{"id":182451,"date":"2026-05-07T01:47:53","date_gmt":"2026-05-07T05:47:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/r-systems-international-limited-rsystems-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-07T03:20:25","modified_gmt":"2026-05-07T07:20:25","slug":"r-systems-international-limited-rsystems-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/r-systems-international-limited-rsystems-q4-2026-earnings-call-transcript\/","title":{"rendered":"R Systems International Limited (RSYSTEMS) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

R Systems International Limited (NSE: RSYSTEMS) Q4 2026 Earnings Call dated May. 07, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Kumar Gaurav<\/strong> \u2014 Assistant VP of Finance & Accounts<\/em><\/p>\n

Nitesh Bansal<\/strong> \u2014 CEO, MD & Director<\/em><\/p>\n

Nand Sardana<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Sandeep Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Vinay Menon<\/strong> \u2014 Analyst<\/em><\/p>\n

Anmol Garg<\/strong> \u2014 Analyst<\/em><\/p>\n

Varun Kulkarni<\/strong> \u2014 Analyst<\/em><\/p>\n

Mayank Babla<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to The R Systems Q1FR26 earnings conference call. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on it at stone four. Please note that this conference is recorded.<\/p>\n

I now hand the conference over to Mr. Kumar. Thank you. And over to you sir.<\/p>\n

Kumar Gaurav<\/strong> \u2014 Assistant VP of Finance & Accounts<\/em><\/p>\n

Thank you Supnali. I welcome all participants to our system quarter one 26 earning conference call. Since our system follow calendar year as its financial year Jan to March quarter is quarter one for us. We have today with us Nitesh Mansan, Managing Director and COR system and Nansadana CFO system. We shared the investor presentation late evening yesterday as well as uploaded on company and stock exchange website. Hope all of you have received that. We will start the call with opening remark on the performance of the company by Nitesh followed by financial overview by none.<\/p>\n

Thereafter we’ll have a closure statement by Nitesh. Subsequently we’ll open up for a Q and a session. Before I hand over, let me read out the customary disclaimer statement on behalf of the company. Investors are cautioned that this presentation contains certain forward looking statements that involve risk and uncertainties. Company undertakes no obligation publicly to update or revise any such statement. These statements may undertake revision because of new information, future event or otherwise. Actual results. Performance achievement could differ from those expressed or implied in such forward looking statements.<\/p>\n

Now I am handing over to Nitesh for his opening comment. Thank you. Over to you sir.<\/p>\n

Nitesh Bansal<\/strong> \u2014 CEO, MD & Director<\/em><\/p>\n

Thank you Kumar. And welcome to everyone from my side as well to this first earnings call of this year. For those of you who are following the presentation, I’ll call out the slide number. Others of course you know as I. As I walk through the numbers and performance, I’m sure you’ll be able to follow me. So I’m going to be starting with the overall financial performance for the first quarter which is slide number four. Very happy to report that we posted a revenue of 574.8 crore rupees or 62.8 million dollars in the first quarter which represents year over year growth of 29.9% and the quarter over quarter growth of 3.5%.<\/p>\n

The adjusted EBITDA adjusted for RSU expenses and non recurring costs stood at 115.7 crore rupees or 12.6 million dollars. Which is an EBITDA percentage of 20.1%. This is a year over year growth of 50.6% and a quarter over quarter growth of 13.7%. The adjusted net profit for the same period stood at Indian rupees 75.8 crores or $8.3 million which is the adjusted net profit of 13.2%. This represents a year over year growth of 74.8% and a quarter over quarter growth of 25.5%. The adjusted EPS stood at rupees 6.4 which is a similar 74.6% year over year growth or a 25.4% quarter over quarter growth on the EPS numbers.<\/p>\n

If you look at the last 8\/4 graph, you know it shows consistent growth every quarter that the company has posted, barring a minor dip in Q1. 25. Very minor indeed. And with a strong growth and deal momentum across the last four quarters, as is quite visible, we’ve continued to maintain our margins in a very healthy range as we had guided in the 17 kind of a range. And this quarter if we look at the bridge of course we all know that we had sharp movements in foreign exchange. Indian rupee depreciated significantly against the dollar, so we have also seen a significant rupee depreciation benefit which has taken our EBITDA to 20.1%.<\/p>\n

But even without that we stand in the 18 or rather actually 19 point something range. Quickly moving over to detailed margin and EPS Analysis slide number 5 Comparisons based on the same quarter last year or year over year. Last year Q1 our revenue stood at 442.5 crores which has now come to 574.8 crores. That’s a 29.9% growth year over year. EBITDA adjusted EBITDA at 76.8 crores which is now 115.7 crores. That’s a 50.6% growth or from 17.4 to 20.1% which is 276 pips of increase year over year on a net profit basis from 43.4 crores to 75.8 crores, that’s a 74.8% growth in net profit or 9.8% to 13.2% which is a 339 basis points increase.<\/p>\n

And the EPS going up from 3.7 to 6.4 rupees which is 74.6% increase. Same numbers compared over quarter over quarter which means from Q4.25 to Q1 26 we went from 555.1 crores to 574.8 crores in revenue, that’s a 3.5% QO quarter over quarter growth or 101.7 to 115.7 crore rupees in EBITDA which is a 13.7% growth or 18.3% to 20.1% EBITDA which is 180 basis points. Sorry, on adjusted net profit 60.4 to 75.8 crores that’s a 25.5% growth or 10.9% to 13.2% as a percentage of revenue which is 231 basis points growth and on EPS basis for 5.1 rupees to 6.4 rupees which is a 25.4% growth on EPS.<\/p>\n

