AI assistant
DEV INFORMATION TECHNOLOGY LIMITED Annual Report 2025
59295_rns_2025-05-29_d3e36e6d-f9e2-4906-b024-bcd5fdd00323.pdf
Annual Report
Open in viewerOpens in your device viewer
www.devitpl.com | [email protected]
Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
Date: May 29, 2025
| 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 Thursday, 29th May, 2025: 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 Thursday, 29th May, 2025 at 04:00 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 Quarter and Year ended on 31st March, 2025, 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) 2,25,34,093 equity shares of Rs. 5/- each fully paid up, for the year ended 31st March, 2025, subject to the approval of shareholders of the company in the ensuing Annual General Meeting.
- 3. Considered and approved appointment of M/s. Murtuza Mandorwala & Associates (COP No. 14284), Practicing Company Secretary, as Secretarial Auditor with effect from April 1, 2025 for a period of 5 years and fix their remuneration, subject to the approval of members at the ensuing Annual General Meeting of the company.
www.devitpl.com | [email protected]
Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/ 2023/123 dated July 13, 2023, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD2/CIR/P/2024/185 dated December 31, 2024, is enclosed as Annexure II.
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 2025-26. (Annexure-III: Brief Profile attached herewith).
The board Meeting concluded at 05:40 P.M.
Kindly take this information on your records.
Thanking you,
On behalf of Board of Directors DEV INFORMATION TECHNOLOGY LIMITED
KRISA KAIRAV SHAH
Digitally signed by KRISA KAIRAV SHAH DN: c=IN, o=Personal, title=2582, pseudonym=CDCD7FC7D81194322A5D754479A99121, 2.5.4.20=85084771729dcbf53eeb59ca8816c302300d8440cb27e3 444c7c94d4181b4266, postalCode=380007, st=Gujarat, serialNumber=0D148FB642AD1A5177D6AC789F641CE2A46A017 2B9661A7716658794938A1AF0, cn=KRISA KAIRAV SHAH Date: 2025.05.29 17:42:02 +05'30'
Krisa Shah Company Secretary & Compliance Officer Place: Ahmedabad Date: 29 th May, 2025
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial 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 annual standalone financial results of Dev Information Technology Limited ('the Company') for the quarter and the year ended March 31, 2025 ('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 requirements 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 principles generally accepted in India of the net profit and other comprehensive income/(loss) and other financial information for the quarter and the year ended March 31, 2025.
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 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 requirements 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 suƯicient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
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 financial 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 and other comprehensive income/(loss) 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 the
Page 1 of 3
assets of the Company 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 financial controls that were operating eƯectively 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.
In preparing the statement, the Board of Directors are responsible for assessing 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 the Company's financial reporting process.
Auditor's Responsibilities for the 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. 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 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 suƯicient 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 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 eƯectiveness 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, structure and content of the Statement, including the disclosures, and whether the financial results represent the underlying transactions and events 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 knowledgeable 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 evaluating the results of our work; and (ii) to evaluate the eƯect of any identified misstatements in the standalone financial results.
We communicate with those charged with governance 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 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 March 31, 2025 represents the balancing figures between the audited figures in respect of the financial years and the published unaudited year-to-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.
Date: May 29, 2025 Place: Chicago
For RINKESH SHAH & Co. Chartered Accountants FRN 129690W
CA RINKESH SHAH Partner M.No. 131783 UDIN: 25131783BMGXZU7218
DEV INFORMATION TECHNOLOGY LIMITED
Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing,
Thaltej – Shilaj Road, Thaltej, Ahmedabad – 380059
Website:-www.devitpl.com Email:- [email protected] , M :- +91 9904152068
