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DEV INFORMATION TECHNOLOGY LIMITED Annual Report 2024
59295_rns_2024-05-24_b00843fb-c663-49c6-bd91-c915fe547291.pdf
Annual Report
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Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
| To, | To, |
|---|---|
| The Manager-Listing Department, | The Secretary, |
| The National Stock Exchange of India Limited, | BSE Limited |
| Exchange Plaza, Plot No. C/1, G-Block, | Phiroze Jejeebhoy Towers, |
| Bandra Kurla complex, | Dalal Street |
| Bandra East, | Mumbai -400001 |
| Mumbai-400 051 | |
| Trading Symbol: DEVIT | Trading Symbol: 543462 |
Subject: Outcome of the Board Meeting held on Friday, 24th May, 2024: Ref.: Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement),2015
Dear Sir/Mam,
With reference to the captioned subject, we would like to inform you that the Board of Directors of Dev Information Technology Limited (the "Company") in its Meeting held on Friday, 24th May, 2024 at 03:00 P.M. at the registered office of the company, inter alia, discussed and approved following businesses: -
- 1. The Standalone and Consolidated Audited Financial Results of the company for the Half year and Year ended on 31st March, 2024, together with Statutory Auditors report, as per regulation 33 of Securities and Exchange Board of India (Listing obligation and Disclosure Requirements) Regulation, 2015, were confirmed and approved by the Board of Directors.
- ➢ We would like to state that M/s. Rinkesh Shah & Co., Statutory Auditors of the company have issued audit reports with unmodified opinion on the Statements. Declaration with respect to Audit Reports with unmodified opinion is enclosed herewith as per Annexure-I.
- ➢ Further Standalone and Consolidated Audited Financial Results of the company for the aforementioned period shall be available on the website of the stock exchange at https://www.nseindia.com/ and on company's website https://www.devitpl.com/.
- 2. The Board of Directors recommended the final Dividend @5% (i.e. Rs. 0.25/- per equity shares) 2,24,84,679 equity shares of Rs. 5/- each fully paid up, for the year ended 31st March, 2024, subject to the approval of shareholders of the company in the ensuing Annual General Meeting.
- 3. Reviewed and Approved re-appointment of M/s. Murtuza Mandorwala & Associates (COP No. 14284), Practicing Company Secretary, as a Secretarial Auditor of the company for the financial year 2024-25. (Annexure-II: Brief Profile attached herewith)
www.devitpl.com | [email protected]
Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
4. Reviewed and Approved Appointment of M/s. Manav Sheth and Company, Chartered Accountant (FRN: 161080W), as an Internal auditor of the Company for the financial year 2024-25. (Annexure-III: Brief Profile attached herewith).
The board Meeting concluded at 06:50 P.M.
Kindly take this information on your records.
Thanking you,
On behalf of Board of Directors DEV INFORMATION TECHNOLOGY LIMITED
KRISA KAIRAV SHAH
DN: c=IN, o=Personal, title=2582, pseudonym=CDCD7FC7D81194322A5D754479A99121, 2.5.4.20=85084771729dcbf53eeb59ca8816c302300d8440c b27e3444c7c94d4181b4266, postalCode=380007, st=Gujarat, serialNumber=0D148FB642AD1A5177D6AC789F641CE2A4 6A0172B9661A7716658794938A1AF0, cn=KRISA KAIRAV SHAH Date: 2024.05.24 18:51:09 +05'30'
Digitally signed by KRISA KAIRAV SHAH
Krisa Shah Company Secretary & Compliance Officer Place: Ahmedabad Date: 24th May, 2024
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone l=inancial Results of the company Pursuant to the Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, as amended
To
The Board of Directors of Dev Information Technology Limited
Report on the audit of the Standalone financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of Dev Information Technology Limited ('the Company') for the quarter and the year ended 3l't March, 2024 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us, the statement: a. is presented in accordance with the require ments of Regulation 33 of Listing Regulations in this regard; and
b. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting princi ples generally accepted in India of the net profit and other comprehensive income/expense and other financial information for t he quarter and the year ended 3P1 March, 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibilities under those Standard s are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical req uirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi s for our audit opinion.
Management's Responsibilities for the Standalone Financial Results
The Statement, which is the responsibility of the Company' s Management and approved by the Board of Directors, has been prepared on the basis of the audited standalone finan cial statements. The Company's Board of Directors are responsible for the preparation and presentation of the statement that give a true and fair view of the net profit/loss and other com prehensive income and other financial information in accordance with the applicable Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of th e assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting pol icies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy an d completeness of the accounting
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e/305-304 fgird9QI H9\li9, Nr. SWQitik Cr9ii R9 ansp~r~ , Ahmedabad-~90009. C +91-79 403 21 381, +91-92 274 74 959 E : [email protected] W : rinkeshshahandco .com records, relevant to the preparation and presentation of the statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the statement, the Board of Directors are responsible for assess ing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing th e Company's fina ncial reporting process.
Auditor's Responsibilities for t he Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatement!: can aril:e from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain profel:l:ional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materi al misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions; misrepresentations, or the override of internal controL
- Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Director' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structu re and content of the Statement, including the disclosures, and whether the financial results represent the underlying tran sactions and event s in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowl edgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
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evaluating the results of our work; and {ii) to evaluate the effect of any identified misstatements in the standalone financial results.
We communicate with those charged with governance regarding, among oth er matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit .
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regard ing independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
We report that the figures for the quarter ended 31't March, 2024 represent the balancing figures between the audited figures in respect of the financial year ended 31' 1 March, 2024 and the published unaudited yearto-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us.
Our opinion is not modified in respect of above matters.
For RINKESH SHAH & Co. Cha rt@red Accountants FRN12q
CA RINKtSH SHAH Pa rtner M.No . 131783 UDI N:241317S3BKCUCZ52S5
Date: May Z4, ZOZ4 Place: Ahmedabad
. -.
