Ramco Systems' share price gains over 4% as it strengthens presence in the Middle East
Ramco Systems said its new subsidiary in Qatar will support and transform the region’s business houses and MNCs in the area of ERP, HR, and payroll.
PremiumRamco System share price rose nearly 5% in the early morning trade on Monday after the company announced the inauguration of its wholly owned subsidiary in Qatar. The stock price jumped as much as on the BSE.
In a regulatory filing on Friday, the enterprise software company said its new subsidiary in Qatar will support and transform the region’s business houses and MNCs in the area of ERP, HR, and payroll.
“As one of the fastest growing countries in the Middle East, Qatar presents a wealth of opportunities for Ramco to further strengthen its position as a key enterprise software provider. The expansion into Qatar will enable Ramco to not only better serve its existing clientele, but also empower other local enterprises embrace digital transformation and derive significant business benefits," the release from Ramco Systems said.
By establishing a local presence, the company aims to meet the growing demand for its enterprise solutions in the region.
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Ramco Systems’ consolidated net loss widened to ₹45.40 crore during the quarter ended March 2023 as compared to a net loss of ₹26.45 crore in the corresponding quarter of the previous year.
Total income during the quarter increased to ₹128.26 crore from ₹125.24 crore, YoY.
For FY2023, the company’s consolidated net loss was at ₹206.86 crore as against ₹72.93 crore in the previous year. Its total income for the year was ₹497.73 crore, down from ₹540.37 crore in the previous year.
The shares of Ramco Systems have fallen 10% in the last one year. However, in the three-year period, the shares have jumped over 200%.
At 10 am, Ramco Systems share price was trading 3.78% higher at ₹231.95 apiece on the BSE.
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