Statement of Audited Standalone FInancIal Results for the Quarter & Year ended on March 31,2025
| QUARTER ENDED | (Rs. In Lakhs except EPS' YEAR ENDED |
|||||
|---|---|---|---|---|---|---|
| Particulars | 3/31/2025 | 12/31/2024 | 3/31/2024 | 3 | ||
| {Audited) | (Unaudited) | (Audited) | L | |||
| Revenue from operations | 4,596.51 | 4,245.02 | 3,767.73 | 15,062.94 | ||
| Fl | 15,728.30 | |||||
| 21.90 | 39.87 | 45.57 | 1,269.39 | 141.53 | ||
| a | 4,618.41 | 4,284.89 | 3,813.30 | 16,332.33 | 15,869.83 | |
| IV | Expenses | |||||
| a | 2,558.88 | 1,869.17 | 1,418.81 | IBEIB5E3la | 7, 195.53 | |
| 3 r trade |
(160.27) | 3.15 | (124.04) | (85.02) | (135.42) | |
| C | 1,812.33 | 1,901.23 | 1,790.08 | 7,446.06 | 6,909.51 | |
| c | 43.00 | 41.60 | 34.12 | 164.02 | 121.38 | |
| e | 50.20 | 57.19 | 36.18 | 220.29 | 123.53 | |
| l | 196.98 | 139.15 | 125.12 | 556.26 | 483.68 | |
| Total expenses (IV) | 4,501.12 | 4,011.49 | 3,280.27 | 14,458.99 | 14,698.21 | |
| Profit before exceptional items and tax (III-IV) | 117.29 | 273.40 | 533.03 | 1,873.34 | 1,171.62 | |
| Exceptional Items | ||||||
| VII | Profit Before Tax (V - VI) | 117.29 | 273.40 | 533.03 | 1,873.34 | 1,171.62 |
| VIII | a | |||||
| a) Current Tax | 46.30 | 86.62 | 138.76 | 383.92 | 287.30 | |
| b) Deferred Tax Liability / (Assets) | (16.14) | (7.66) | 11.93 | (37.58) | 14.27 | |
| c) Adjustment of tax for Earlier Years | 0.01 | (15.05) | (15.04) | (6.98) | ||
| Total Tax Expenses (VIII) | 30.17 | 63.91 | 150.69 | 331.30 | 294.59 | |
| IX | r | 87.12 | 209.49 | 382.34 | 1,542.04 | 877.03 |
| Other Comprehensive Income (net of taxes) | ||||||
| mI | ||||||
| Tax effect on above= | ||||||
| a) Remeasurements of the defined benefit plans | 7.63 | (4.51) | (16.41) | (5.89) | (18.02) | |
| b) Changes in Fair Value of Investments | (5.63) | 8.13 | (5.63) | 8.13 | ||
| Income tax relating to items that will not be reclassified to profit or loss |
(0.50) | 1.13 | 2.08 | 2.90 | 2.49 | |
| X | a | 1.50 | (3.38) | (6.20) | (8.62) | (7.40) |
| Total comprehensive income for the period (IX + X) | 88.62 | 206.11 | 376.14 | 1,533.42 | 869.63 | |
| Paid up equity share capital (face value of Rs. 5 per share) | 1,126.70 | 1,126.70 | 1,124.23 | 1, 126.70 | 1,124.23 | |
| e | xcluding RevatuamM | 5,973.95 | 4,456.40 | |||
| a | ||||||
| Basic | 0.38 | 0.93 | 1.73 | 6.85 | 3.96 | |
| Diluted | 0.37 | 0.95 | 1.72 | 6.84 | 3.94 |
(Din : 00021744)
el
Chief Financial Officer Company !ta ry
Place: Ahmedabad
Date: May 29, 2025
INITIALS]iiI:1 k M,K~hVhqA aO. I., RINKESH SHAH & CO
| Rs. In Lakhs | |||
|---|---|---|---|
| Particulars | As at 31st March, 2025 |
As at 31st March, 2024 |
|
| I ASSETS |
(Audited) | (Audited) | |
| 1 Non-current Assets | |||
| {a) Property, Plant and Equipment | 818.27 | 887.17 | |
| (b) Right of Use Assets | 0.31 | ||
| (c) Other Intangible assets | 336.39 | 247.54 | |
| (d) intangibles assets under development | 130.57 | 104.87 | |
| (e) Financial Assets | |||
| (i) Investments | 1,888.43 | 1,461.10 | |
| (ii) Loans | 117.33 | 33.64 | |
| (iii) Other Financial Assets | 484.60 | 84.35 | |
| (f) Deferred Tax Asset ( Net) | 17.20 | ||
| Total Non-current Assets | 7 | 2,818.98 | |
| 2 Current Assets | |||
| (a) Inventories | 718.77 | 633.75 | |
| (b) Financial Assets | |||
| (i) Trade receivables | 7,072.80 | 5,017.27 | |
| (ii) Cash and cash equivalents | 45.54 | 94.64 | |
| (iii) Bank balances other than (ii) above | 0.14 | 262.64 | |
| (c) Other current assets | 51.85 | 44.79 | |
| (d) Current Tax Asset (Net) | 10.40 | ||
| Total Current Assets | 8 | 6,053.09 | |
| TOTAL ASSETS | 11,692.29 | M | |
| EQUITY AND LIABILITIES 11 |
|||
| 1 Equity | |||
| (a) Equity Share capital (b) Other Equity |
1,126.70 5,973.95 |
1,124.23 4,456.40 |
|
| Total Equity | _7,100.65 | WS | |
| 2 LIABILITIES | |||
| Non-current Liabilities | |||
| (a) FInancial Liabilities | |||
| (i) Borrowings | 550.12 | 385.90 | |
| (b) Provisions | 47.70 | 4.44 | |
| (c) Deferred tax liabilities (Net) | 23.28 | ||
| Total Non-current Liabilities | 597.82 | 413.62 | |
| 3 Current Liabilities | |||
| (a) Financial Liabilities | |||
| (i) Borrowings | 1,012.94 | 771.63 | |
| (A) Trade payabtes | |||
| - Total outstanding dues of micro and small enterprises | 312.10 | 7.03 | |
| Total outstanding dues of trade payables other than micro and | |||
| small enterprises | 1,538.33 | 1,056.71 | |
| (iii) Lease Liabilities | 586.86 | 0.32 618.57 |
|
| (iv) Other financial liabilities (b) Other current liabilities |
488.73 | 344.94 | |
| (c) Provisions | 54.86 | 59.93 | |
| (d) Current Tax Liabilities (Net) | 18.68 | ||
| Total Current Liabilities | 3,993.82 | 2,877.82 | |
| TOTAL EQUITY AND LIABILITIES | 11,692.29 | 8,872.07 |
As per our report of even date attached. For, Rinkesh Shah & Co. Chartered Accountants Firm Regn. No. 129690W
CA Rinkesh Shah Partner Membership No. 131783
Place: Chicago Date :May 29,2025 Harshil Shah
For , Dev Information Technology Limited.
