IT Consulting & Software company R Systems International announced Q4CY23 & CY23 results: CY23 Financial Highlights: Revenue reached Rs 16,845 million (USD 204.0 million), marking a YoY Growth of 11.1% (9.9% net of one-time fee). EBITDA stood at Rs 2,645 million (USD 32.0 million), with a margin of 15.7% (14.7% margin net of one-time fee), showing a YoY increase of 27.0%. Net profit after taxes amounted to Rs 1,401 million (USD 17.0 million). Continued addition of new logos with traction in large deal wins. Q4CY23 Financial Highlights: Revenue reached Rs 4,163 million (USD 50.0 million), reflecting a YoY Growth of 4.2%. EBITDA stood at Rs 643 million (USD 7.7 million), with a margin of 15.4% compared to 14.9% for Q4 2022, showing a YoY increase of 7.7%. Net profit after taxes amounted to Rs 459 million (USD 5.5 million). Nitesh Bansal, Managing Director, and CEO stated, “CY 2023 was a transformation year for R Systems to become a Blackstone portfolio company followed by industry vertical and horizontal alignment of delivery and sales operations to deliver successful digital transformation for our marquee customers. We are seeing early signs of these changes bringing us positive traction on large deals, with few wins already during last year, along with building robust sales funnel for large deals to deliver profitable growth in CY 2024”. He added, “The Company expanded the management bandwidth with the induction of Chief Customer Officer, among others and continued our investment in sales and building competencies around new technologies. The Company has set up a centre of excellence on applied AI for sustainable systems in partnership with IIT Delhi. I am delighted to share that our Company has been certified as a Great Place To Work® in the countries where we have permanent employees – this includes India, USA, Romania, Poland and Singapore”. Nand Sardana, CFO said, “Macro-economic situation has impacted the revenue growth over the year, but the Company has been able to expand the sustainable operating margins through efficient operations and cost optimization. We are committed to resilient, agile, and efficient ways of working to continue our margin expansion program”. Result PDF
IT Consulting & Software company R Systems International announced Q3CY23 results: Revenue Rs 4,573 million (USD 55.3 million); YoY Growth of 14.8% (10% net of one-time fee). Continue to add new logos with traction in large deal wins. Velotio acquisition has been growth and margins accretive. Integration of Velotio is going on track which will enable growth through cross-sell and up-sell. EBITDA of Rs 859 million (USD 10.4 million) i.e.18.8% margin (15.2% margin net of one-time fee) as against 14.5% for Q3CY22; YoY increase of 48.4%. Net profit after taxes Rs 440 million (USD 5.3 million) Nitesh Bansal, Managing Director, and CEO stated, “We concluded an exciting quarter with large deal wins, good new logo acquisitions and robust performance from our recent acquisition of Velotio. The market continues to be challenging with continued headwinds but our strategic realignment of go to market on industry lines has helped us understand these challenges better.” He added, “We are deepening our engagement with customers for their immediate priorities and how they are navigating the current macro-economic environment. Most customers indicate a need to optimising their cost of software product development, accelerate adoption and increase revenues leveraging digital technologies like Generative AI, cloud, automation, and analytics.” Nand Sardana, CFO said, “R Systems reported an EBITDA margin of 18.8% (15.2% net of one-time fee) in Q3CY23 through efficient operations as against 14.5% last year.” He added, “We are continuing our investment in niche technologies and expanding vertical, and technology-focused sales and marketing spending to fuel future growth.” Result PDF