Quickly looking at the operating metrics on slide number 6, our revenue distribution is largely in the same range. Americas contributes to about 69.3% of our revenue with APAC contributing 78% and Europe 9.6 and Middle east and Africa or rather mostly Middle east in this case geography that got added due to the acquisition of Navigo contributes about 3.6% of the total revenue which is not a significant change from last quarter. It’s a few percentage points here or there in client concentration basis while at total contribution from our top 10 clients in revenue and dollar terms has remained the same because the baseline total of the company has increased, we see slight percentage dip in top three clients going from 13.2 to 11.5%, top five going from 18.2 to 16% and top 10 going from 26.9 to 24%.<\/p>\n

But broadly speaking approximately 25% of our revenue comes from our top 10 clients. Our top client contributes about 5.8% of the total revenue utilization. As we had been talking about a lot of investment in AI and building our systems as an AI first company, over the course of last two quarters we have significantly expanded our bench and COE investments in AI and data which has also led to the launch of our AI studio called Exego and I’m going to talk about it in a short while, a deliberate decrease in utilization as a result of which for creating that COE and the deliberate bench, onboard data and AI talent, thus bringing our utilization down to about 80% 80.5% which was at its peak at about 84% largely in the last two quarters taking approximately 2 to 2 and a half percent dip on utilization.<\/p>\n

To be able to invest in creating the AI first put the platform service offering having the people ready and being able to service the market in that space. Our DSOs remain largely in the same range, 60 to 63, 64 days in terms of build DSO in 76 days in terms of DSO, which is built plus unbuilt quickly looking at a few key wins in 2026 first quarter and important thing is as the market has heated up in the AI space, our readiness in those service offerings and preparing our organization to be AI first has actually started showing results or paying dividends.<\/p>\n

The first one is a leading global technology research advisory company which has asked us to develop an API based platform for making sure that all their research templates, all their research data, et cetera, can be properly, you know, secured, accessed, delivered in form of custom research reports, et cetera that they deliver. It’s a microservices environment built using AI. And that’s something that, you know, we’ve been. We obviously won against some stiff competition and the customer awarded us looking at our capabilities in the space.<\/p>\n

The second one is a North America based technology company. They specialize in creating digital engagement. And by digital engagement it means for a lot of B2C platform companies, these are the ones who help them create the digital experience of the customer. So they onboard large B2C platforms as their customers to create digital experiences using AI, creating the golden records of data, creating the personalized experiences around it. And we are the ones who are actually helping them and working with them to do this.<\/p>\n

The third one is a leading platform on life insurance and annuity insurance, which obviously is extremely both secure and data sensitive. And this platform is used by some of the world’s largest life insurance companies to write their life insurance and annuity plans. The platform had been written in certain legacy languages, has been working for over 20 years and they wanted to modernize both the platform tech stack as well as the experience that it delivers to make it more maintainable, but for each customer, because every customer has their own products and etc.<\/p>\n

You know, which are written on it. So we have been, you know, chosen as the trusted partner to create those playbooks for platform upgrades for each of those large life insurance companies where we go in and upgrade the platform using AI tools so that it creates minimum disruption and is done in a very quick timeline. The fourth one is a major hyperscaler, one of the large hyperscalers, leading cloud and cloud data services companies using our capabilities and the platform that we have created, an AI platform that we have created to actually accelerate cloud adoption and improve performance and efficiency of clients who use their cloud services.<\/p>\n

And last but not the least, a very interesting global life sciences company in the aesthetics and cosmetic product space is has asked us to develop an end to end consumer loyalty program which is spanning both medical aesthetics as well as retail products spaces which can create the digital engagement for their clients and help them make those clients for life. So all in all, every single deal that we’ve been part of, every single conversation today is obviously has a little bit of AI flavor. A lot of it is to do with data, but ultimately using AI and delivering those outcomes to the customers.<\/p>\n

Quickly moving on something that we had shared with you last quarter, our trailing twelve month ACV view of wins. We had $76.5 million of ACV on a TTM basis last quarter. We are reporting $82.5 million of ACV wins this quarter. So it shows positive deal momentum, continued wins in the market and we continue to build our book of business according to it. Moving on to slide number nine. Very proud to share with you that we’ve refreshed our While we’ve not changed the name, we are our Systems International but as the brand logo and the and the entire look and feel of how people see us, how we are perceived, how our website and the content around it has all become very AI first and it is a refreshed brand look as well as the image and I would invite all of you to please look at it.<\/p>\n

If you go to our systems.com you’ll get to see the new RSI branding and logo. Along with that we’ve also launched our AI Studio. It’s called Execo. It stands for EX for Experience, IQ for Intelligence and O for Orchestration. Execo is RAI Studio which combines the power of people, our AI trained talent, we call them AIEV trained Talent along with the Optima AI platform which I’ve obviously talked to all of you about in the last so many calls. We have worked on it over the last 20 odd months, matured the platform, it covers the learnings that we have had across over 130 odd projects that we’ve done using the platform.<\/p>\n