Pranav Pandya
{Din : 00021744) Chairman
Chief Financial Officer Place: Ahmedabad
Date: May 29, 2025
DEV INFORMATION TECHNOLOGY LIMITED
Standalone Statement Of Cash Flow For The Year Ended March 311 2025
| (Rs. In Lakhs) | |||
|---|---|---|---|
| Particulars | As at | As at | |
| 31st March, 2025 | 31st March, 2024 | ||
| A | S | ||
| Profit Before taxation | 1,873.34 | 1,171.62 | |
| AdJustments to reconcIle profit before tax to net cash flows: | |||
| Depreciation and Amortization expense | 220.29 | 91.13 | |
| Interest Income | (54.87) | (54.27) | |
| Finance Costs | 164.02 | 121.38 | |
| Dividend Income | (1.88} | (1.88) | |
| Unrealised Forex Loss/(Gain) | (7.29} | (12.46) | |
| ESOP Expense for the year | 49.87 | 72.08 | |
| Excess provision/sundry balances written back | 15.96 | ||
| Effect of gain on sale / fair valuation of investments | (1,163.62) | 8.13 | |
| (Gain)/Loss on sale of Property Plant & Equipment/intangible assets | 0.95 | (62.43) | |
| Provision for Expected Credit Loss | 38.44 | 3.39 | |
| Operating Profit before Working Capital Changes | 1,135.21 | 1,336.69 | |
| Working Capital Changes: | |||
| Changes in Inventories | (85.02) | (135.42) | |
| Changes in trade receivables and other assets | (2,520.28) | (1,300,97) | |
| Changes in trade payables and other liabilities | 931.06 | 264.57 | |
| Net Changes in Working Capital | ( 1,674.24) | (1,171.82) | |
| Cash Generated from Operations | t539.03) | 164.87 | |
| Direct Taxes paid (Net of Income Tax refund) | (387.56) M | (245.46) m | |
| Net Cash used in Operating Activities | |||
| B | CASH FLOW FROM INVESTING AcrlVITIES | ||
| Acquisition of property, plant & equipment/intangible assets | (266.88) | ||
| Sale of property, plant & equipment | 0.79 | (226.14) | |
| Investment in equity shares of subsidiary company | (411.07) | (118.69) | |
| Proceeds from Sale/Redemption of Investment (Net) | 1,079.93 | 52.77 | |
| Changes in Bank balances other than cash equivalents | 262.50 | 37.57 | |
| Dividend Income/Interest Income | 34.29 | 22.45 | |
| Net Cash flow/(used in) from InvestIng ActivItIes | m9 | m | |
| C | CASH FLOW FROM FINANCING AcrlVITIES Dividend Paid |
||
| Proceeds from/(Repayment) of Borrowings (Net) | (112.42) 405.53 |
(55.34) 352.89 |
|
| Finance cost Paid | (164.02) | ||
| Interest and Other Borrowing Cost Paid | (15.27) | ||
| Proceeds from exercise of share options | 49.15 | 52.81 | |
| Payment of Lease Liability | (0.31) | (12.25) | |
| Net Cash flow from Financing ActivitIes | m7 | m2 | |
| Net Increase/(Decrease) in cash & cash equivalents | t49.10) | 10.23 | |
| Cash & Cash equivalent at the beginning of the year | 94.64 | 84.41 | |
| Cash & Cash equivalent at the end of the year | m5 | m6 |
As per our report of even date attached. For, Rinkesh Shah & Co. Chartered Accountants Firm Regn. No. 129690W
INITltnBiT
BY q kOh J}\c, A RCa RINKESH SHAH & CO
CA Rinkesh Shah Partner
'1
Place: Chicago Date :May 29,2025 lnology Limited.
For , Dev in Ted
Membership No. 131783 \R&\i. :or
Pranav PancFa 00021744
Place: Ahmedabad Date :May 29,2025
Notes
5
- 1 The above Audited Standalone financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meeting held on May 29, 2025.
- 2 The Audited Standalone financial results for the Quarter and Year ended March 31, 2025 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
- 3 The Company operates in a single segment and in line with Ind AS 108 "Operating Segments", the operations of the Company fall under "IT & IT Enabled Services" which is considered to be the only reportable business segment.
- 4 The Audited Standalone figures for the quarter ended March 31, 2025 are the balancing figures between and the Published Audited figures for the year ended period up to March 31, 2025 and the unaudited figures in respect of the nine months period up to December 31, 2024 which were subjected to limited Review.
- The company has allotted 49,414 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 October 26, 2023. The same have been credited and transferred on the permanent ISIN and have got listed on both the stock exchanges on January 02, 2025.