IT Consulting & Software company R Systems International announced Q2CY23 & H1CY23 results: Consolidated Q2CY23: Revenue of Rs 4,067.80 million (USD 49.51 million); Growth of 8.5% YoY EBITDA of Rs 599.79 million (USD 7.30 million) i.e.14.7% as against 13.1% for Q2CY22; up 22.2% YoY Net profit after taxes of Rs 144.25 million (USD 1.76 million) 8 key clients added during the quarter Consolidated H1CY23: Revenue at Rs 8,108.51 million (USD 98.67 million); Growth of 12.9% YoY EBITDA at Rs 1,143.18 million (USD 13.91 million) i.e.14.1% as against 12.6% for H1CY22; Growth of 26.0% YoY Net profit after taxes at Rs 502.60 million (USD 6.12 million) Nitesh Bansal, Managing Director and CEO stated, “We concluded the quarter with revenue of Rs 4,067 million and 14.7% EBITDA. Quarterly revenue grew 8.5% year on year with margin improvements. Some of our existing clients are witnessing headwinds and are controlling discretionary spending amidst changes in the macroeconomic situation, however still the deal flow has been relatively decent, and we have a robust pipeline. We are seeing good traction towards digital services and solutions using Generative AI, RPA, cloud, IoT, mobility, and analytics.” He added, “R Systems also concluded the acquisition of Velotio, a product engineering and digital solutions provider, in the first week of July and this will deepen our engineering capabilities in Cloud, DevOps, and data Engineering as well as Media and Storage tech sectoRs Further, it will also expand our India delivery presence to Pune, a hub for product engineering talent.” Nand Sardana, CFO said, “R Systems has expanded the EBITDA margins about 150 basis points from 12.6% in H1CY22 to 14.1% in H1CY23 despite the challenging business environment through efficient operations.” He added, “We have a strong balance sheet to fuel our future growth, including expansion of our delivery facilities, building niche capabilities, and expanding sales and marketing spends.” Result PDF
IT Consulting & Software company R Systems International announced Q1CY23 results: Revenue of Rs 404.07 crore (USD 49.16 million); YoY Growth of 17.77% EBITDA of Rs 54.34 crore (USD 6.61 million) i.e. 13.45% as against 12.14% for Q1 2022 Net profit after taxes Rs 35.84 crore (USD 4.36 million) 6 key clients were added during the quarter Cash and bank balances as of March 31, 2023, were Rs 322.72 crore compared to Rs 270.62 crore as of December 31, 2022 Total shareholder funds as of March 31, 2023, were Rs 581.87 crore compared to Rs 545.47 crore as of December 31, 2022 Dr. Rekhi Singh, Managing Director and CEO stated, “We had a reasonable start of CY 2023. The changes in the macroeconomic environment have softened the demand. We are re-engaging with customers for their immediate priorities to navigate them through these challenges. I am still optimistic for a profitable growth as the businesses will continue to invest for digital transformation to sustain through this fast-changing economic and technology landscape.” Avirag Jain, CTO said, “Amid the soft demand environment, we are targeting the profitable growth without scaling down our core investments in newer technologies, innovation, sales and presales for future growth.” He added. “We are focusing on larger deal size and served 50 customers contributing USD one million plus revenues on annual run rate basis.” Result PDF
IT company R Systems International announced Q4CY22 results: Consolidated results for the year ended December 31, 2022 Revenue at Rs 1,515.83 crore ($193.17 million); YoY growth of 31.2% EBITDA at Rs 208.29 crore ($26.54 million) i.e.13.7% as against 14% during last year. Net profit after taxes at Rs 139.68 crore ($17.80 million). 32 key clients added during the year. Net addition of 385 associates during the year. Consolidated results for the quarter ended December 31, 2022 Revenue Rs 399.51 crore ($48.66 million); YoY Growth 21.6%. EBITDA Rs 59.66 crore ($7.30 million) i.e.14.9% as against 13.7% for the quarter ended December 31, 2022. Net profit after taxes Rs 41.38 crore ($5.07 million). Dr. Rekhi Singh, Managing Director and CEO said, "R Systems reported robust revenues growth during CY 2022 and surpassed the key revenue milestone of Rs. 1,500 crores. Revenue growth is on the back of good traction towards our product engineering and digital offerings, deepened relationship with existing customers along with decent deal flows. R Systems served 48 million dollars plus customers compared to 35 a year ago. CY 2022 EBIDTA margins were 13.7% compared to 14.0% last year. EBITDA margins were impacted by higher average salary and investment in sales and marketing as offset by better rate realization and exchange gains. We are committed for profitable growth through operational efficiencies, better price realisation & pyramid rationalisation.” Result PDF
