Software firm Ramco Systems today said its consolidated net profit stood at Rs 8 crore during the March quarter against Rs 7 crore in the year-ago period. The Chennai-based firm also saw its total income growing marginally to Rs 121.6 crore in the quarter under review from Rs 121.3 crore during the year-ago period. For the year ended March 31, 2017, its net profit fell to Rs 10.8 crore from Rs 24.1 crore in the previous fiscal, down over 55 per cent, Ramco said in a statement.
Total income grew to Rs 459.3 crore in FY2016-17 from Rs 443.4 crore in the previous fiscal. The company said the net impact of forex stood at USD 2.64 million compared to the previous year. “…the recurring nature of business has impacted the revenues in the short term; and the profitability was impacted by currency fluctuations and the change in Indian accounting standards,” Ramco Systems CEO Virender Aggarwal said.
He added that while this hurts the company’s quarterly revenues in the immediate timeframe, strong recurring revenue is being built for the future. The company has also seen significant growth in recurring bookings, resulting in unexecuted order book growing by USD 33 million, the statement said.