- 6 The company divested 28,74,190 equity shares of Dev Accelerator Limited in September 2024 for a consideration of Rs. 1163.68 lakhs and the resultant gain is shown under the head "Other Income". The company, after the transfer of the above shares, still holds 21.90% of Equity shares of the said company as on March 31, 2025,
- The Board of Directors of the Company at their meeting held on November 25, 2024 have approved the sub-division of each equity share having a face value of Rupees 5(five) each, fully paid-up, into equity shares having a face value of Rupees 2(two) each 7
On December 20,2024 the approval of the shareholders of the Company was obtained at the Extra Ordinary General Meeting through a ballot paper and electronic voting means with a requisite majority. The record date for the sub-division of shares shall be announced in the due course of time after requisite approvals from competent authorities.
8 (i) Pursuant to share purchase agreement Dt. December 15,2023 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 lakhs to be 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 Dynamics, CRM, Al and Power Platform. (ii)The company had acquired 54.44% stake of Dhyey on February 21, 2024.
(iii)The company, paid Rs. 409.91 lakhs during the year to the shareholders of Dhyey for acquisition of the balance 45.56% stake i.e. 4555 shares at a price of Rs. 8999.14 having face value of Rs. 10.
Pursuant to this acquisition, Dhyey has become a wholly owned subsidiary of the company with effect from September 30, 2024
- 9 The Board of Directors at its meeting held on November 12, 2024 has declared an interim dividend of 0.25 Rs. per share.
- 10 The Board of Directors at its meeting held on May 29, 2025 has proposed a final dividend of 5% per equitY share.
- 11 The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures.
:hnology Limited. h tDIN : oo021880) Director VH Chief Financial Officer
(DIN : 00021744)
llrrrlarl
Place : Ahmedabad Date : May 29, 2025
Independent Auditor's Report on the Quarterly and Year to Date Audited Consolidated Financial 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 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 subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate, for the quarter and the year ended March 31, 2025 ('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) Regulations, 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 / financial information of its subsidiaries, the statement:
| Sr. No. | Type of Holding | Name |
|---|---|---|
| 1 | Domestic Subsidiary Company | Dhyey Consulting Services Private Limited (Wholly Owned w.e.f. September 30, 2024) |
| 2 | Domestic Subsidiary Company | Minddeft Technologies Private Limited |
| 3 | Foreign Subsidiary Company | Dev Info-Tech North America Limited |
| 4 | Foreign Step-down Subsidiary Company |
Dynamic Stars LLC (Wholly Owned w.e.f. September 30, 2024) |
| 5 | Associate Company | Dev Accelerator Limited |
a. include the annual financial results of :-
- b. are presented in accordance with the requirements of Regulation 33 of Listing Regulations in this regard; and
- c. gives 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 loss and other financial information of the company and its subsidiaries and associate for the year ended March 31, 2025.
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 are 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
Page 1 of 5
associate and in accordance with the Code of Ethics issued by the Institute 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 with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is suƯicient and appropriate to provide a basis for our opinion.
Management's Responsibilities for the Consolidated Financial Results
The Statement, has been prepared on the basis of the consolidated Ind 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 consolidated net profits and other comprehensive loss 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 with relevant rules issued hereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the Companies included in the group and its associate are responsible for maintenance of adequate accounting 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 financial controls that were operating eƯectively 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 the 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 alternative 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 assurance, but is not a guarantee that 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 suƯicient 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 eƯectiveness 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 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, structure 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 suƯicient 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 audited, to express an opinion on the statement. We are responsible for the direction, supervision and performance of the audit of financial 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 performance of the audits 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 eƯect 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 the 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 with 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 financial results and other financial information in respect of:-
- Two (2) Indian subsidiaries, whose financial statements include total assets of Rs. 1617.65 lakhs as at March 31, 2025, total revenues of Rs. 635.59 lakhs and Rs. 2076.13 lakhs, total net profit after tax of Rs. 34.83 lakhs and Rs. 0.93 lakhs and total comprehensive income of Rs 39.67 lakhs and Rs. 5.17 lakhs for the quarter and year ended March 31, 2025 respectively and net cash outflow of Rs. 9.24 lakhs for the year ended March 31, 2025 as considered in the Statement whose financial statements and other financial information, which have been audited by their respective independent auditors.
- Two (2) Subsidiaries are located outside India whose financial statements include total assets of Rs. 1033.31 lakhs as at March 31, 2025, total revenues of Rs. 907.53 lakhs and Rs. 2457.96 lakhs, total net profit after tax of Rs. (8.50) lakhs and Rs. (64.99) lakhs and total comprehensive income of Rs (8.91) lakhs and Rs. (66.14) lakhs for the quarter and year ended March 31, 2025 and net cash outflow or Rs. 91.27 lakhs respectively as considered in the Statement whose financial statements and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. These subsidiaries are material to the consolidated financial statements, and these conversion adjustments made by the Holding Company's management has been audited by other auditors in India, whose reports have been furnished to us. Our opinion on the consolidated financial statements, insofar as it relates to the amounts and disclosures included for these subsidiaries, is based solely on the reports of the other auditors and our review of the conversion adjustments.
