India's Ramco Systems down on wider Q2 loss

Ramco Systems

31/10/2023 04:23

** Shares of software firm Ramco Systems  RMCS.NS  fall as
much as 6.1% to 260.05 rupees
    ** Co reported Q2 consolidated net loss of 1.46 bln rupees 
($17.5 mln), compared to loss of 603.2 mln rupees year ago
    ** Total expenses up 52.1%; other expenses rose 2.4X, which
co says include bad debts and provision for doubtful debts and
advances
    ** Co said it set aside one-time provision of $13.1 mln in
Q2 for potential client defaults and unbilled revenue
    ** Stock on track to snap two straight days of gain, if
trend holds
    ** Stock last down 5.2%, trimming YTD gain to 3.4%
    
($1 = 83.2575 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))