations are giving traditional on-premise offerings a miss to move on to new-age applications on cloud. With multinationals such as Norske Skog, Kerzner and Indian firms like Mother Dairy, on board, we are confident of continuing the growth in the quarters ahead,” he said.

The company allotted 79.5 lakh equity shares of Rs 10 each at Rs 155 a share aggregating to Rs 123.3 crore on a rights basis to existing shareholders. The paid-up capital rose from Rs 15.9 crore to Rs 23.9 crore.

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