All of that experience and intelligence coming together orchestrated to deliver governed enterprise grade agentic AI solutions and the traction we are seeing in the market, et cetera is very high. I would invite you to go to Execo AI which is our AI studio website or you can go to it through our RSI or rsystems.com website as well. They’re also proud to report that within the first quarter we also won the AI Konic Award hosted by Financial Express for the best use of AI in manufacturing. And this was for what we’ve built as an AI powered factory copilot solution which works.<\/p>\n

We developed it for a IoT SaaS platform company who sells to various manufacturing companies to gather all their IoT data and produce the insights and analytics that will lead to good manufacturing decisions that ultimately those companies can implement. The role of the agentic AI powered, you know the whole AI engine that we built behind it was acknowledged and awarded through this iconic award. And then last but not the least, I’m very happy to also announce that we recently onboarded Farooq Ahmed as our chief revenue officer.<\/p>\n

He’s going to be leading our sales engine, strengthen the go to market approach and you know, lead the key growth acts across key markets especially focusing on North America in the tech space. He’s based in the Bay Area. He comes with a very deep background and almost three decades of experience working largely in the tech sector in the Bay Area, you know, helping companies grow their revenues. Very happy to onboard Farooq to the leadership team. At this point I would probably want to hand over to NAND to walk through the detailed financial statements before I come back to the final summing up point.<\/p>\n

Looking ahead, kind of a summary. Nandji, over to you.<\/p>\n

Nand Sardana<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Nileshji. Good morning to all. Thank you everybody for attending this call. For those referring to the investor presentation, this is the last page. Revenue for the quarter was Rupees 574.8 crore or 62.8 million dollars as against Rupees 555.1 crore or 62.5 million dollar last quarter and Rupees 442.5 crore that is 51.1 million dollar in the same quarter last year. This is year on year growth of 29.9%. This is on account of volume growth as supported by rupee depreciation and navigo acquisition.<\/p>\n

We have started witnessing the results from our investment in cloud data, AI and automation. In terms of large deal conversion which is supporting sustainable revenue growth. The Gross margin was 36% compared to 38.9% last quarter and 36.7% same quarter last year. Our quarterly margin are prominently impacted by reduction in utilization due to investment in AI and one lesser day. Also Q4 has the benefit of some fixed price projects. Two up SGN expenses decreased by rupees 22.9 crore from rupee 114.3 crore in last quarter to 91.4 crore this quarter.<\/p>\n

This is mainly due to reversal of conservative award provision on account of realization in this quarter as well as two of year end provision taken last quarter Being the year end, the adjusted EBITDA was 20.1% compared to 18.3% last quarter and 17.4% in the same quarter last year. The company has been able to report robust margin percentage through operational leverage, improved revenue mix and favorable exchange rates. The RSU cost under management incentive plan is rupees 6.4 crore compared to rupees 7 crore last quarter.<\/p>\n

EBITDA net of Rio share expense is 19% as against 17.1% last quarter. Getting down to depreciation amortization, the total expense was Rupees 21.5 crore compared to 19.3 crore last quarter. This includes Rupees 9.3 crore for intangible capitalized on account of past acquisitions. Non recording expenses are on account of severance payment for certain redundant positions. Interest expenses rupees 9.6 crore compared to 6.8 crore last quarter increases on account of fourth quarter impact of debenture interest.<\/p>\n

Other income was rupees 13.1 crore compared to income of 2 crore last quarter. For effective 1st January we have adopted hedge accounting where the effective portion of changes in fair value loss amounting to rupees 18 crores has been recognized in the hedge reserve under equity. This will be reclassified to profit and loss account when the corresponding hedge transition occur. Earlier we used to mark to market search gain or loss but now we have aligned with most of the IT companies which follows hedge accounting.<\/p>\n

Further we had an exchange gain of rupees 11.3 crore compared to exchange loss of 10 lakhs last quarter. Further the other income comprise of interest income of Ruby 60 lakh this quarter compared to 1 crore last quarter. During the quarter the average rate for USD and Euro was 91.48 and 107.12 respectively. As against last quarter average rate of USD89.06 and Euro 103.65 respectively. These are the two main currencies for our system. As at year end we have total forward cover of $46.25 million with average rate of 91.13.<\/p>\n

Our tax expense was rupees 24.2 growth this quarter as against 9.4 crore last quarter. Effective tax rate is around 27% due non deductibility amortization for intangible acquired through acquisition as offset by certain tax 2 up. Our normalized effective tax rate is around 28% net profit after tax was rupees 65.4 crore or 7.2 million dollar compared to rupees 36.4 crore or 4.1 million dollars last quarter. Basic EPS for the quarter was rupees 5.52 compared to rupees 3.08 last quarter. Adjusted EPS for the quarter is rupees 6.4 as compared to 5.1 last quarter.<\/p>\n

With this, let me hand over to the SD for closing remarks.<\/p>\n

Nitesh Bansal<\/strong> \u2014 CEO, MD & Director<\/em><\/p>\n

Thank you, thank you. NAND coming back to you know this is slide number 10 and I usually take a view of the market and provide how we are, how we are seeing it and what it means for us. So we ourselves had conducted a research study covering over 200 plus organizations to look at how the mid market players are adopting AI and how are they scaling it and some of the findings of that result. Of course that helps us in kind of building our narratives and our offerings to the market. The survey in this global mid market, also authored jointly by Everest Group, shows that almost 43% of the organizations are leapfrogging directly from the classical ML and advanced analytics directly to agentic AI models without going through a middle phase of using generative AI and generative AI solutions.<\/p>\n

