Ramco Systems logs 59 per cent revenue growth

Chennai: The city-based Ramco Systems Limited has declared global revenues of $13.38 million for the quarter ended September 30, 2004, logging a growth of 59 per cent over the previous year''s corresponding period. As compared to the Q1 of this fiscal, the revenue has grown by 35 per cent. The total revenue for the first half of this fiscal is $23.28 million as against $15.87 million of the previous year.

Revenues from solutions developed on VirtualWorks grew manifold from $1.06 million in Q2 of 2003-04 to $5.23 million in the current quarter. Overall solutions revenue also more than doubled from $3.7 million in Q2 of 2003-04 to $8.09 million this quarter.

Commenting on the results, P R Venketrama Raja, vice chairman, managing director & CEO, said, "Continued customer acceptance of VirtualWorks based solutions has helped us achieve our objectives and is enabling us to accelerate the positive momentum created over the last few quarters. Our efforts are now focused at streamlining our market initiatives and internal business processes to handle the next phase of growth in solution engagements."