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Dolat Capital Report
Ramco Systems Ltd.'s Q1 FY22 revenues declined by 6.7% QoQ to $19.2 million (our estimate: $23 million) due to softer bookings (lockdown impact in Asia) and lower license wins at $2.7 million (large Aviation deal was in software-as-a-service).
Ebit margins (adjusted for forex) were at a loss of 5.4% due to revenue decline and operating cost increase of 7.8% QoQ (increased discretionary spends and inflation led).
Bookings for the quarter were weak at $19.7 million versus last quarter average at $27.5 million.
This is largely from the impact of lockdown restrictions in many key Asian markets (Malaysia, Indonesia and Philippines) wherein client prefers in-person meetings.
Expect Ramco Systems' momentum to improve largely in H2 due to pent-up demand from those regions
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