- One (1) Associate whose financial statements include Group's share of Net Loss of Rs. Nil and Total Comprehensive income of Rs. Nil for the quarter and year ended March 31, 2025 as considered in the statement whose financial statements and other financial information have not been audited by its respective independent auditor.
The independent auditors' reports on financial statements/ financial information of the subsidiaries 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 the subsidiaries, 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, 2025 represent the balancing figures between the audited figures in respect of the full financial year ended March 31, 2025 and the published unaudited year-to-date figures up to the third quarter of the financial year, which were subjected to a limited review by us.
Our opinion is not modified in respect of above matters.
Date: May 29, 2025 Place: Chicago
For RINKESH SHAH & Co. Chartered Accountants FRN 129690W
CA RINKESH SHAH Partner M.No. 131783 UDIN25131783BMGXZW1752
DEV INFORMATION TECHNOLOGY LIMITED Registered Office: 14, AarVans Corporate Park, NearShilaj Railway Crossing, Thaltej - Shilaj Road, Thaltej, Ahmedabad - 380059 Website:-www.devitpl.com Email:- [email protected] , M :- +91 9904152068
Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31J 2025
| QUARTER ENDED | YEAR ENDED | (Rs. in Lakhs except EPS) | |||||
|---|---|---|---|---|---|---|---|
| Particulars | 1.2025 | 31.12.2024 | 31-03.2024 | 31.03.2025 | 31.03.2024 | ||
| ited) | (Unaudited) | (Audited) | (Audited) | ||||
| Revenue from operations | 5,165.31 | 4,771.17 | 4,343.64 | 17,066.38 | (Audited) 16,357.56 |
||
| Other Income | 23.07 | 43.85 | 53.27 | 1,324.51 | 154.01 | ||
| Total Income (1+I1) | 5,178.38 | 4,815.02 | 4,396.91 | 18,390.89 | 16,511.57 | ||
| Expenses | |||||||
| a | 2,685.28 | 2, 136.10 | 1,721.36 | 6,720.53 | 7,202.59 | ||
| Purchase of stock in trade (b) |
33.85 | 33.85 | |||||
| Mlges irl inventoRis–mm (C) |
(172.21) | 3.15 | ( 124.04) | (96.96) | (135.42) | ||
| (d) Employee Benefits Expenses |
2,088.48 | 2,115.22 | 1,926.06 | 8,530.54 | 7,224.74 | ||
| e | 58.03 | 51.36 | 40.07 | 259.91 | 141.77 | ||
| (D | Depreciation and amortizatiom> i; | 78.97 | 70.32 | 49.45 | 303.94 | 139.97 | |
| l | 278.03 | 216.50 | 166.34 | 864.99 | 654.73 | ||
| mI expenses (IV) |
5,016.58 | 4,592.65 | 3,813.09 | 16,582.95 | 15,262.21 | ||
| Profit before exce | 161.80 | 222.37 | 583.82 | 1,807.94 | 1,249.36 | ||
| Exceptional Items | |||||||
| Share of profit/(loss) of an associates | |||||||
| Profit Before Tax (V - VI) | 161.80 | 222.37 | 583.82 | 1,807.94 | 1,249.36 | ||
| Tax expense : | |||||||
| a) Curre;iiTaT | 76.04 | 82.72 | 145.49 | 413.66 | 297.36 | ||
| b) Deferred Tax Liability / (Assets) | (27.57) | (18.31) | 10.35 | (59.87) | 11.69 | ||
| c) Adjustment of tax for Earlier Years | (0.12) | (23.70) | (0.29) | (23.82) | (7.26) | ||
| Total Tax Expenses (VIII) | 48.35 | 40.71 | 155.55 | 329.97 | 301.79 | ||
| Profit for the period (VII-VIII) | 113.45 | 181.66 | 428.27 | 1,477.97 | 947.57 | ||
| Other Comprehensive Income (net of taxes) | |||||||
| e | (0.68) | (1.51) | (5.49) | (1.42) | (4.69) | ||
| Tax effect on above items | 0.20 | ||||||
| ii) Items that will not be reclassified to profit or loss | |||||||
| (a)Remeasurements of the defined benefit plans | 14.09 | (4.45) | (18.74) | (0.22) | (20.35) | ||
| (b)Changes in Fair Value of Investment | (5.63) | 8.13 | (5.63) | 8.13 | |||
| Income tax relating to items that will not be reclassified to profit or loss | (2.13) | 2.67 | 1.47 | 3.07 | |||
| X | o | lslve Income/(loss) for the perIod | 5.65 | 1.12 m) | (13.23) | (5.80) | (13.84) |
| XI | im o |
119.10 | 176.82 | 415.04 | 1,472.17 | 933.74 | |