There are almost 64% organizations that show high adoption of of AI in various things, but the actual productive deployment is only at about 15%. This gap between where the organizations are already spending and doing stuff on AI versus only 15% getting it deployed is the clear opportunity for organizations like us to help those organizations realize value from their AI investments. And that’s really the biggest market which is which is available to us. Second point, as we saw through the survey and also through our experience throughout the year, getting ROI from AI is not really a tool question, it is an AI talent question and our moves in training our people and having all our People trained on AI with 1400 plus people AI EV certified is a great asset and a differentiator to be able to service the market in a proper manner.<\/p>\n

So if we look at the trends that are shaping this year, of course organizations are running towards adopting AI in whatever manner, but also beginning to look at the cost of running AI as an important factor. And as they start looking at what does it cost to run AI, they obviously then start looking at players like us to architect AI efficient solutions and the end to end systems which will actually deliver the results without burning a hole in their pocket. Legacy modernization continues to be a very large total addressable market and across all sorts of companies, whether they are dealing with legacy code bases, legacy data estates or reporting landscapes that they want to modernize.<\/p>\n

We have ourselves seen significant wins in this area both last year and this year as well. Enterprises have begun to recognize that engineering velocity is a key differentiator in achieving ROI from AI initiatives. And this has been our narrative on Execo right from day one that to our AI studio in Exico we deliver engineering velocity because finally, with the same commercially available tools, everybody can potentially theoretically achieve the same outcomes. But the gap between those who achieve the outcomes versus those who don’t is really the engineering velocity that is brought in by AI experts who do it the first time right and get the efficient solutions rolled in in an enterprise ready manner very quickly.<\/p>\n

I think all of these forces that are shaping up and the way we have prepared ourselves over the last, you know, year or 20 months is definitely going to create a convergence. We are seeing that kind of momentum in the market and we are very hopeful that it will continue to help us and become a tailwind for us.<\/p>\n

So with that I’ll end the presentation and open up for questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then one on Net Upstore Teleport. If you wish to remove yourself from the question queue you may press star and then two participants, you are requested to use hand tips while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles a reminder to all. You may press star and then one to ask a question. We will take the first question from the line of Sandeep Shah from Equerry Securities. Please go ahead.<\/p>\n

Sandeep Shah<\/strong><\/p>\n

Yeah, thanks. Thanks for the opportunity sir. First question in terms of the AI impact on the SDLC software development life cycle. So where various industry research reports indicates SDLC may have relatively higher impact versus others. So how are you witnessing such kind of conversation with the clients about opportunity or a threat? I do agree that we have done a lot of development in terms of pivoting from just the manpower kind of a delivery to AI led delivery. But will this have immediate impact on the growth where clients are up to fronting, asking and demanding AI led productivity gain pass on versus revenue recognition may happen later.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

Sandeep, thanks for your question and again, you know, thanks for always being the first one to ask so clearly. Look, AI in DLC is a huge area and our report also suggests that SDLC is one of the one of the largest areas that gets impacted and has the best outcomes and returns. We ourselves have been using AI in SDLC for, like I said over the last 20 months, developed a lot of reusable assets. Our Optima AI platform actually boasts almost around 50 plus agents, more than 1500 prompts and bunch of other reusable components that actually enable AI and SDLC to be enterprise ready.<\/p>\n

Now to the second part of your question and I think you know I’ve said this in the past also SDLC AI in SDLC is a huge benefit or efficiency gainer for all parties. For us who are doing the work, we can do the work in a much lesser effort and much lesser time. And for the customer it is an outcome which can be delivered in a much faster manner with high efficiencies. Now does that create a risk for us or an opportunity? It’s a huge opportunity for us. Reason being we are a projects organization and we’ve said that multiple times.<\/p>\n

Most of our in fact over 90% of our revenue is coming from discretionary spend where we’re doing project work for our customers. What that means is that it does not take away anything from us, right? It’s not that we are doing some support, maintenance, etc. In a very traditional manner which will now shrink in size because of AI. In fact what it does is because we are constantly going after that discretionary spend and new projects every time. Every new project that we bid for is already bid in a much more efficient manner which keeps us ahead of the competition.<\/p>\n

I think it is almost impossible for us to think today that we will bid for a project or a new development, enhancement, modernization, migration, whatever it is without putting AI into it. And that’s become the norm and it acts as a competitive advantage for us. It gets us into those deals and we win those deals. So net, net IT is expanding the target market, total addressable market for us and we are winning those deals and hence it’s a huge opportunity for us. Average deal size if you compare the deal sizes have become smaller because it doesn’t take the same amount of time and effort to do it.<\/p>\n

But on the other side in the target market or total addressable market has expanded it over compensates for it. I hope that answers your question.<\/p>\n

Sandeep Shah<\/strong><\/p>\n

Yeah, and so just further to this, in the last few days the frontier model vendors like Anthropic and OpenAI also announcing floating their IT services company in association with some of the global investment bankers where they want to tap the small and medium sized enterprises. So I do agree it’s early days may not have a view but how do you see this kind of an announcement from the frontier model is will it be a big competitive threat?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So big or small, only time will tell. Sandeep but the first thing that I see with that is it validates two points. Number one, it validates that, you know, AI is fundamentally a people problem, not a tools problem. Right. Because it was only tools then. Those frontier companies have already released the tools. They are also realizing that everybody who is buying their tools and using their tools is still complaining about not getting the benefits. Right. So they need the right kind of people in the equation to make those tools work and to deliver the enterprise benefits.<\/p>\n

