Ramco Systems Q2FY22 Results: IT firm reports loss of Rs 171.92 million amid second covid wave

Global enterprise software company Ramco Systems has reported a standalone net loss at Rs 171.92 million for the quarter ending September 30, 2021.

The company had clocked standalone net at Rs 83.52 million during corresponding quarter of previous year.

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For the half year period ending September 30, 2021, standalone loss was at Rs 233.41 million as against a standalone net profit at Rs 171.19 million, the company said in a statement.

Total income on standalone basis for the quarter review was Rs 776.64 million as compared to Rs 854.66 million during same quarter previous year.

For the six month period ending September 30, 2021, standalone total income stood at Rs 1,487.54 million as against Rs 1,634.89 million recorded in same period last fiscal.

In a statement, the company said the continued lockdown in most of the Asian countries, with attendant delays in decision has resulted in continued lower order booking from this key region. Other regions have compensated, ensuring the order booking stability.

Quarterly order bookings stood at USD 19.67 million, the company said.

For the quarter ending September 30, 2021, global consolidated income stood at USD 19.68 million (Rs 144.6 crore). The net loss after tax for the quarter under review amounted to USD 1.76 million (Rs 12.9 crore).

The company continues to be cash positive and debt free as at the end of the quarter, the statement said.

Lockdown scenarios in many regions has resulted in customers seeking more time for go live or in few cases, putting the project on hold.

"At Ramco, we have always believed that innovation nurtures business. It is this emphasis on next-gen technology including bots, artificial intelligence, machine learning among others, that has been helping us keep pace with the ever changing tech landscape", company Chairman, P R Venketrama Raja said.

"Our focused efforts on aviation, aerospace and defense, and global payroll have been helping us thrive and surf the digital wave", he added.