IT consultant & software R Systems International announced Q2FY23 result: Consolidated Q2FY23: Revenue Rs 398.24 crore ($ 50.08 million); YoY growth 30.24% EBITDA Rs 57.90 crore ($ 7.31 million), i.e.14.54% as against 15.98% for Q3 2021 Net profit after taxes Rs 36.79 crore ($ 4.64 million) 10 key clients were added during the quarter Net addition of 190+ associates during the quarter. Consolidated nine months ended September 30, 2022: Revenue at Rs 1,116.33 crore ($ 144.52 million); YoY growth 35% EBITDA at Rs 148.63 crore ($ 19.24 million), i.e.13.31% as against 14.07% during nine months ended September 2021. Net profit after taxes at Rs 98.30 crore ($ 12.73 million). Dr Rekhi Singh, Managing Director and CEO, stated, “R Systems reported revenue growth of 35% during the first nine months of the calendar year. However, EBITDA margins were impacted by increased average salaries. We are committed to improvement in margins in the next few quarters through better rate realisation and improved utilization. The present exchange rate is also favouring us.” He added, “We are continuing with our investment in digital technologies, innovation, sales and presales across all business units for next-gen digital evolution.” Avirag Jain, CTO, said, “We had modest utilization during the first 9 months of the calendar year amid higher attrition as we have maintained a higher talent pool to keep growth momentum.” “We got strong deal flow over last quarter with larger deal sizes. We onboarded 10 key logos to deliver digital transformation projects.” He added, “We are serving 45+ customers contributing USD one million plus revenues on an annual run rate basis” Result PDF
IT Consulting & Software firm R Systems International announced Q1FY23 Result : R Systems Continues High Growth Journey Reports 38% Revenue Growth in H1 2022 Revenue Rs. 374.98 crores (US$ 48.74 mn); YoY Growth 37.07%. EBITDA Rs. 49.07 crores (US$ 6.38 mn) i.e.13.09% as against 13.39% for Q2 2021. Net profit after taxes Rs. 31.82 crores (US$ 4.14 mn) 10 key clients added during the quarter. Net addition of 100+ associates during the quarter. Revenue at Rs. 718.09 crores (US$ 94.43 mn); YoY Growth 37.77%. EBITDA at Rs. 90.73 crores (US$ 11.93 mn) i.e.12.63% as against 12.95% for H1 2021. Net profit after taxes at Rs. 61.51 crores (US$ 8.09 mn) Dr. Rekhi Singh, Managing Director and CEO stated, “R Systems reported robust revenue growth of 38% during H1 2022. However, EBITDA margins were impacted by higher attrition and increased average salaries. We are committed for improvement in margins during H2 2022 through billing rate hike and improved utilization. Present exchange rate is also favouring us.” He added, "We continue to witness positive demand environment which is aiding large deal closures and traction towards digital and product engineering services.” Avirag Jain, CTO said, “We had modest utilization during H1 2022 amid higher attrition as we have maintained higher talent pool to keep growth momentum.” He added, “Our revenue growth has been remarkable this year specially in delivering large digital transformation projects. We now serve 47 million dollar plus customers as against 33 a year before.” Result PDF