So one, it is a huge validation of what we have been saying and also doing is that it is a people issue, not a tools issue. Everybody has the same commercial tools. Number two, if it comes down to talent, it is about what kind of talent are they going to be assembling up and hence at what price point and how will they be able to serve the mid market organizations? Clearly sure they have a game plan. There are large private equity companies who are joining hands and forces so there will be some, some play over there.<\/p>\n

But the market is so big that again it becomes availability of talent. Right. Kind of talent in the right places at the right cost. Right. And that obviously is not something that can run at the speed of AI. They will also have to go through the same motion of assembling a team, training them, getting them ready, bringing them in front of the client, etc. Sure they will become a competition, but if as a total it expands the market and they are one more player in it where I’m already, you know, a player who’s playing, I think there is enough to go around and we all will have significant piece to kind of work with.<\/p>\n

So right now I see it as validation of what we are doing and as they really grow their feet and hit the ground, we’ll start seeing what kind of competition they become.<\/p>\n

Sandeep Shah<\/strong><\/p>\n

Okay, okay, fair enough. And just last few and then I will come in the follow up. It seems the growth could have been driven by full quarter consolidation of novigo in this quarter and there could be a possible decline in the organic revenues which could be also due to a seasonal week where higher number of holidays being there on a Q on Q in the first quarter. So do you believe this is a quarterly operation and we can organically have a growth turnaround starting again from the second quarter? And ACV which we have disclosed in this quarter is on the same definition excluding novigo? Correct.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So let me answer the three parts in three different Things number one, we do have the benefit of full quarter consolidation of novigo. So no doubt about it. However, just wanted to clarify and this question may come up later again is that, you know, the novigo revenues, though they are a full quarter, this was the first full quarter of novigo that got consolidated with our systems and this was also the first fiscal year end for novigo that happened together with us as a result and which is the right practice to do.<\/p>\n

We have aligned a lot of their accounting practices to align with our systems practices including, you know, accounting policies and revenue recognition norms, etc. As a result of which, you know, there is a certain amount of revenue recognition change that has taken place going from, you know, gross basis to net basis on some certain kind of license revenues, some norms on fixed price accounting and those kind of things. So what we had originally, you know, what you may have in mind is what we had given as the size of, you know, novigo revenues, full year revenues when we had acquired the company at about $32 million a year, that restated will stand at about 21, $22 million a year.<\/p>\n

And as a result you would see that, you know, yes, there is small amount of degrowth in quarter on quarter basis because of course, you know, there’s a reduction number of days versus Q4. And like Danji said in his financial statement readout that we also had benefits of some fixed price project, two ups in Q4 as they normally take place. But having said that, you know, we have largely remained flat organically and we have very strong deal momentum and we are confident that the organic growth continues to be there and we continue to gain the market share and we continue to grow.<\/p>\n

Novigo adds to that and they also continue to grow in their markets. They obviously were also impacted by the Middle east crisis to some extent in Q1. So that hopefully will be a thing behind us and then that will contribute to positive growth in that front as well. So overall I don’t see any challenges to the positive outlook for this quarter as we are in Q2 and we’ll continue to report accordingly.<\/p>\n

Sandeep Shah<\/strong><\/p>\n

Okay, thanks. We’ll come in the follow up.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Vinay Menon from Monarch Capital. Please go ahead.<\/p>\n

Vinay Menon<\/strong><\/p>\n

Hi sir. Hi. Thank you for the opportunity. A couple of questions from my side. One, we recently, you know, read that Blackstone is, you know, partnered up with Anthropic and a couple of other private equities are also there and they’re planning basically to deploy their engineers within the organization and even given to, you know, the portfolio companies within Blackstone. Now that, that is an area where we have done well over the last year, year and a half. So how do you see this playing out and, and could this kind of model threaten, you know, other mid market peers as well?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So Vinay, first again, thanks for joining in and, and for your question. So yeah, Blackstone and bunch of other private equities have joined in to put in money in what would eventually be some kind of a consulting company with anthropic etc. And you know, without reading too much into it, whether it’s any private equity, you know, they are all going to look at a good opportunity as an investment opportunity and would invest. So not reading too much into that, going back to whether this will, you know, get deployed across PE port codes or mid market companies and they will benefit from it, possibly all of that.<\/p>\n

Obviously early days, you know, they, they need to stand up the team and, and build the team and build their playbooks. Like I was saying earlier, I see it as a strong validation of, of our playbooks that, you know, value from AI and ROI will come through engineering velocity and you need those kind of AI specialists to be able to implement it in a manner that it brings that velocity. It is also a combination of understanding your client’s business and how they are going to use AI, which we believe we have developed over, you know, over the last 20, 30 years of working with clients and various industries in learning their business and then understanding how we can impact.<\/p>\n

That’s again something that will be slightly challenging to stand up over overnight. But having said that, you know, when it comes to Blackstone business, we have continued to win against competition. I have said that earlier in many calls as well. We are lucky to be part of Blackstone portfolio because we do get introduced to various portfolio companies and have a quicker path to having a con conversation with them. But beyond that, I have to win a deal based on merit against competition in the same manner as anybody else does.<\/p>\n