| XII | Profit for the period attributable to: | ||||||
| Owners of the Company | 122.47 | 172.67 | 414.05 | 1,487.29 | 928.79 | ||
| Non controlling interest | (9.02) | 8.99 | 14.22 | (9.32) | 18.78 | ||
| XIII | I Other Comprehensive Income (Net of Tax) for the period attributable to: | ||||||
| Owners of the Company | 5.79 | (4.93) | (11.91) | (5.70) | (12.68) | ||
| Non controlling interest | (0.14) | 0.09 | (1.31) | (0.10) | (1.15) | ||
| XIV | ITotat Comprehensive Income (Net of Tax) for the }eriod attributable to: | ||||||
| Owners of the Companl | 128.54 | 167.74 | 402.15 | 1,481.87 | 916.13 | ||
| Non controlling interest | (9.44) | 9.08 | 12.89 | (9.70) | 17.61 | ||
| XV | c | mRFiRTH)im | 1,126.70 | 1,126.70 | 1,124.23 | 1,126.70 | 1, 124.23 |
| XVI | e | 5,735.46 | 4,420.90 | ||||
| XVII | a | ||||||
| Basic | 0.54 | 0.77 | 1.86 | 6.61 | 4.19 | ||
| Diluted | 0.53 | 0.79 | 1.86 | 6.60 | 4.18 |
Place : Ahmedabad Date : May 29, 2025
}OR IDENTIFE2III.IJ By 'ykcry\ stub a (, RINKESH SHAH & eD
f
. (DIN :00021880) (DIN :00021744)
R Ply
DEV INFORMATION TECHNOLOGY LIMITED
Statement Of Audited Consolidated Assets And Uabiltles as at March 311 2025
| 'Rs. in lakhs | ||
|---|---|---|
| Particulars | As at March 31,2025 |
As at March 31, 2024 |
| I Assrrs |
(Audited: | (Audited |
| 1 Non.current Assets | ||
| (a) Property, Plant and Equipment | 1,032.48 | 1, 154.02 |
| (b) Right of Use Assets | 148.51 | 169.07 |
| (c} Intangibles assets under development (d) Goodwill |
382.19 | 325.62 |
| 627.82 | 627.82 | |
| (e) Other Intangible assets (f) Financial Assets |
481.26 | 247.54 |
| (i) Investments | ||
| (ii) Loans | 364.18 | 347.92 |
| (iiI) Other Financial Assets | 117.33 494.48 |
33.64 |
| (g) Income tax assets (Net) | 27.28 | 94.07 |
| (h) Deferred tax assets (Net) | 54.49 | 27.56 |
| (i) Other non-current assets | 16.42 | |
| Total Non.current Assets | W3 | NO |
| 2 Current Assets | ||
| (a) Inventories | 730.71 | |
| (b) Financial Assets | 633.75 | |
| (i) Investments | ||
| (i) Trade receivables | 7,451.49 | 5,129.84 |
| (ii) Cash and cash equivalents | 190.40 | 340.00 |
| (iii) Bank balances other than (ii) above | 0.14 | 266.39 |
| (iV) Loans (v) Other Financial Assets |
4.25 | 6.57 |
| (c) Other current assets | 42.86 | 44.34 |
| Total Current Assets | 59.89 8,479.74 |
84.01 M |
| TOTAL Assrrs | 2 | |
| 11 | ms | |
| £QUIW AND LIABILITIES 1 Equity |
||
| (a) Equity Share capital (b) Other Equity |
1,126.70 | 1,124.23 |
| (c)Non-Controlling Interest | 5,735.46 | 4,420.90 |
| Total Equity | 14. 14 | 283.21 M |
| W8 | ||
| 2 UABILrrIES | ||
| Non-current Liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 656.45 | 404.28 |
| (ii) Lease Liabilities | 138.20 | 150.47 |
| (b) Provisions | 89.13 | 40.80 |
| k> Deferred tax liabilities (Net) | 23.28 | |
| (d) Other non-current liabilities | ||
| Total Non'current LIabIlitIes | 883.78 | 618.83 |
| 3 Current Liabilities | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 1, 179.61 | 878.79 |
| (ii) Trade payables | ||
| - Total outstanding dues of micro and small enterprises ' Total outstanding dues of trade payables other than micro and |
353.72 | 7.03 |
| small enterprises | 1,565.13 | 1,019.42 |
| (iii) Lease Liabilities | 24.10 | 24.42 |
| (iv) Other financial liabilities (b) Other current liabilities |
705.35 | 703.58 |
| 560.65 | 384.96 | |
| (c) Provisions | 61.12 | 64.53 |
| (d) Current Tax Liabilities (Net) Total Current Liabilities |
18.68 | |
| TOTAL EQUITy AND LIABILrrIES | 19.68 | 3, 101.41 |
| 2,209.76 | 9,548.58 |
As per our report of even date attached For, Rinkesh Shah & Co. Chartered Accountants Firm Regn. No. 129690W
CA Rinkesh Shah Partner Membership No. 131783
Place: Chicago Date: May 29,2025 Chief Financial Officer
For, Dev Information Technology Limited.