~ DEV INFORMATION TECHNOLOGY LIMITED Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing,Thaltej- Shilaj Road, Thaltej, Ahmedabad- 380059 DEV Statement of Audited Standalone Financial Results for the quarter and year ended 31st March, 2024 • r ... l .. •pll i'• .. ~
| ( Rs. In lakhs except EPS) | ||||||
|---|---|---|---|---|---|---|
| Particular\$ | QUARTER ENDED | YEAR ENDED ' |
-· | |||
| 3/31/2024 | 12/31/2023 . ; . ; 3/31/2023 | 3/31/2024 | 3/31/2023 | |||
| ;, | (Audited) | (Unaudited). :", | (Audited) | (Audited) ·-· -·' |
(Audited) | |
| I | Revenue from operations | 3,767.73 | 3,071.79 | 4,188.54 | 15,728.30 | 12,197.02 |
| II | Other Income | 45.57 | 26.03 | 39.62 | 141.53 | 696.75 |
| Ill | Total Income (1+11) | 3,813.30 | 3,097.82 | 4,228.16 | 15,869.83 | 12,893.77 |
| IV | Expenses | |||||
| (a) Cost of materials consumed | 1,418.81 | 985.75 | 2,417.29 | 7,195.53 | 6,103.29 | |
| (b) Changes in inventories of finished goods and stock-in-trade | (124.04) | (8.21) | 22.16 | (135.42) | (30.50) | |
| (c) Employee Benefits Expenses | 1,790.08 | 1,740.64 | 1,277.39 | 6,909.51 | 5,047.56 | |
| (d) Finance Costs | 34.1Z | Z9.90 | Z0.33 | 1Zl.38 | 119.66 | |
| (e) Depreciation and amortization expenses | 36.18 | 31.78 | 33.11 | 123.53 | 121.32 | |
| (f) Other expenses | 125.12 | 121.24 | 146.25 | 483.68 | 450.19 | |
| Total expenses (IV} | 3,280.27 | 2,901.10 | 3,916.53 | 14,698.21 | 11,811.52 | |
| v | Profit before exceptional items and tax (III-IV} | 533.03 | 196.72 | 311.63 | 1,171.62 | 1,082.25 |
| VI | Exceptional Items | |||||
| VII | Profit Before Tax (V- VI) | 196.72 | 311.63 | 1,171.62 | 1,082.25 | |
| VIII | Tax expense : | |||||
| a) Current Tax | 138.76 | 34.54 | 83.50 | 287.30 | 249.50 | |
| b) Deferred Tax Liability/ (Assets) | 11.93 | 3.80 | 6.19 | 14.27 | (29 .85 | |
| c) Adjustment of tax for Earlier Years | (6.98) | (18.96 | (6.98) | {9.89 | ||
| Total Tax Expenses (VIII} | 150.69 | 31.36 | 70.73 | 294.59 | 209.76 | |
| IX | Profit for the period (VII-VIII) | 382.34 | 165.36 | 240.90 | 877.03 | 872.49 |
| Other Comprehensive Income (net of taxes) | ||||||
| Items that will be reclassified to profit or loss i) |
||||||
| Tax effect on above items | ||||||
| Items that will not be reclassified to profit or loss i) |
||||||
| a) Remeasurements of the defined benefit plans | (16.41} | (0.54} | 4.25 | (18.02} | (2.15} | |
| b) Changes in Fair Value of Investments | 8.13 | 8.13 | Z.67 | |||
| Income tax relating to items that will not be reclassified to profit or loss |
2.08 | 0. 14 | (1.07) | 2.49 | (0.13) | |
| X | Total other comprehensive income for the period (net of taxes) | (6.20) | (0.40) | 3.18 | (7.40) | 0.39 |
| XI | Total comprehensive income for the period (IX+ X) | 376.14 | 164.96 | 244.08 | 869.63 | 872.88 |
| XII | Paid up equity share capital (face value of Rs. 5 per share) | 1,124.23 | 1,106.71 | 1,105.92 | 1,124.23 | 1,105.92 |
| XIII | Other equity excluding Revaluation Reserve | 4,456.40 | 3,135.55 | |||
| XIV | Earnings per share (of Rs. 5/- each) (not annualised): | |||||
| Basic | 1.73 | 0.75 | 1.09 | 3.96 | 3.95 | |
| Diluted | 1.72 | 0.75 | 1.09 | 3.94 | 3.93 |
For, Dev ~ation Tethnology Limited
'
ncial Officer
H•nhU Chief Fin a h•h
· - - ~ ~ Jaimin Shah :;; AHP v~<E,., q_nav Pandya (DIN: 00021880) ,.... (Jfl/!: OOOZ1744) "'"' ""o * ·o-?' '~'"
~ Company Secretary
Place: Date: Ahmedabad May 24,2024
-
- -- tNITIAlED FOR IDENTIFIC liON P-\~~ ~ f?-w. ~~ RINKE5P SHA~. & CO. ~
DEV INFORMATION TECHNOLOGY LIMITED
ir tl .... ,;littohli Statement Of Standalone Assets And Liabilties As At M arch 31,2024
| (Rs in Lakhs ) | ||
|---|---|---|
| Particulars | As at 31st March, 2024 |
As at |
| I ASSETS | 31st M arch, 2023 | |
| 1 Non.current Assets | (Audited) | (Audited) |
| (a) Property, Plant and Equipment | ||
| (b) Right of Use Assets | 887.17 | 783.76 |
| (c) Intangibles assets under development | 0.31 | 8.39 |
| (d) Other Intangible assets | 104.87 | 113.81 |
| (e) Financial Ass ets | 247.54 | 13648 |
| (i) Investments | ||
| (ii) Loa ns | 1,461.10 | 942.41 |
| (iii) Other Finand~ l Assets | 33.64 | 86.41 |
| (f) Income tax assets (Net) | 84.35 | 101.81 |
| (g) Other non-current assets | 16.18 | |
| Total Non·current Assets | tQ1Q_gg | 70.00 2,259.26 |
| 2 Current Assets | ||
| {a) Inventories | ||
| (b) Financial Assets | 633.75 | 498.33 |
| (i) Trade receivables | ||
| (ii) Cash and cash equivalents | 5,017.27 | 3,632 34 |
| (iii) Bank balances other than (ii) above | 94.64 | 84.41 |
| (iv) Loans | 262.64 | 266.62 |
| (c) Other current assets | ||
| Total Current Assets | 44.79 | 45.72 |
| 6,053.09 | 4,527.42 | |
| TOTAL ASSETS | 8,872.07 | 6,786.67 |
| II EQUITY AND LIABILITIES |
||
| 1 Equity | ||
| (a) Equity Sha re capital | 1,124.23 | 1,105.92 |
