Gandhinagar, India, 18th January, 2024: Information Technology and Software Consultancy Services provider, DRC Systems India Limited “DRC Systems” “the company” today announced its unaudited financial results for the third quarter and nine month ended December 31, 2023.
The Board of Directors at its Meeting held today i.e. January 18, 2024 has inter-alia, has approved the Issue of Bonus Shares in the ratio of 2:1 i.e. 2 (Two) new Bonus Equity Shares of Re. 1/- each for every 1 (One) existing Equity Share of Re. 1/- each fully paid up held as on the “Record Date” i.e Tuesday, February 27, 2024. The Bonus Issue of Equity Shares is subject to approval of the shareholders and other applicable statutory and regulatory approvals, as may be required. The Bonus Shares once allotted shall rank pari-passu in all respects and carry the same rights of the existing Equity Shares.
The company has recorded a quarterly net profit growth of 245%, of INR 510 Lacs, in the third quarter of the fiscal year 2023-24, along with a quarterly revenue growth of 37%, amounting to INR 1,356 Lacs in the same quarter.
Mr. Hiten Barchha, Managing Director of DRC Systems India Limited said, “DRC Systems attributes its steady growth to its decision to enter the Middle East market in FY22-23, and recently expanding its presence in the US market. Company has achieved remarkable growth in both the Dubai and USA markets during the third quarter of the fiscal year 2023-24 and 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 markets.
In this quarter, the company has already crossed INR 3,056 Lacs in its 9-month consolidated revenue surpassing our last year revenue, and with favorable global and domestic conditions, we aim to achieve similar growth going forward. The company also plans to expand its product and solutions offerings by incorporating Artificial Intelligence (AI), Machine Learning (ML), and Blockchain technologies, which would further fuel DRC Systems growth in long term. ” said Mr. Hiten Barchha.
Over the past year, as part of our enduring brand strategy, the company has launched a comprehensive product and brand awareness program to further increase brand visibility and garner business on a global scale. This initiative kicked off with active participation in diverse trade shows, both within our domestic market and on the international stage. Notably, we recently showcased our offerings at DIDAC INDIA, Bangalore’s premier technology trade show—an influential event in Asia, spotlighting educational resources, technology-based products, and solutions. Building on this momentum, later in the year, we also made a significant presence at GITEX Global Dubai 2023, a leading tech event in the Middle East, North Africa, and South Asia.
All figures in INR Lacs
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.