Pranav Pandya
(DIN : 00021744
Place: Ahmedabad Date: May 29,2025
RTfTFGTFM@71 BY X? n RUN iP)qh & to RINKESH SHAH & GO
DEV INFORMATION TECHNOLOGY LIMITED
of Ad March 311 2025
| (Rs. In Lakhs) | |||||
|---|---|---|---|---|---|
| Particulars | Year Ended 31st | Year Ended 31st | |||
| A | G S |
March, 2025_ | March, 2024 | ||
| Profit Before Tax | 1,807.94 | 1,249.36 | |||
| Adjustments to reconcile profit before tax to net cash nows: | |||||
| Depreciation and amortization expenses | 303.94 | 139.97 | |||
| Interest Income | (57.56) | ||||
| Finance cost | 259.91 | (33.69) 141.77 |
|||
| Dividend Income | (1.88) | (1.88) | |||
| Unrealised Forex Loss/(Gain) | (65.75) | (3.17) | |||
| ESOP Expense for the year | 49.87 | ||||
| <profit) and="" equipment<="" loss="" of="" on="" plant="" property,="" sale="" td=""> | 0.95 | (62.43) | 0.95 | (62.43) | |
| Dividend Paid | |||||
| Excess provision/sundry balances written back | 32.60 | 11.83 | |||
| Effect of gain on sale / fair valuation of investments | (1,163.62) | (8.13) | |||
| Provision for Expected Credit Loss | 52.19 | 1.10 | |||
| Operating Profit before Working Capital Changes | 1,218.59 | 1,434.73 | |||
| Working Capital Changes: | |||||
| Changes in Inventories | (96.97) | (135.42) | |||
| Changes in trade receivables and other assets | t&715.50) | (1,179.29) | |||
| Changes in trade payables and other liabilities | 1, 114.93 | 86.90 | |||
| Net Changes in Working Capital | (1,697.54) | (1,227.81) | |||
| Cash Generated from/(used in) OperatIons | (478.95) | 206.92 | |||
| Direct Taxes paid (Net of Income Tax refund) | (286.13) | ||||
| Net Cash flow Used in Operating ActivitIes | (408.24) mM | RED] | |||
| B 1 CASH FLOW FROM INVESTING AcnvITiES | |||||
| Acquisition of property, plant & equipment/intangible assets | (455.38) | (199.14) | |||
| Investments made in equity shares of Subsidiary company | (83.22) | ||||
| Proceeds from Sale/Redemption of Investment (Net) | 1,163.62 | ||||
| Proceeds from Sale of tangible asset | 0.79 | ||||
| Loans (given) / recovered | (81.36) | 52.77 | |||
| Dividend income | 1.88 | 1.88 | |||
| Changes is bank balance other than cash & cash equivalent | 266.23 | 3.98 | |||
| Interest Income | 35.66 | ||||
| Net Cash flow from/(Used in) Investing Activities | M9 | 13.23 M | |||
| C | CASH FLOW FROM FINANCING AcrlVITIES | ||||
| Dividend Paid | (112.42) | (55.34) | |||
| Proceeds from/(Repayment) of Borrowings (Net) | 552.99 | 483.07 | |||
| Payment for acquition of subsidary | (411.07) | ||||
| Finance cost Paid | (259.91) | (137.46) | |||
| Security Premium Recevied | 88.15 | ||||
| Proceeds from exercise of share options | 49.15 | 16.56 | |||
| Payment of Lease Liability | ]12.59) | +4.89) | |||
| Net Cash flow from Financing Activities | mgM | 380.09 | |||
| Net Increase/(Decrease) in cash & cash equivalents | (149.60) | 90.38 | |||
| Cash & Cash equivalent at the beginning of the year | 340.00 | 249.62 | |||
| Cash & Cash equivalent at the end of the year | E9B.40 | MI |
As per our report of even date attached. For, Rinkesh Shah & Co. Chartered Accountants Firm Regn. No. 129690W
CA Rinkesh Shah Partner Membership No. 131783
Place: ChIcago Date:' May 29,2025 For, Dev Information Technology LImited.
Fatmin Shah : ED;1,BAD :DIN
Chief Financial Officer
Place: Ahmedabad Date:' May 29,2025
INITiALED FOR iDENT:-.In --TIP X';n ka;-,' sI,qh & C, RINKESH SHAH & CO
Notes:
1 The above Audited consolidated financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meeting held on May 29, 2025.
| he consolidated financial statement includes financial results Of the fOllOWIng entItIes: | ||
|---|---|---|
| Name | ||
| Consulting Services Private LimIted (wholly owned w.e.f Sept | ||
| ainddee He |
||
| Dev In' HemI oTlaFt;iFanm | ||
| 4 | r '-dowi Subsidia S t 1 For |
Tu Twned w .e.f Se 30, 2024) |
| 5 | M ciate Company |
=mited |
3 The Audited consolidated financial results for the Quarter and Year ended March 31, 2025 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
- 4 The Audited Consolidated financial results for the Quarter and Year ended March 31, 2025 are prepared in accordance with principles and procedures as set out in the Ind AS 110 "Consolidated Financial Statements" prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
- 5 The group operates in a single segment and in line with Ind AS . 108 - "Operating Segments", the operation of the group fall under "IT & IT enabled Services" business which is considered to be the only reportable business segment. The activities carried out by the associate are not reviewed separately and the criteria for identifying operating segments are not met hence Segment Reporting is not applicable in respect of the Associate Company.