IT Services company R Systems International announced Q4FY22 results: Revenue at Rs. 343.11 crore (US$ 45.69 million); Growth YoY 38.54%. EBITDA at Rs. 41.66 crore (US$ 5.55 million) i.e.12.14% as against 12.46% for Q1 2021. Net profit after taxes at Rs. 29.69 crore (US$ 3.95 million); Growth YoY 19.31%. 10 key clients added during the quarter. Net addition of 120+ associates during the quarter. Dr. Rekhi Singh, Managing Director and CEO stated, “We had a healthy start of FY 2022 with 39% YoY revenue growth backed by a strong demand environment for digital and technology services. Our margins for the quarter were mainly impacted by salary raises. We are working to expand the margins through better pricing and improving utilization in coming quarters.” He added, "Amid the positive demand environment, we are continuing with our investment in digital technologies, innovation, sales and presales across all business units for next-gen digital evolution.” Result PDF
IT Consulting & Software company R Systems International declares Q3FY22 result: R Systems Reports Record Revenue of Rs. 1,156 Cr Strong Revenue Growth of 31% with Margin Improvement Consolidated results for the FY ended December 31, 2021 Revenue at Rs. 1,155.64 crores (US$ 156.52 mn); Growth YoY 31.23%. EBITDA at Rs. 161.46 crores (US$ 21.87 mn) i.e.13.97% of Revenue for the year 2021 as against 13.27% for the year 2020. Net profit after taxes at Rs. 141.44 crores (US$ 19.16 mn); Growth YoY 72.91%. 30 key clients added during the year. Net addition of 900+ associates during the year. Consolidated results for the quarter ended December 31, 2021 Revenue at Rs. 328.65 crores (US$ 44.01 mn); Growth YoY 38.88%. EBITDA at Rs. 45.10 crores (US$ 6.04 mn) i.e.13.72% as against 16.06% for Q4 2020. Net profit after taxes at Rs. 32.79 crores (US$ 4.37 mn); Growth YoY 11.92% Dr. Rekhi Singh, Managing Director and Chief Executive Officer said, "R Systems reported 30% plus revenues growth and surpassed the key milestone of USD 150 mn in annual revenues with margin improvement. This robust performance is on the back of good traction towards our product engineering and digital offerings, deepened relationship with existing customers along with decent flow of sizable deals. We added 900 plus net associates over the year despite challenges in hiring and attrition across IT Industry.” He added, “We have a strong balance sheet with constant cash generation to scale investment in newer technologies, sales activities and to support future growth. Now, we are well placed to unleash next-gen digital evolution" Mr. Avirag Jain CTO, said, “R Systems is serving 40 million dollar plus customers including 6 accounts contributing dollar three million plus revenues on run rate basis.” He further added, “This year our utilization was modest to overcome the hiring and attrition challenges. We maintained higher talent pool to keep growth momentum. We are now expanding our SEZ facilities at Greater Noida by approx. 48,000 square feet to cater to growth” Result PDF
Highlights: Revenue at Rs. 305.77 crores (USD 41.39 mn); Growth YoY 36.32% and QoQ 11.77%. EBITDA at Rs. 48.85 crores (USD 6.62 mn) i.e.15.98% of Revenue for Q3 2021 as against 13.39% for Q2 2021 and 15.87% for Q3 2020. Net profit after taxes at Rs. 37.60 crores (USD 5.09 mn); Growth YoY 39.11%. 12 key clients added during this quarter. Net addition of 320 associates during this quarter. Second Interim Dividend Per Share - Rs. 3.20/- Dr. Rekhi Singh, Managing Director and CEO stated, “We had best-ever quarter where revenue grew 36% YoY and 12% QoQ along with robust margins as a result of volume growth coupled with improved utilization. It is supported by new deal closures, deepened relationship with existing customers and empowered by our digital offerings.” He added, “We are conscious of risk of Covid. Safety and wellbeing of our employees is paramount to us in evaluating our options for work-from-office or hybrid working in a phased manner.” He further added, “The business outlook continues to be positive with strong demand environment, and we continue to invest in newer technologies, sales and marketing initiatives to fuel our growth engine.” Avirag Jain, Director and CTO said, “We have on-boarded 300 plus net associates during the quarter to support the strong demand across geographies. The employee utilization has also improved despite attrition challenges and helped us to report strong margins.” He added, “We added 12 key customers during the quarter as a result of healthy demand for digital and product engineering services.” Result PDF