And we would just see them as one more competition because neither, neither us nor them will get pushed into an account as like somebody has, is mandated to use either of us. Right. So we will have to continue to play out, play to our strengths and we believe that the experience we have, that the platform we built which is directly targeted towards delivering ROI to enterprises and all our working practices will continue to hold us in good stead. They will have their strengths and just like any competition, we will have to measure up their strengths and then continue to pivot on our playbooks to make sure that we continue to win.<\/p>\n

So right now it’s a lot of hypothetical winning. They don’t really have a company today. So we’ll keep a good watch on it and clearly see, you know, how it plays out.<\/p>\n

Vinay Menon<\/strong><\/p>\n

Okay, thanks for that. And in terms of the acv, if you can, like you have mentioned that you know, the deal sizes are coming down. So if you can just mention what kind of deal sizes were there, which we’ve added this quarter and you know, you said the time is increasing so a little bit more color on that would be helpful.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So Bhinay, when I say deal sizes are coming down, I don’t mean deal sizes for us are coming down. What I meant was that a deal which delivered in traditional manner would have been X. Now because of AI can be delivered enough in a much lesser than X kind of a thing. Right. But for us, on the other hand, average deal sizes have gone up because we are now being able to, you know, as we have transformed our own offerings, we are now doing, we are taking end to end objectives, we are doing transformations for our customers.<\/p>\n

So what used to be, you know, build one feature or put a, put a Sprint team together and put a pod of people has now converted to conversations where we like here is a large application, 3 millions lines of code written in legacy. Can you migrate it in a short period of time using AI? And we would, we would have that as probably a million dollar deal right now. That itself in the past could have been a one and a half or two million dollar deals which is now a million dollar because it is, it is done through AI.<\/p>\n

But for us deal sizes, because of this new tam, our deal sizes are still improving. Right. So the market may look at it as okay, you know, it takes much lesser to do the same thing. That’s the AI efficiency. But we are benefiting from it because we are able to play in that new TAM and build our deal sizes accordingly.<\/p>\n

Vinay Menon<\/strong><\/p>\n

Okay, and just last one thing that SGNA came down, you know, this quarter just wanted to get a idea on how it will be going on because we obviously we in terms of the growth we are doing, I think, you know, it should normalize maybe in the next few quarters.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

Yeah, SDNA coming down is not a reflection of any reduction in investment or people, neither in sales nor in or in gna. It’s actually, and Nanji would probably explain it if needed in detail. Q4 being the last quarter and before closing the books we have to provision for any AR etc and through whatever follow ups etc in Q1, we ended up collecting all of that AR and that reversal is what kind of reflects in the reduction of gna. So it’s our investments in sales and marketing and all of those are intact.<\/p>\n

In fact we continue to increase those and hence, you know, when we look at going forward perhaps, you know, I think this quarter we’re talking about 10 million. It will probably. Our normal run rate is at 11, 11 point something and we’ll come back to that.<\/p>\n

Vinay Menon<\/strong><\/p>\n

Okay, thank you. I’ll get back. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank You. Next question is from the line of Anmol Garg from Dam Capital. Please go ahead.<\/p>\n

Anmol Garg<\/strong><\/p>\n

Hi, thanks for the opportunity. I had a couple of things that I wanted to understand. Firstly, now that Navigo has been fully integrated within our systems and as I understand it is that it has relatively larger set of customers. So have we been able to make any inroads with our system delivery portfolio? Portfolio for particularly? No, we go clients. I know it’s early days, but anything that you want to manage?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

Yeah, sure, Anmol and thanks for that question while it is early days, but right from day one we have focused on getting our go to markets aligned and making sure that both Novigo and our systems are able to leverage each other’s capabilities. Very happy to say that today there are at least, I would say close to a dozen deals where Novigo and our systems teams are cross engaged and at least maybe three clients where Novigo clients have received our systems service delivery because of competencies or new capabilities that we sold to them and at least one client where our systems client is using Novigo’s competence to deliver.<\/p>\n

So that kind of cross leverage already happening. That’s the fundamental premise of, you know, doing an acquisition which complements us in capabilities and so that we can, we can expand our offerings with our clients. So absolutely we’re seeing the evidence of that taking place.<\/p>\n

Anmol Garg<\/strong><\/p>\n

Understood, Understood, sir. And also wanted to understand organic, organic growth in this quarter. You said that it is flattish. However, if we include one and a half months of Novigo acquisition, which could contribute nearly about 5,6% to the growth rate, even if there’s some reduction in the revenues, then also there would be around 3% of the revenues which will be 3 to 4% which will be, you know, which will be from the Noviko acquisition incrementally. So just from that perspective, wanted to understand what would be the organic growth in this quarter and secondly also the outlook for this year, how are we thinking about growth in this particular year? Organically from the R system perspective.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So like I said, you know, given that last quarter we had half a quarter of novigo coming in this quarter, full quarter and the adjustments to accounting policies as well as you know, some amount of, you know, fixed price, 2 ups etc that took place. I think the last quarter numbers do not provide a very clear straight line method to, to look at, you know, top line in, in that manner. Good news is that all those adjustments, all those alignments to accounting policies etc have already been done month.<\/p>\n

So what we are, what what you’re seeing as this quarter numbers is a good baseline to understand what the combined numbers look like. And like I said, you know and maybe on a one on one Nanji can provide a little more detail. But you know overall we have grown and as a company like I said organically this quarter was flat. But that’s again largely due to reduction of days and some fixed price true ups. In Q4 we have, we won new business and our overall while we don’t provide any forward guidance and flavors, but very high confidence that both organically as well as combined entities we are on the right trajectory for you know, doing what we, what we promise to our investors to continue to grow the organization.<\/p>\n