- The Audited consolidated figures for the quarter ended March 31, 2025 are the balancing figures between and the Published Audited figures for the year ended period up to March 31, 2025 and the unaudited figures in respect of the nine months period up to December 31, 2024 which were subjected to limited Review. 6
- The company has allotted 49,414 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 October 26, 2023. The same have been credited and transferred on the permanent ISIN and have got listed on both the stock exchanges on January 02, 2025. 7
- (i) Pursuant to share purchase agreement Dt. December 15,2023 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 lakhs to be 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 Dynamics, CRM, Al and Power Platform. 8
- (ii)The company had acquired 54.M% stake of Dhyey on February 21, 2024. (Iii)The company, paid Rs. 409.91 lakhs during the year to the shareholders of Dhyey for acquisition of the balance 45.56% stake i.e.
- 4555 shares at a price of Rs. 8999.14 having face value of Rs. 10. Pursuant to this acquisition, Dhyey has become a wholly owned subsidiary of the company with effect from September 30, 2024." The company divested 28,74,190 equity shares of Dev Accelerator Limited in September 2024 for a consideration of Rs. 1163.68 lakhs and the resultant gain is shown under the head "Other Income". The company, after the transfer of the above shares, still holds 21.90% of Equity shares of the said company as on March 31, 2025. 9
- The Board of Directors of the Company at their meeting held on November 25, 2024 have approved the sub.division of each equity share having a face value of Rupees 5(five) each, fully paid-up, into equity shares having a face value of Rupees 2(two) each On December 20,2024 the approval of the shareholders of the Company was obtained at the Extra Ordinary General Meeting through a ballot paper and electronic voting means with a requisite majority. The record date for the sub.division of shares shall be announced in the due course of time after requisite approvals from competent authorities. 10
- The Board of Directors at its meeting held on November 12, 2024 has declared an interim dividend of 0.25 Rs. per share, 11
- The Board of Directors at its meeting held on May 29, 2025 has proposed a final dividend of 5% per equity share. 12
- The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures 13
tion Technology Limited. AHMED Shah Pranav Pandya or Chai
Chief Financial Officer Company lry
& Krisa
(DIN : 00021744)
Place : Ahmedabad Date : May 29, 2025 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, 2025 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: 29 th May, 2025.
Annexure II:
| NAME | M/S Murtuza Mandorwala & Associates |
||
|---|---|---|---|
| Date Appointment |
29th May, 2025 | ||
| Term of Appointment |
The appointment is for a period of 5 (five) consecutive years. The Secretarial Auditor shall conduct the Secretarial Audit for the financial year ending March 31, 2026 to March 31, 2030. |
||
| Address | B-503, Sivanta One, Pritamnagar Cross road, Near V.S. Hospital, Ellisbridge, Ahmedabad-380006 |
||
| Contact | 6352255699 | ||
| 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 DLP: Diploma in Labour Practice from Gujarat University |
||
| Area of Practice |
Corporate& LLP Laws, SME Advisory, Compliance, Due Diligence, FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities Laws Advisory, Taxation, Audit & Certifications, Legal Compliances, Corporate Governance, Corporate Social Responsibility and allied services. |
||
| Service Provided | Corporate& LLP Laws, SME Advisory, Compliance, Due Diligence, FDI & FEMA advisory, NBFC Laws, Capital Markets & Securities Laws Advisory, Taxation, Audit & Certifications, Legal Compliances, Corporate Governance, Corporate Social Responsibility and allied services. |
||
| Peer-review no. | 1615/2021 | ||
| M. No. | F10745 | ||
| C.P.No. | 14284 |
Annexure III:
| NAME | M/S Manav Sheth & Company. |
|---|---|
| Date of Appointment | 29th May, 2025 |
| Term of Appointment | The appointment is for a period of 01 (One) year. The Internal Auditor |
| shall conduct the Internal Audit for the financial year 2025-26 | |
| Address | Sheth Vas, Near Jain Temple, Kalol, Gujarat-382721, India |
| Contact | 9426228279 |
| Qualification | Mr. Manav Sheth |
| Chartered Accountant | |
| Bachelor's Degree in Commerce | |
| Area of Practice | Internal Audit, Statutory Audit, Special Audit, Concurrent Audits, Tax |
| audit, TDS(Tax deduction)Audit, other audits, Good & Services, | |
| Corporate laws, Management Consultancy. | |
| Service Provided | • 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). • 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 Goods & Service Tax & VAT • Registration, Planning, Consultation, Compliance • Filing of returns, Representation before assessing authorities Corporate Laws • Company law - consultation, planning and compliance • Incorporation of new companies - including Indian, foreign, and subsidiaries of wholly owned foreign companies • Miscellaneous Services - including Search Reports with Registrar of Companies etc Management Consultancy • Preparation of project and feasibility reports, applications for funding with financial institutions • Liaison with investors, funding agencies, Financial Institutions |
| etc. | |
| FRN | 128310W |