Gandhinagar, India, 20 October 2023: Information Technology and Software Consultancy Services provider, DRC Systems India Limited “DRC Systems”, “the Company” today announced its unaudited financial results for the second quarter and six months ended September 30, 2023.
Figures in INR Lacs
“DRC Systems India Limited has achieved remarkable growth in both the Dubai and USA markets during the second quarter of the fiscal year 2023-24. Notably, the annual growth rate of the Information Technology (IT) service market in the USA was estimated at approximately 6.70%, and it is anticipated to reach a value of US$ 454.70 billion by the conclusion of 2023. Of significant note, the IT outsourcing sector constitutes a substantial portion of this market, and DRC Systems India Limited has successfully penetrated this domain.
During the second quarter of the fiscal year 2023-24, DRC Systems USA LLC was established and, from its inception, experienced commendable sales growth. From a strategic perspective, the company’s decision to enter the USA market by establishing a subsidiary yielded immediate and promising results. Dubai, is currently witnessing a surge in new customers, which can be attributed to the broader trend of digitalization sweeping across the Middle East, a transformation spurred by concerted government initiatives. As a result, the business landscape in this region is rapidly evolving, transitioning into a more digitally-driven economy. With the widespread adoption of digital technologies in nations across the Middle East, DRC Systems is well positioned to harness the economic advantages of this burgeoning digital marketplace.
Simultaneously, DRC Systems has seen a substantial increase in outsourcing service opportunities from European Union countries, the United Kingdom, and Australia. This escalation in demand can be attributed to Western economy’s companies’ mounting pressure to curtail costs within their operations. Although the sales of our software solutions have remained relatively stable within the European Union, the UK, and Australian markets, our consulting services (specifically, our outsourcing services) have experienced a significant upswing. This development has contributed substantially to our top-line growth.
We expect this trend to continue in the coming quarters as well and we expect to witness exponential growth coming from both local and international businesses,” said Hiten Barchha, Managing Director, DRC Systems India Limited.
DRC Systems is an IT services and Consultancy Company in India focused on providing viable and lasting solutions to businesses. We are focused on innovation and creativity to lead the change, since its advent in 2012. With competent teams of developers, project managers, and strategists, we help our customers overcome their business challenges with customised software development. 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. We believe the wide range of services that we offer enables us to build stronger relationships with our clients and cross sell our services. Our customer base is spread across geographies and majorly to Europe, USA, Middle East and Asia.