| (b) Other Equity | 4,456.40 | 3,1 35.54 |
| Total Equity | 5,580.63 | 4,241.46 |
| 2 LIABILITIES | ||
| Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 385.90 | 347.16 |
| (ii) Lease Liabilities | 8.89 | |
| (iii) Other financial liabi lities | ||
| (b) Provisions | 4.44 | |
| (c) Deferred tax liabilities (Net) | 23 28 | 11.50 |
| Total Non-current liabilities | 413.62 | 367.SS |
| 3 Current Liabilities | ||
| (a) Financial Liabi lities | ||
| {i) Oorrowing:s | 771.63 | 354.72 |
| (ii) Trade payables | ||
| -Total outstanding dues of micro and small enterprises | 7.03 | 5.01 |
| -Total outs tanding dues of trade payables other than | ||
| micro and small enterprises | 1,056.71 | 1,204.55 |
| (iii) Lease Liabili tie> | 0.32 | 0.33 |
| (iv) Other fina ncial lia bilities | 618.57 | 388.43 |
| (b) Other current liabil ities | 344.94 | 163.48 |
| (c) Provisions | 59.93 | 61.14 |
| (d) Current Tax Liabilities (Net) | 18.68 | |
| Total Current Liabilities | 2,877.82 | Z,177.66 |
| TOTAL EQUITY AND LIABILITIES | 8,872.07 | 6,786.67 |
Chartered Accountants Firm Regn. No. 129690W
~ 5hah
CA Rinkesh Partner M embership No. 131783
Date: May 24, 2024 Place: Ahmedabad
For, Dev Information Technology Ltd . For, Rinkesh Shah & Co.
~~ Jaimin Sh~:tJ-lf: ~1 , Pranav rv4 Pandya (DIN : 000211!80)t4 'E~" fDIN: 0002 1744) i e:to(.__ ,ct-rairman
""o-*
DEV INFORMATION TECHNOLOGY LIMITED !!l
QEV _ STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED MARCH 31, zoza _,,,,...,
| Particulars | Year Ended 31st | (Rs. In lakhs) Year Ended 31st |
|
|---|---|---|---|
| March, 2024 | March, 2023 | ||
| A CASH FLOW FROM OPERATING ACTIVITIES |
|||
| Profit Before taxation | 1,17 1.62 | 1,082.24 | |
| Adjustments to reconcile profit before tax to net cash flows: | |||
| Depreciation /Amortization expense | 91.13 | 121.32 | |
| Interest Income | (S4.Z7) | ||
| Interest and Other Borrowing Cost | 121.38 | 119.66 | |
| Dividend Income | (1.88) | (1.88) | |
| Unrealised •orex Loss/(Goin) | (1 2.46) | (~8 29) | |
| ESOP Expense for the y~ar | 72.08 | 16.41 | |
| Excess provision/sundry balances written back | 33.89 | ||
| Erfect o f fair valuation of investments | 8 .13 | ||
| Gain on sale of investments | (62.43) | (573.76) | |
| Actuaria l gains/ (losses) on post employment defined benefit plans | o.sz | ||
| Provision for Expected Credit Loss | 3.39 | (19.82) | |
| Impairment of Trade Receivable | |||
| Operating Profit before worKing Capital Changes | 1,336.69 | 740.30 | |
| Working Capital Changes: | |||
| Changes in Inventories | (13 5.42) | (30.50) | |
| Changes in trade receivables,other financial assets and otfler assets | (1,300.97) | (2 18.76) | |
| Changes in trade payables,other financialliab1lities and other liabilities | 264.57 | (548A6) | |
| Net Changes in Working Capital | (1,171.82) | (797.73) | |
| Cash Generated from Operations | 164.87 | (57.43) | |
| Direct Taxes paid (Net of Income Tax refund) | (245.46) | (3680) | |
| Net Cash flow from Operating Activities | (80.59) | (94. 23) | |
| CASH FLOW FROM INVESTING ACTIVITIES B |
|||
| Acquisition of property, plant & equipment/Intangible assets | (ZZ6.14) | (113.96) | |
| Investment in equity shares of subsidiary company | (98.22) | (494.51) | |
| Proceeds from Sale/Redemption of Investment (Net) | 52.77 | 573.8Z | |
| Changes in Bank balances other than cash equivalents | 37.57 | (8824) | |
| Dividend Income | 1.99 | 188 | |
| Net Cash flow from Investing Activities | (232.03) | (12 1.02 ) | |
| c CASH FlOW FROM FINANCING ACTIVITIES |
|||
| Dividend Paid | (55.34) | (55.21) | |
| Proceeds from/( Repayment) of Borrowings (Net) | 352.89 | ||
| Finance cost Paid | (119.66) | ||
| Interest and Other Borrowing Cost Paid | (1 5 27) | (227. 78) | |
| Proceeds from exercise of share options | 52 .81 | 10.94 | |
| Payment of lease Liability | (12.25) | (8.15) | |
| Net Cash flow from Financing Activities | 322.85 | (399. 86 ) | |
| Net lncrease/(Decrease) in cash & cash equivalents | 10.Z3 | (61).11) | |
| cash & cash equivalent at the beginning of the year | 84.41 | 699.52 | |
| Cash & Cash equivalent at the end of the year | 94.64 | 84.41 |
The above cash flow statement has been prepared under the " lnd ~re tMethod " as set out 1n the lnd1an Accounting Standard -7 "Statement of Cash >lows"
The accompanying notes are an integral part of the Standalone Fin ancial Statements
As per our report of even date attached.
For, Rlnkesh Shah & Co. For, Dev Information Technology ltd. Chartered Accountants Firm Resn. No. 129690W
~ Shah
CA Rinkesh Partner Membership No. 131783
Date: May 24, 2024 Place: Ahmedabad
~~Jaimin Shah ~~ / ~ (DIN : 00021880) Chairman
Notes:
-
The above Audited consolidated financial resu lts have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on May 24, 2024.
