Ramco Systems inks pact with Brunei's largest bank

Ramco Systems has signed a deal in Asia Pacific region with Brunei’s largest bank and flagship Islamic financial institution, Bank Islam Brunei Darussalam Berhad (BIBD). The company will integrate its business processes across HR and enterprise resource planning functions with Ramco Systems’ Enterprise Resource Planning (ERP).

The partnership marks Ramco’s entry into Brunei and strengthening of presence in South East Asia. Ramco will implement its ERP solution integrated with full suite HCM and Global Payroll, across BIBD’s branches and more than 900 employees spread in Brunei’s four districts. The scope of engagement includes finance and accounting, inventory and procurement as well as core HR functions, time and attendance, payroll, training and recruitment.

On the financial front, Ramco Systems’ revenue increased 18.62 per cent to Rs 75.46 crore in Q2FY17, as compared to the same period in the previous financial year. The company’s EBITDA too doubled to Rs 29.63 crore in Q2FY17 on a yearly basis. Its net profit skyrocketed more than six-fold to Rs 13.69 crore in Q2FY17 as compared to the same period in the previous fiscal year.

The share price of Ramco Systems increased 0.72 per cent on the bourses in early trades and is trading at Rs 319.25 on intraday basis.