DRC Systems India Limited Announces Unaudited Financial Results for the Second Quarter (Q2) of the Fiscal Year 2022 23
Consolidated Profit before tax up 443%, Y o Y to INR 123 Lacs. Consolidated Profit after tax up 503%, Y o Y to INR 88 Lacs. Consolidated EBITDA up 170%, Y o Y to INR 173 Lacs
Gandhinagar, India, 14th October, 2022: Information Technology and Software Consultancy Services provider, DRC Systems India Limited “DRC Systems” “the Company”, today announced its standalone unaudited financial results for the Second Quarter (Q2), ended September 30, 2022, for the fiscal year 2022 23.
Acquisition of stake in Nextenders (India) Private Limited
The Board of Directors at its meeting held today has considered and approved to acquire 23.34%stake in Nextenders (India) Private Limited (Nextenders). Nextenders would become an Associate Company. The Target Company is engaged in the business of Electronic procurement Software Systems, Solutions & Related Services. The target company has strong presence in India, Africa, Philippines and Mauritius in public sector. Till date, the company has processed over 625,000 worth over 15 Billion USD. The company has patented its systems in countries including India, UK and USA. DRC is seeing business opportunity through this presence, packaged products, and software services.
Consolidated Performance Review for Q2 FY22 23:
- Operating Revenue stood at Rs. 574.0 Lacs up 7.3% Y o Y, up 28.4% QoQ.
- EBITDA for the quarter is Rs. 173.4 Lacs up 170.1% Y o Y, up 12.3% QoQ.
- EBITDA Margins stood at 30.2% for the quarter vs 12.0% in Q2 FY 2021 22
- Profit After Tax (PAT) stood at INR 87.5 Lakhs, up 503.5% YoY, up 25.0% QoQ.
Consolidated Financial Highlights Quarter Ended September 30, 2022
| Particulars | Q2 FY23 | Q2 FY22 | % change Y o Y | Q1 FY23 | % change QoQ |
|---|---|---|---|---|---|
| Revenue | 574.0 | 534.8 | 7.3% | 447.2 | 28.4% |
| EBITDA | 173.4 | 64.2 | 170.1% | 154.4 | 12.3% |
| Profit Before Tax | 122.6 | 22.6 | 442.5% | 102.1 | 20.1% |
| Profit After Tax | 87.5 | 14.5 | 503.5% | 70.0 | 25.0% |
Figures in INR Lacs
Managing Director Mr. Hiten Barchha said, Worldwide, internet penetration is increasing exponentially across businesses and governments, which has become a major driving factor in the growing demand for IT & software services market. There has been excellent demand recovery across verticals and geographies, as demand for our products/services has substantially gained in domestic and international markets. While on the one hand, our business deal pipeline has continued to improve, on the other hand, there has been an uptick in our margins, thanks to better utilization and lowering operating costs. We expect this performance to continue in coming years/quarters as well, as the post pandemic world keeps moving towards digitalization, hunting for more digital solutions to replace and improvise its old business work model and adopt new ways of doing business through digital means.
About DRC Systems India Limited
DRC Systems is an IT services and consulting company based in India, dedicated to providing sustainable and impactful business solutions. Since our inception in 2012, we have focused on innovation and creativity to drive change. Our services and solutions empower businesses to scale and stay competitive in the market. Our services and solutions help businesses scale the market. Over the years, we have diversified our service offerings through a mix of organic growth and strategic transactions. Our wide range of services allows us to build strong client relationships and create opportunities for cross-selling.Our customer base spans multiple geographies, primarily in Europe, the USA, the Middle East, and Asia.