-
Th(! Audited consolidat ed financia l results for the Quarter and Year ended March 31, 2024 have been prepared in accordance with the Compa nies (Indian Accounting Standards) Rules, 2015 (lnd AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
-
The Company operates in a single segment and in line wit h lnd AS - 108 - "Operating Segments", the operations of the Company fall under "IT & IT En abled Services" which is considered to be the only reportable business segment .
4(i). Pursuant to a share purchase agreement dated December 22,2023 the company has planned to acquire 100% stake in Dhyey Consulting Services Private Limited (Dhyey), as approved by the shareholders through EGM held on January 09, 2024 for a t ot al consideration of Rs . 900 to be lakhs paid partly in cash and balance by issue of sha res via preferent ial allotment. The said company is engaged in the business of implementation an d development of Microsoft Dynamics, CRM, AI and Power Platform.
4(ii). The company, on December 21, 2023 paid Rs. 90.09 lakhs t o t he shareholders of DhyQy for acquistion of 10% stake. The board of directors of the company in their meeting held at February 21, 2024 had approved acquisition of upto 4,444 fu lly paid equit y shares of Dhyey for a t otal consideration of Rs .399.99 lakhs by issuance and allotment of 2,94,117 fully paid up equity shares of the company having face value of Rs. 5/- per sha re at a price of Rs. 136 per share wh ich was the price determined in accordance with chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (SEBI ICDR Regu lations), for a consideration other than cash (for discharge of 44.44% of entire purchase consideration) from the shareholders of Dhyey. The accounting for t he transaction has been ca rried out in com pliance with lnd AS 103- "Business Combinations".
t; (i) Thf! ()r'np ny 11.~c; ~l lo tt~d 56/122 squity shares of face va llle of Rs 5/- eQc11 pursuant to - -- - - - ---- - - - - - - - - - - -- -- - • --.,1"1 - - - I- --- ,- 1_ - . -- ____ _ I ..A. , _ .I_ __ Jj I_ _ ___ _ *"llA1* L _ .LL _ ~L _ employees on March 14,2024. The same have been credited and transferred on the permanent ISIN and have got listed on both the stock exchanges on May 13, 2024.
S(ii). The company has allotted 15,680 equity shares of face value of Rs 5/- each pursuant to the Dev Information Technology Limited Employee Stock Option Scheme 2018 to the eligible employees on July 06, 2023. The same have been credited and tra nsferred on the permanent ISIN and have got listed on both the stock exchanges on August 09, 2023.
-
Figures of quarter ended March 31, 2024 and March 31, 2023 are the balancing figures between audited figures in respect of the full financial year and the yea r to date figures upto the third quarter of the relevant financial year which were subjected to limited review by Auditors.
-
The Board of Directors at its meeting held on May 24, 2024 has proposed a final dividend of 0.25% per equity share.
-
The figures of previous quarters I year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period 1 S figures.
For, Dev Information Technology limited
~~ Shah
Jaimin {DIN : 00021880) Managing Director
-
Harshil Shah Chief Financial Officer
Place: Ahmedabad Date: May 24,2024
p~ &
(DIN [~: 00021744) Chairman
Company Secretary
~
Independent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial Results of the company Pursuant to the Regulat ion 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, as amended
To
The Board of Directors of Dev Informat ion Technology Limited
Report on the audit of the Consolidated Financial Results Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of Dev Information Technology Limited (' Holding Company') and its su bsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate, for the quarter and the year ended March 31, 2024 ('the Statement'), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu lations, 2015, as amended ('Listing Regulations').
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the report of the other auditors on separate financial statements I financial information of its associate, the statement:
- a. include the annual financial results of :-
- Subsidiaries
- 1.Dev Info-Tech North America Limited
-
- Minddefft Technologies Private Limited
-
- Dhyey Consulting Services Private Limited (we f. February 21, 2024)
-
- Dynamic Stars LLC (wef. February 21, 2024)
- Associate
- l.Dev Accelerator Private Limited;
- b. are presented in accordance with the req uirements of Regulation 33 of Listing Regulations in this regard; and
- c. give a true and fair view, in conformity with the applicable accounting standards and other accounting principles generally accepted in India of the consolidated net profit and other comprehensive income/expense and other financial information of the company and its subsidiaries and associate for the quarter and year ended March 31, 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the companies Act, 2013 ('the Act'). Our responsibilities under those Standards ar~ further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group, its subsidiaries and its associate and in accordance with the Code of Ethics Issued by the ln5titute -of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the Statement under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance w ith these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi s for our opinion.
Page 1 of4
Management's Responsibilities for the Consolidated Financial Results
...
The Statement, has been prepared on the basis of the consolidated lnd AS annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the statement that give a true and fair view of the net consolidated profit and other comprehensive income/expense and other financial information of the group including its associate in accordance with the applicable Indian Accounting Standards prescribed under Section 133 of the Act read w ith relevant rules issued hereunder and other accounting principles generally accepted in India and in compliance w ith Regulation 33 of the Listing Regulations.
The respective Board of Directors of the Com panies included in the group and its associate are responsible for maintenance of adequate account ing records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financi al controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for th e purpose of preparation of the statement by the directors of the Holding Company, as aforesaid.
In preparing the consolidated Statement, the respective Board of Directors of the Companies included in the group and its associate are responsible for assessing the ability of the respective companies and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and its associate or to cease operations, or has no realistic altern ative but to do so.
The respective Board of Directors of the Group and its associate are also responsible for overseeing the financial reporting process of the Group and its associate.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assu rance, but is not a guarantee th at an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions; misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Dlrectors.
Page Z of 4
- Conclude on the appropriateness of the Board of Directors ' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion . Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
- Evaluate the overall presentation, structu re and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate of which we are the independent auditors and whose financial information we have audit ed, to express an opinion on the statement. We are responsible for the direction, supervision and performance of the audit of finan ci al information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and perform ance of the au dits carried out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are t he independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate w ith them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matter
The Statement includes the audited finan cia l results and ot her financial information in respect of:-
• Two (2) Indian subsidiaries, whose financial statements include total assets of Rs. 1251.95 lakhs as at March 31, 2024, total revenues of Rs. 257.29 lakhs and Rs. 491.14 lakhs, total net profit after tax of Rs. 12.44 lakhs and Rs. 19.211akhs and total comprehensive income of Rs 11.54 lakhs and Rs. 18.311akhs for the quarter and year ended March 31, 2024 respectively as considered in the Statement whose financial statements and other financial information, have not been audited by us.