If you look at EBITDA numbers, we have delivered on the EBITDA as promised and because none of the accounting adjustments impact, you know, our overall EBITDA and profit margins and we’ve posted a very strong number with 12.6 million there and we continue to be positive about capability to maintain our overall EBITDA in the line.<\/p>\n

Anmol Garg<\/strong><\/p>\n

Sure sir. And sir, lastly wanted to understand in terms of the, you know, are we seeing any trends where you know, GCCs are being established by the mid market and is that a risk to our client base as of now or do you see that maybe this can be opportunity in terms of the GCC revenue that we might get from potential new clients.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So anmol we had launched our own GCC services like six quarters ago when we started helping mid market customers to establish their COEs, create their GCCs or participate in their GCC scale up offerings. We have successfully held close to eight or nine organizations in various stages of their GCC formations. What we see is that when customers decide and they want to have a gcc, you know, they, they will obviously want to do that but when they do it with us, they have a much higher chance of establishing a successful GCC or coe, whichever name they want to call it.<\/p>\n

And we have actually gained a lot of trust and confidence with the customers in doing so, which basically means it gives us a sustainable business on a long term basis. Even if there is a part of the business that they will run themselves, we become long term partners. So yes, we do know that there is always going to be an and you know, at least in mid market. It’s something that every mid market player is looking at that they will look at GCC plays, but they also want experts like us to work alongside and we are using that as an opportunity for our growth.<\/p>\n

Anmol Garg<\/strong><\/p>\n

Understood. And lastly, one very industry specific question that I wanted to ask is, you know, how are we seeing the token cost particularly right now when we are using AI models and who is bearing that cost whether the client is bidding it or we are building it and does it differ in time and material versus outcome based contract or who bears this cost?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So token cost for output delivered to the client is usually in, I would say in almost 100% cases borne by the client either either they they provide us subscription to the front end model that they are they are subscribed to or we would do it but we’ll pass on the cost. So to that extent the token costs does belong to the client. We also end up incurring our own token cost because of the training, because of our own COE R and D development etc. That we do. We believe that our ability to deliver AI with most optimal token costs is one of the differentiators because we built FinOps models within our AI ecosystem in Optima AI and that is something that the CFOs at the client sides really love to see because when they are implementing themselves, they actually have no clue of what those costs would be.<\/p>\n

We are at least able to give them a clear metering of what the costs are and how the costs are going to be reduced. But to your question, most of those costs when delivering to the clients belong to the clients.<\/p>\n

Anmol Garg<\/strong><\/p>\n

Okay. Okay, sure sir. Thanks for answering.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Varun Kulkarni from Indrad anc. Please go ahead.<\/p>\n

Varun Kulkarni<\/strong><\/p>\n

Hi, good morning. Thanks for taking my question. So my the question on GCG has already been answered, so I’ll probably skip that. Some basic questions would be in terms of the AI and non AI, is there a revenue split or is it too nascent at this point to actually give that split?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

It is. Well we do, we do try and keep a track of how our AI revenue is developing because obviously with all the investments we are making, it’s not coming from a system. So we’re not reporting it yet, but just to give you an idea, approximately 29% of our revenue today comes from AI and AI enabled services.<\/p>\n

Varun Kulkarni<\/strong><\/p>\n

Got that. And I don’t know, I just wanted to ask you, in terms of the total employee headcount, do we report that number? Because it’s not there in the investor ppt. And what would be the attrition rate at this point?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So we report the total headcounts. It’s part of the press release. You would be able to see it there. We are about 5,000 forward and employees globally and attrition currently is running at I believe approximately 11% which is, you know, lower than the industry.<\/p>\n

Varun Kulkarni<\/strong><\/p>\n

And another very basic question in terms of the vertical. So do we, do we have a split for that? And also are we seeing in which, in which vertical are we seeing optimum usage of AI at this point and going forward, where are we anticipating this, you know, the AI implementation to be more in like which sector?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

To answer the first part, we do share the split. Again, it’s part of the press release. Tips, which is tech Internet platforms and services is our largest vertical. It contributes about 40% plus of our revenues being the entire technology product space. You know, obviously it’s a very fast adopter of AI. So from our perspective, we do see a lot of usage in that space. Our second, third largest verticals are telecom, media, entertainment and healthcare. And again in those spaces we are seeing AI adoption happen at various spaces depending on again, the maturity and size of the customer.<\/p>\n

I think the jury is still out in terms of who or which industry will lead the AI race. But clearly, you know, tech companies are definitely eating their dog food. So tech companies will continue to lead this for some time before other industries start catching up and, and have enough investments to say that they’re doing more AI than, than the tech companies themselves.<\/p>\n

Nand Sardana<\/strong><\/p>\n

Just a small correction because we report as part of annual report, but not in the quarterly press release. Okay.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

No, I stand corrected. Thanks for, thanks for that information. Yeah, it’s part of our annual report. Yeah,<\/p>\n

Nand Sardana<\/strong><\/p>\n

Yeah, that’s. But it’s more or less, you know, same, you know, like did not know the same thing.<\/p>\n

Varun Kulkarni<\/strong><\/p>\n

Okay, yeah, that’s, that’s what I thought. Sure, sure. Yeah, that these are the only questions from my side. Thanks.<\/p>\n

