Ramco System up after deal with Philippine company

LBC Express, Inc., Philippines’ leading logistics and remittance brand, has signed Ramco Systems’ HR and payroll solution to streamline the entire life cycle of its approximately 8,000 roster of employees, from hire to retire, on a unified solution. Ramco Human Capital Management (HCM) will facilitate implementation of Global Payroll across LBC Express’ global enterprise covering associates in more than 30 countries. This will include modules for core HR, time and attendance, leave management, employee self-service, and recruitment.

Ramco System’s entry into the Philippines market has started yielding significant results. With rapid economic growth, Philippines has been showing greater adoption of innovative technology. The addition of LBC Express to the company's growing Filipino clientele further strengthens the company’s footprint in the region, paving way for major inroads into the market.

On the financial front, Ramco System’s revenue increased 7.38 per cent to Rs 114 crore in Q2FY17 as compared to the same period in the previous financial year. The company’s operating profit reduced 21.07 per cent to Rs 15 crore in Q2FY17 on a yearly basis. It posted net loss of Rs 1.17 crore in Q2FY17 against net profit of Rs 5.99 crore in Q2FY17 on a year-on-year basis.

The share price of Ramco Systems increased 0.55 per cent on the bourses in early trades and is trading at Rs 297.9 on intra-day basis.