Page 3 of4
- Two (2) Foreign subsidiaries, whose fin ancial statements include total assets of Rs.820.05 lakhs as at March 31, 2024, total revenues of Rs. 527.74 lakhs and Rs . 2163.07 lakhs, total net profit after tax of Rs. 32.65 lakhs and Rs. 50.49 lakhs and total comprehensive income of Rs 27.17 lakhs and Rs . 45.8llakhs for the quarter and year en ded March 31, 2024 respectively. The Company's management has converted and certified the unaudited financial statements of such subsidiaries located outside India from the accounting principles generally accepted in their respective countri es to the accounting principles generally accepted in India.
- One (1) Associate whose financial statements include Group's share of Net Loss of Rs. Nil and Total Comprehensive income of Rs. Nil for t he quarter an d year ended March 31, 2024 as considered in the statement whose financial statements and other financial information are unaudited information furnished to us.
The Company's management has converted the fina ncial statements of such subsidiary located outside India from the accountmg principles generally accepted in their respective countries to the accounting principles generally accepted in India.
The independent auditors' reports on financial statements/ financial information of the subsidiary located in India have been furnished to us and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the such auditors and the procedures performed by us are stated in paragraph above.
Our opinion on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.
We report that the figures for the quarter ended March 31, 2024 represent the balancing figures between the audited figures in respect of the full finan cial year ended March 31, 2024 and the published unaudited year-todate figures up to the third quarter of the financial year, w hich were subjected to a limited review by us. Our opinion is not modified in respect of above matters.
Date: May 24, 2024 Place: Ahmedabad
For RINKESH SHAH & Co. Chartered Accountants FRN 129690
CA RINKESH ~ SHAH Partner M.No. 131783 UDIN: 24131783BKCUDA9694
Page 4 of 4
DEV INFORMATION TECHNOLOGY LIMITED
Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing,Thaltej- Shilaj Road, Thaltej, Ahmedabad- 380059
Statement of Audited Consolidated Financial Results for the quarter and year ended 31st March, 2024
| ( Rs. In lakhs except EPS ) | |||||||
|---|---|---|---|---|---|---|---|
| QUARTER ~ND~D | YEAR ENDED | ||||||
| Particulars | 3/31/2024 (Aualtea) |
12/31/2023 (Unaualtea) |
3/31/2023 (Aullltell) |
3/31/ZOZ4 (AUdited) |
3/31/2023 I (Audited) |
||
| I | Revenue from operations | 4,343.64 | 3,173.52 | 4,426.00 | 16,357.56 | 12,415.52 | |
| II | Other Income | 53.27 | 23.46 | 19.80 | 154.01 | 696.75 | |
| Ill | Total Income (1+11) | 4,396.91 | 3,1~6.~7 | 4,445.80 | 16,511.57 | 13,112.27 | |
| IV | Expenses | ||||||
| (a) Cost of materials consumed | 1,721.36 | 998.07 | 2,415.46 | 7,202 .59 | 6,101.46 | ||
| (b) Purchase of Stock in trade | 33.85 | 33.85 | |||||
| (c) Changes in inventories of finished goods and stock-in-trade | |||||||
| (124.04) | (8.21) | 22.16 | (135.42) | (30.50) | |||
| (d) Employee Benefits Expenses | 1,926.06 | 1,769.00 | 1,358.28 | 7,224.74 | 5,128.45 | ||
| (e) Finance Costs | 40.07 | 32.62 | 23.92 | 141.77 | 138.81 | ||
| (f) Depreciation and amortization expenses | 49.45 | 36.62 | |||||
| (g) Other expenses | 33.23 | 139.97 | 124.83 | ||||
| 166.34 | 170.51 | 145.06 | 654.72 | 523.59 | |||
| v | Total expenses (IV) | 3,813.09 | 2,995.22 | 4,001.50 | 15,262.21 | 11,986.64 | |
| VI | Profit before exceptional items and tax (III-IV) Exceptional Items |
583.82 | 201.75 | 444.30 | 1,24~.36 | 1,125.63 - |
|
| Share of profit/(loss) of an associates | 0 | - | |||||
| VII | Profit Before Tax (V- VI) | 583.82 | 201.75 | 444.30 | 1,249.36 | 1,125.63 | |
| VIII | Tax expense : | ||||||
| a) Current Tax | |||||||
| b}Deferred Tax LiabililY_LlAsset~l | 145.49 10.35 |
34.87 2.80 |
98.41 5.06 |
297.36 11.69 |
264.41 . (30.98 |
||
| cl Ad·ustment of tax for Earlier rears | (0 29 | 16.98 | (18.96 | (7.261 | (9.89 | ||
| Total Tax Exoenses (VIII! | 155.55 | 30.69 | 84.52 | 301.79 | 223.55 | ||
| IX | Profit I (Loss) for the period (VII-VIII) | 428.27 | 171.06 | 35~.78 | ~47 57 | 902.08 | |
| Other Comprehensiv~ Income (n~t of taxes) | |||||||
| i) | Items that wi ll be reclassified to profit or loss | (5.49) | 0.80 | (4.69) | |||
| Tax effect on above items | 0.20 | (0.20) | |||||
| ii) | Items that will not be reclassified to profit or loss | ||||||
| a) Remeasurements of the defined benefit plans | (18.74) | (0.54) | 4.25 | (20.35) | 0.52 | ||
| b) Changes in Fair Value of Investments | 8.13 | 8.13 | |||||
| Income tax relating to items that will not be reclassified to | |||||||
| profit or loss | 2.67 | 0.14 | (1.07) | 3.07 | (0.13) | ||
| X | Total Other comprehensive inc:ome (net of ta e~) | (13.23) | 0.19 | 3.18 | (13.84) | 0.39 | |
| XI | Total comprehensive Income for the period (IX+ X) | 415.04 | 171.25 | 3t;Z.~S | 933.74 | 902.47 | |
| XII | Profit/(Loss) for the period attributable to: | ||||||
| owners of the company | 414.05 | 169.76 | 332.30 | 928.79 | 897.45 | ||
| Non controlling interest | 14.22 | 1.29 | 27.47 | 18.78 | 4.63 | ||
| Other Comprehensive Income (Net of Tax) for the period | |||||||
| XIII | attributable to: | ||||||
| Owners of the Company | (11.91) | 0.04 | 3.18 | (12.67) | 0.39 | ||
| Non controlling interest | (1.31) | 0.15 | (1.16) | ||||
| Total comprehens1ve Income (N~t of Tax) for the penoa | |||||||
| XIV | attributabl~ to: | ||||||
| Owners of the Company | 402.15 | 169.80 | 335 .48 | 916.12 | 897.84 | ||
| Non controlling interest | 12.89 | 1.45 | 27.47 | 17.61 | 4.63 | ||
| XII | Paid up equity share capital (face value of Rs. 5 per share) | 1,124.23 | 1,106.71 | 1,105.92 | 1,124.23 | 1,105.92 | |
| XIII | Other equity excluding R~ aluation Reserve | 4,420.90 | 3,048.70 | ||||
| XIV | Earnings per share (of Rs. 5/- each) (not annualised): | ||||||
| Basic | 1.86 | 0 .77 | 1.63 | 4.19 | 4.08 | ||
| Diluted | 1.86 | 0.77 | 1.62 | e1 4.18 |
4.06 |
Managing Directo ~
J"miOShoh L "''' 1'- (DIN ; 00021880) Ht.! - v v
Place: Ahmedabad Date; May Z4,ZOZ4 Har~ Chief Financial Officer
INITIALED FOR lDENT FlCATlON I ~~"'-s . ~' RINKESH .. HA r ~.