Nand Sardana<\/strong><\/p>\n

That should be the last question. Yeah, take the last question, please.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the last question from the line of Mayank Babla from Camelian AMC. Please go ahead.<\/p>\n

Mayank Babla<\/strong><\/p>\n

Hi, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you’re audible.<\/p>\n

Mayank Babla<\/strong><\/p>\n

Yeah. Thank you for taking my question. So the question was around, you know, your AI offerings, be it the Execo AI Studio or the Optima AI platform. Could you pinpoint with your, you know, which specific problem statements are you trying to solve with within the enterprise architecture with this?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So Execo AI Studio is, like I said earlier, it’s people plus platform and orchestration. And the platform in there is Optima AI. So it’s one and the same thing. And if you look at our Execo AI website, it very clearly also lays out we are basically addressing three essential problems or addressing three narratives. We are doing AI for achieving acceleration in sdlc, the software development life cycle. This is the core bread and butter of our business. We do engineering for a living and now we are doing engineering with AI and we are helping companies accelerate their software development life cycle using AI.<\/p>\n

Second, we are addressing a specific component which is about doing legacy modernization. Like I’ve said, it’s a massive time for us and for everyone. And legacy modernization, whether it is legacy code base, whether it is legacy data estate or legacy reporting infrastructure, we are able to modernize it using AI from anything to a modern stack and do it in a manner that, you know, we like, we love to call it, we change it from black box to glass box. The third playbook that we are addressing is AI for business objectives.<\/p>\n

And this is where right from customer experience, contact center, customer service, all the way to deep down deep business domain workflows which can be now done agentically. And for example, whether it is, you know, insurance claims process, whether it is revenue cycle management process in healthcare, whether it is KYC process in banking, or it is bunch of the horizontal processes in the CFO area, whether account receivables, payables, you know, know the P2Pmatching, the three way matching of invoices, bunch of those things which can now be done agentically and we’ve built end to end agent ecosystems orchestrated together to accomplish these kind of business objectives.<\/p>\n

So three problem statements that we are addressing. SDLC modernization and business workflows.<\/p>\n

Mayank Babla<\/strong><\/p>\n

Sure. And if you had to highlight, you know, the differentiation or moat this platform has versus platform offerings by peer IT companies, what would that one or two modes that would be for, you know, as a right to win versus others.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So our right to win is built on the fact that this platform, while we don’t sell the platform, this platform is essentially providing reusable artifacts across all of these three narratives that I talked about and enables any organization to achieve enterprise ready AI outcomes within a matter of weeks. Because all the Essential elements. We built this like a five layer cake. All the essential elements of security, guardrails, usage policies, token optimization, specific compliances, all of those things are pre built that can be applied directly to any enterprise in a matter of weeks.<\/p>\n

And this is something that organizations take six months to build with expert talent also. So once that is done and with all the reusable agents, assets or everything that’s there and then our AI EV trained talent. And again our differentiation is that AIEV is not a certification that one can buy from outside. It’s a proficiency based framework that we’ve come out with and our people who know how to use AI, especially all this enterprise ready AI assets which can then be deployed to a client, hence delivering the real ROI of achieving outcomes within months.<\/p>\n

And that’s what we show on the website. Also almost 2x productivity, almost 50% reduction in turnaround time and those kind of things. So that’s what creates the moat for us with our clients wherever we’re using this.<\/p>\n

Mayank Babla<\/strong><\/p>\n

Thank you, thank you for that. And this last question is a data point question. So how much does fixed price projects and time and material contribute to revenue and how has this mix changed over the last one and two years?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

So traditionally the company’s revenue was largely time and material based because that’s how tech companies usually contract and, and there were long term customers where we are building products or feature sets for them etc. But as we’ve changed our offerings to more of these transformation offerings, especially data and AI led, our business mix has obviously moved more towards fixed price and AI will obviously lead to more outcome based pricing as well. While these numbers are not accurate to the point, but approximately speaking, what till last year would have been Approximately, let’s say 10% fixed price has already last year as in 2024 has already probably changed to maybe closer to 15 or 16% in 25 and we believe that it will continue to move in the favor of fixed price as we go along and as we do more and more of these transformation objectives.<\/p>\n

Mayank Babla<\/strong><\/p>\n

Any target in mind over here if you can give?<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

No, not really because we have to play with what is the business that we are attracting and we don’t have a target mix because we don’t, you know there is. It’s not a trade off between A or B. Right. I mean we are better off doing AI objectives on fixed price basis versus serving the legacy mandates on time and material basis. So. So I think it will move along with the business mix change.<\/p>\n

Sandeep Shah<\/strong><\/p>\n

Sure. Thank you so much and best of luck.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much, ladies and gentlemen. We will take that as the last question for today. I now hand the conference over to Mr. Nitesh for closing comments. Thank you. And over to you, sir.<\/p>\n

Nitesh Bansal<\/strong><\/p>\n

Thank you so much. And once again thanks to all participants and everybody who asked questions. Like I’ve always observed, you know, these questions act as a good, you know, input to us to continue to focus on all the right areas and things that if we have, you know, left out or not really considered, then take them into consideration. And I continue to enjoy these calls and look forward to, you know, seeing you all on the next investor call in in a quarter from now. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, members of the management, on behalf of our systems. That concludes this conference. Thank you all for joining with us today and numina disconnect your lines. Thank you.<\/p>\n

Kumar Gaurav<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

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