DRC Systems Reports Exceptional Q4 and FY 2022-23 Financial Results

DRC Systems India Limited Announces Financial Results for the Fourth Quarter and full year ended 2022-23.

• Consolidated income for the year up 51% Y-o-Y to INR Rs 2,985 Lacs.
• Consolidated yearly profit after tax up 852% Y-o-Y to INR 669 Lacs.
• Consolidated EBITDA for the year up 288% Y-o-Y to INR 1,008 Lacs.

Gandhinagar, India, 29th May, 2023: Information Technology and Software Consultancy Services provider, DRC Systems India Limited DRC Systems, the Company today announced its audited financial results for the fourth Quarter (Q4) and year ended March 31, 2023.

Consolidated Financial Highlights Quarter and Year Ended March 31, 2023

Figures in INR Lacs

Consolidated Performance Review for the quarter and year FY 2022 23:

• The company witnessed a robust growth across its profitability parameters during the year as it witnessed a record high profit after tax of INR 669 Lacs for the financial year, up 852% YoY.
• Total Income for the quarter stood at INR 1077 Lacs up 124% YoY and for the year was up 51% to INR 2,985 Lacs.
• Profit before tax for the quarter was INR 159 Lacs up 226% YoY, and INR 826 Lacs up 584% YoY.
• EBITDA for the quarter came at INR 203 Lacs up 155% YoY and INR 1,008 Lacs for the year, up 288%
• Net Margins for the year improved from 4% to 22%, while EBITDA margins also improved from 13% to 39% for the year.

Record performance for DRC Systems in its history:

“Digital growth and the high adaption of digitalization in businesses across the world have brought new vigor to our company’s growth, ending the financial year 2022-23 on a high note. Due to the high inflationary situation in the Western economies, companies in these high growth economies are trying to balance or reduce their operation cost to a certain extent which has given the surge in business deals for DRC in the second half of the year. Apart from this, there has been growth coming from our old retained clients, as partnerships built on trust in our technology prowess. On the back of these developments, we registered a robust growth during the year on both revenue and profitability front posting record profits, and we expect this momentum to continue in the coming months as there is an incredible potential in our IT industry,” said Hiten Barchha, Managing Director, DRC Systems India Limited.

List of Corporate Developments:

• During the quarter under review, the Company had divested its 5.00% stake in Nextenders (India) Private Limited (Nextenders). Post divestment Nextenders has ceased to be an associate of the Company
• The Board of Directors at its meeting held today has considered and approved to acquire 100% stake in a newly incorporated company, i.e. DRC Systems USA LLC (DRC Systems USA), Company formed and registered in Delaware, USA. Post-acquisition, DRC Systems USA would become a Wholly Owned Subsidiary of the Company
• The Company has received a prestigious technology project from National Skill Development Corporation for its learning management system (LMS) worth INR 3 crores for FY 2023-24.