DEV INFORMATION TECHNOLOGY LIMITED
Statement Of Consolidated Assets And Liabilties As At March 31,2024
| ( Rs In Lakhs ) | ||||
|---|---|---|---|---|
| Particulars | As at 31st March, 2024 |
As at 31st March, 2023 |
||
| ASSETS | (Audited) | (Audited) | ||
| I l Non-current Assets |
||||
| (a) Property, Plant and Equipment | 1,154.02 | 831.66 | ||
| (b) Right of Use Assets | 169.07 | 8.39 | ||
| (c) Intangibles assets under development | 325.62 | 113.81 | ||
| (d) Goodwill | 627.82 | 448.31 | ||
| (e) Other Intangible assets | 247.54 | 136.48 | ||
| (0 Financial Assets | ||||
| (i) Investments | 347.92 | 319.32 | ||
| (ii) loans | 33.64 | 86.41 | ||
| (iii) Other Financial Assets | 94.07 | 144.84 | ||
| (g) Income tax assets (Net} | 27.56 | 1.27 | ||
| (h) Deferred tax a»ets (Net) | 16.42 | |||
| (i) Other non-current assets | 70.00 2,160.49 |
|||
| Total Non-current Assets | 3,043.68 | |||
| 2 Current Assets | ||||
| (a) Inventories | 633.75 | 498.33 | ||
| (b) Financial Assets | ||||
| (i) Investments | ||||
| (ii) Trade receivables | 5,129.84 | 3,499.65 | ||
| (iii) Cash and cash equivalents | 340.00 | 249.63 | ||
| (IV) Bank balances other than {ii) above | 266.39 | 266.62 | ||
| (v) Loans | 6.57 | |||
| (vi) Other Financial A»ets | 44.34 84.01 |
99.33 | ||
| (d) Other current assets | 4,613.56 | |||
| Total Current Assets | 6,504.90 | |||
| TOTAL ASSETS | 9,548.58 | 6,774.05 | ||
| EQUITY AND LIABILITIES II |
||||
| 1 Equity | ||||
| (a) Equity Share capital | 1,124.23 | 1,105.92 | ||
| (b) Other Equity | 4,420.90 | 3,048.70 | ||
| {c) Non-Controlling Interest | 283.21 | 6.10 | ||
| Total Equity | 5,828.34 | 4,160.72 | ||
| 2 LIABILITIES | ||||
| Non-current Liabilities | ||||
| (a) Financial Liabilities | ||||
| (i) Borrowings | 404.28 | 365.37 | ||
| (ii) Lease liabilities | 150.47 | 8.88 | ||
| (iii) Other financial liabilities | ||||
| (b) Provisions | 40.80 | 4.86 | ||
| (c) Deferred tax liabilities (Net) | 232& | 10.41 | ||
| (d) Other non-current liabilities | 389.52 | |||
| Total Non-current liabilities | 618.8~ | |||
| 3 current Liabilities | ||||
| (a) Financial Liabilities | 878. 79 | 354.72 | ||
| (i) Borrowings | ||||
| (ii) Trade payables | 7.03 | 5.01 | ||
| - Total outstanding dues of micro and small enterprises | ||||
| - Total outstanding dues of trade payables other than micro | 1,019.42 | 1,229.74 | ||
| and small enterprises (iii) Lease Liabilities |
24.42 | 0.33 | ||
| (iv) Other financial liabilities | 703.58 | 388M | ||
| (b) Other current liabilities | 384.96 | 183.97 | ||
| (c) Provisions | 64.53 | 61.61 | ||
| (d) Current Tax Liabilities (Net) | 18.68 | |||
| Total Current Liabilities | 3,101.41 | 2,223.81 | ||
| TOTAL EQUITY AND LIABILITIES | 9,548.58 | 6,774.05 |
For, Rinkesh Shah & Co. Chartered Accountants FirmRe;~
CA Rinkesh Shah Partner Membership No. 131783
Date: May 24, 2024 Place: Ahmedabad
=lN~lT-l-AL.-E_..D..::F~~R-:-;ID;:-;E~N~Tl~Ff.;;lC~AT~I~QM1N
R!NKE\$'"'1 £ 1JI. ~ "'J.
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For, Dev Information Technology Ltd.
