1. At a Glance

R Systems just pulled off a tech company’s favourite magic trick – throw in AI, cloud, and “digital transformation” into every sentence, and investors will clap. But this quarter, they’ve backed it with numbers: 5.6% QoQ revenue growth, a53.4% profit jump, and six new deal wins. Also, an asset sale that dropped a ₹436 crore gain straight into the income statement – because who says growth has to come only from coding?

2. Introduction

Founded back when “cloud” still meant rain, R Systems has morphed into a mid-cap IT player with global footprints in 17 countries. They’re the Swiss Army knife of outsourced tech work: digital product engineering, cloud enablement, quality engineering, AI solutions, embedded systems, and even UX design (so you don’t rage-quit their clients’ apps).

Two revenue legs keep the stool steady:

• IT Services– 90% of the pie.
• BPO– 10%, but not the headset-wearing stereotype; think ERP, revenue management, and technical support.

North America accounts for three-fourths of revenue, with Europe and SE Asia chipping in. The top client contributes just 5% of revenue – a rare case in Indian IT where one client tantrum won’t tank the quarter.

Blackstone bought 52% in 2023, parachuted in Nitesh Bansal as CEO, and the company’s been in “AI, cloud, and margins” mode since.

3. Business Model (WTF Do They Even Do?)

R Systems basically rents out tech talent and platforms to enterprises. That includes:

• Digital Product Engineering– building new platforms for ISVs, BFSI, healthcare, and manufacturing clients.
• Cloud Enablement & DevOps– the fancy “we’ll move your stuff to the