Q2CY23 Quarterly & H1CY23 Bi-Annual Result Announced for R Systems International Ltd.
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 PDF01-08-2023