(DIN : 00021880)
| DEV INFORMATION TECHNOLOGY LIMITED |
|---|
| ------------------------------------ |
| (Rs In Lokhs) | |||
|---|---|---|---|
| Year Ended 31st March, | Yea r Ended 31st March, | ||
| Particulars | 2024 | 2023 | |
| A | CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit Before taxation | 1,249.36 | 1,125.63 | |
| Adjustments to reconcile profit before t ax to net cash flow>: | |||
| Depreciation /Amortization expense | 139.97 | 124.83 | |
| Interest Income | (33 .69) | (40.67) | |
| Interest and Other Borrowing Cost | 141.77 | 138.81 | |
| Dividend Income | (1.88) | (l.88) | |
| Unrealised Forex Loss/(Ga in) | (3.17) | (52.67) | |
| ESOP Expense for t he year (Profit) I Loss on Sale of Property, Plant and Equipment |
16.41 | ||
| (62.43 ) | |||
| Dividend Paid | 55.34 | ||
| Excess provision/sundry balances written back | 11.83 | 33 89 | |
| Effect of fair valuation of investments | (8.13) | (592.88) | |
| Actuarial gains/ (losses) on post employme nt defined benefit plans | 0 52 | ||
| Provision for Expected Credit Loss | 1.10 | ||
| Impairment of Trade Receivable | (19.82) | ||
| Opera tin& Profit before Workln& Capital Chances | 1,490.07 | 732.17 | |
| Working Capital Changes: | |||
| Changes in Inventories | (135.42) | (30.50) | |
| Changes in trade receivables,other finanti al asseu and other | |||
| assets | (1,179.29) | (Z70.64) | |
| Changes in trade payables,other financial liabilities and other | |||
| liabilities | 31.56 | (558.97) | |
| Net Changes In Working Capital | (1,283.15) | (860. 11) | |
| Cash Generated from Operations | 206.92 | (127.96) | |
| Direct Taxes paid (Net of Income Tax refund) | (286.13) | (36.80) | |
| Ne t Ca sh flow from Operating Activities | (79. 21 ) | (164.76) | |
| B | CASH FLOW FROM INVESTING ACTIVITIES Acquisition of property, plant & equipment/intangi bl e assets |
(199.14) | |
| (1 28. 26) | |||
| Sale of property, plant & equi pment | |||
| Investments made in equity shares of Su bsidiary company | (83.22) | (1.00) | |
| Proceeds from Sale/Redemption of Investment (Net) | 609.10 | ||
| Loans given Dividend Income |
52.77 | ||
| Goodwill on Purchase | 1.68 | 1.68 | |
| Changes is bank balance other than cash & cash equivalent | 3.98 | (4 48.~1) (88.24) |
|
| Adj on reserves of Subsidiary | (50.69) | ||
| lntere~t Income | 13.23 | 40. 67 | |
| Net Cash flow from Investi ng Activities | (210.50) | (64.85) | |
| c | CASH FLOW FROM FINANCING ACTIVITIES | ||
| Dividend Paid | (55 .34) | (55.21) | |
| Proceeds from/ (Repayment) of Borrowings (Net) | 483 .07 | (241.93 ) | |
| Finance cost Pa id | (137.46) | {1 38.81 ) | |
| Security Premium Recevied | 88.15 | ||
| Proceeds from exercise of share options | 16.56 | 10.94 | |
| Payment of Lease Liability | (14.89) | (8.15) | |
| Net Cash flow from Financing Activities | 380.09 | (433.16) | |
| Net Increase/( Decrease) In cash & cash eQuivalent s | 90.38 | (662.77) | |
| Cash & Cash equivalent at the beginning of the yea r | 249.62 | 912.39 | |
| Cash & Cash equivalent at the end of the year | 340.00 | 249.62 |
The above cash flow statement has bee n prepared unde r the lnd1rect Method as set out 1n the lnd1an Accounting Standa rd -7 The accompanying notes are an 1ntegral part of the Standalone Financ1a l Statements
For, o ev Information Technology Ltd.
Chief Fina ncia l Officer
~~.· Jalmin Shah (DIN : 00021880) " ~~(DIN: 00021744 ~ ) chairman
Date: May 24, 2024 Place: Ahmedabad
As per our report of even date attached .
INITIALED FOR IDENTIFICATION P--..\~~~gw RINKESH SH 0.
Notes:
-
The above Audited consolidated financial results have been reviewed by the Audit Committee and thereafter approved by t he Board of Directors of the Company in their respective meetings held on May 24, 2024.
-
Th(;! Audit(;!d consolid <~ ted fin<~nci <~l results for t he Qu<~rter and Year ended March 31, 2024 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (lnd AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.
-
The Company operat es in a single segment and in line with lnd AS - 108 - "Operating Segments", the operations of the Company fall under "IT & IT Ena bled Services" which is considered to be the only reportable busi ness segment.
4(i). Pursuant to a share purchase agreement dated December 22,2023 the company has planned to acquire 100% stake in Dhyey Consulting Services Private Limited (Dhyey), as approved by the shareholders through EGM held on January 09, 2024 for a total consideration of Rs. 900 to be lakhs paid partly in cash and balance by issue of shares via preferential allotment. The said company is engaged in the business of implementation and development of Microsoft Dyn<~mics, CRM, AI and Power Platform.
4{ii). The company, on December 21, 2023 paid Rs . 90.09 lakhs t o the shareholders of Dhyey for acquistion of 10% stake. The board of directors of the company in their meeti ng held at February 21, 2024 had approved acquisition of upto 4,444 fu lly paid equity shares of Dhyey for a tota l consideration of Rs.399.99 lakhs by issuance and allotment of 2,94,117 fully pa id up equity shares of the company having face value of Rs. 5/- per share at a price of Rs. 136 per share which was the price determined in accordance with chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (SEBI ICDR Regulations), for a consideration other than cash (for discharge of 44.44% of entire purchase consideration) from the shareholders of Dhyey. The accounting for t he transaction has been carried out in com pliance with lnd AS 103- "Business Combinations".
S(i). The company has allotted 56,422 equity shares of face value of Rs 5/- each pursuant to the Dev Information Technology Limited Employee Stock Option Scheme 2018 to the eligible employees on March 14,2024. The same have been credited and transferred on the permanent ISIN and have got listed on both the stock exchanges on May 13, 2024.
