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Dolat Capital Report
Ramco Systems Ltd. reported U.S. dollar growth of 4.4% QoQ (our estimate: 6%), while Ebitda loss lowered to Rs 494 million from loss of Rs 608 million in Q2 (our estimate: loss of Rs 506 million).
Bookings for Q3 saw a huge upswing, standing at $27.6 million (highest in last eight quarters). Management commentary is optimistic on bookings and pipeline growing at a healthy pace, barring any impact of macro uncertainty.
Management expects Ebitda margin losses to lower as evinced by lower attrition, automation/process optimisation investments paying off, and lower need for hiring. Business investments to be supported by Dec-22 fund-raising exercise (raised Rs 1.6 billion on preferential basis).
Strong order bookings reflect Ramco's market positioning, while lower attrition eases some operational concerns. Despite these positives, its transition towards an annuity based model would see loss continue for some more time, till Ramco can demonstrate sustainable financial performance improvement.
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