Home > Business > Business Headline > Report
Ramco to axe 350 jobs
Sanjay K Pillai in Chennai |
August 02, 2003 11:01 IST
Chennai-based Ramco Systems is understood to have taken a decision to downsize its staff strength by about 350 personnel.
Ramco Systems had in February launched a new technology platform 'Ramco Virtual Works' and the company had hoped that the new platform would be the harbinger of good times for the company.
Ramco officials when contacted were tight-lipped and Kasinath Ramachandran, vice president, human resources, Ramco Systems refused comment. "We have no comment to offer," he told Business Standard.
Ramco Systems has close to 1,400 employees on rolls and the lay offs are apparently happening in a phased manner.
The company reported a loss of Rs 15.01 crore (Rs 150.1 million) for the most recent quarter ended June 30, 2003. The net loss had widened by 84 per cent as compared to the same period last year, to Rs 8.16 crore (Rs 81.6 million).
The total income also declined to Rs 16.67 crore (Rs 166.7 million) for the first compared with Rs 17.37 crore (Rs 173.7 million) for the same period last year.
Ramco has claimed that it's technology platform 'Ramco Virtual Works', is versatile enough to compete with the likes of SAP and Oracle in the products space and companies like TCS and Infosys in the software services space.
At the time of its launch company officials had projected even by conservative estimates a 50 per cent top line growth in the next year.
Soon after the company perfected its technology platform it notched up significant project wins too against stiff competition.
It won a prestigious order from the Swatch group against competition from companies like SAP and recently won an order from the Andhra Government for a human resources enterprise portal for which it was pitted against competition like PeopleSoft, Oracle and TCS.For the aviation vertical Boeing Corporation has entered into a joint venture with Ramco wherein the American corporation will sell and market the product, earning royalties for Ramco.