S(ii). The company has allotted 15,680 equity shares of face value of Rs 5/- each pursuant to the Dev Information Technology Limited Employee Stock Option Scheme 2018 to the eligible employees on July 06, 2023. The same have been credited and transferred on the permanent ISIN and have got listed on both the stock exchanges on August 09, 2023.
-
Figures of quarter ended March 31, 2024 and March 31, 2023 are the balancing figures between audited figures in respect of the full financial year and the year to date figures upto the third quarter of the relevant financial year which were subjected to limited review by Auditors.
-
The Board of Directors at its meeting held on May 24, 2024 has proposed a final dividend of 0.25% per equity share.
-
The figures of previous quarters I year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures.
For, Dev Information Technology Limited
~ Shah
Jaimin (DIN : 00021880) Managing Director
Harshil Shah Chief Financial Officer
Place: Ahmedabad Date: May 24,2024
~
~~(DIN : 00021744) Chairman
\~
is Shah Company Secretary
www.devitpl.com | [email protected]
Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
Annexure-I
| To, | To, |
|---|---|
| The Manager-Listing Department, | The Secretary, |
| The National Stock Exchange of India | BSE Limited |
| Limited, | Phiroze Jejeebhoy Towers, |
| Exchange Plaza, Plot No. C/1, G-Block, | Dalal Street |
| Bandra Kurla complex, | Mumbai -400001 |
| Bandra East, | |
| Mumbai-400 051 | |
| Trading Symbol: 543462 | |
| Trading Symbol: DEVIT |
Subject: Declaration with respect to Audit Reports with unmodified opinion:
Dear Sir/Mam,
With respect to the stated subject and pursuant to Notification No. SEBI/LAD-NRO/GN/2016-17/001 dated May 25, 2016 and circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016 issued by the Securities Exchange Board of India (SEBI), we hereby declare that the Audit Report issued by M/s. Rinkesh Shah & Co., Chartered Accountants, Statutory Auditors on the Annual Audited Financial Statements of the Company for the financial year ended on 31st March, 2024 is with unmodified opinion.
We request you to take above information on record.
Thanking you,
Yours Faithfully
DEV INFORMATION TECHNOLOGY LIMITED,
JAIMIN JAGDISHBHAI SHAH Managing Director (DIN: 00021880) Date: 25th May, 2024.
Annexure II:
| NAME | M/S Murtuza Mandorwala & Associates |
||
|---|---|---|---|
| Date Appointment |
24th May, 2024 | ||
| Term of Appointment |
F.Y. 2024-25 (1 year from the date of appointment) |
||
| Address | B-503, Sivanta One, |
||
| Pritamnagar Cross road, Near V.S. Hospital, |
|||
| Ellisbridge, Ahmedabad-380006 |
|||
| Contact | 09409020523 | ||
| Qualification | Member of Institute of Company Secretaries of India | ||
| Bachelor in Commerce from Gujarat University | |||
| Masters in Commerce from Indira Gandhi National |
|||
| University | |||
| Bachelor of Law from Gujarat University |
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| DLP: Diploma in Labour Practice from Gujarat University | |||
| Area of Practice |
Corporate &LLP Laws, SME Advisory, Compliance, Due Diligence, |
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| FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities |
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| Laws Advisory, Taxation, Audit & Certifications, Legal |
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| Compliances, Corporate Governance, Corporate Social |
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| Responsibility and allied services. |
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| Service Provided | Corporate &LLP Laws, SME Advisory, Compliance, Due Diligence, |
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| FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities |
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| Laws Advisory, Taxation, Audit & Certifications, Legal |
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| Compliances, Corporate Governance, Corporate Social |
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| Responsibility and allied services. |
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| Peer-review no. | 1615/2021 | ||
| M. No. | F10745 | ||
| C.P.No. | 14284 |
Annexure III:
| NAME | M/S Manav Sheth & Company. |
|---|---|
| Date of Appointment | 24th May, 2024 |
| Term of Appointment | F.Y. 2024-25 (1 year from the date of appointment) |
| Address | Sheth Vas, Near Jain Temple, Kalol, Gujarat-382721, India |
| Contact | 9426228279 |
| Qualification | Mr. Nisarg J. Shah |
| Chartered Accountant | |
| Bachelor's Degree in Commerce | |
| Area of Practice Service Provided |
Internal Audit, Statutory Audit, Special Audit, Concurrent Audits, Tax audit, TDS(Tax deduction)Audit, other audits, Good & Services, Corporate laws, Management Consultancy. • Statutory Audits of public and private companies, medium and small firms. Laws in India require private and public companies, |
| and some other entities to get their accounts audited annually. • Internal & Management Audits – the firm has actively assisted in conducting Internal and Management Audits of Public and Private Limited companies which are required by the Companies Act as well as Managements of progressive businesses which desire assurance with regard to their systems and transactions. • Concurrent Audits – Assisted to conduct Concurrent Audits of Several public and private sector banks. • Tax Audits – Handled Tax Audits under the provisions of Section 44AB of The Income tax Act and certification for companies fulfilling a minimum turnover criteria or if they enjoy tax exemptions and benefits. • TDS (Tax Deduction) Audits - managements often desire a TDS audit to ensure effective compliance with various tax deductions at source and international withholding taxes. • Other Audits - Societies, Public and Private Trusts and not-for profit organisations (NGOs). |
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| • Representation Services - in assessments and other proceedings, representation in appeals before Commissioner (Appeals), Income Tax Appellate Tribunal, Income Tax Settlement Commission, Authority for Advance Rulings (AAR), etc |
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| Goods & Service Tax & VAT | |
| • Registration, Planning, Consultation, Compliance |
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| • Filing of returns, Representation before assessing authorities |
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| Corporate Laws | |
| • Company law - consultation, planning and compliance |
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| • Incorporation of new companies - including Indian, foreign, and subsidiaries of wholly owned foreign companies |
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| • Miscellaneous Services - including Search Reports with Registrar of Companies etc |
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| Management Consultancy | |
| • Preparation of project and feasibility reports, applications for funding with financial institutions |
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| • Liaison with investors, funding agencies, Financial Institutions etc. |
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| FRN | 128310W |