DEV INFORMATION TECHNOLOGY LIMITED — Audit Report / Information 2021

Jul 6, 2021

1

Independent Auditor's Report on the Standalone Audited Financial Results of the Dev Information Technology Limited pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended

To, The Board of Directors Dev Information Technology Limited

Report on audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results of Dev Information Technology Limited (the "Company"), for the half year and year ended on March 31, 2021 (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation 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 this . financial results:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• ii. 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 financial information for the half year and year ended March, 31 2021

Basis or Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the 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 together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules there under, 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 basis for our opinion on Standalone Financial results.

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 standalone audited annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view and net profit of the Company and other financial information in accordance with the applicable 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 responsibilities also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of the appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, 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 liquid~te the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors isalso 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 standalone financial results 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 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 these Standalone Financial Results.

As a 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 financial results, 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 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 in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• 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 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 financial results, 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 financial results, including the disclosures, and whether the financial results represent the underlying transitions and events in a manner that achieves fair presentation.

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 controlthat 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

The statement includes the results for the half year and year ended on March, 31 2021 being the . balancing figure between the audited figures in respect of the full financial year ended March, 31 2021 and the published unaudited year-to-date figures up to the first half year of the current financial year, which were subjected to a limited review by us, as required under Listing Regulations. Our opinion is not modified in respect of above matter.

Date: June 30, 2021 Place: Ahmedabad

For RINKESH SHAH & Co. Chartered Accountants FRN 129690W

CA RINKESH SHAH Partner M .No. 131783 UDIN: 21131783AAAABP3185

(CIN :L30000GJ1997PLC033479)

( Read. Office:- 14, Aaryans Corporate Park, Near Shllaj Railway Crossing, Thaltej -Shllaj Road, Thaltej, Ahmedabad-380059, Gujarat, India)

E-mallld: cs@devitpl.com website: www.devitpl.com

Year ended6 months endedParticularsf--31-03-202031-03-202130-09-202031-03-202031-03-2021(Audited){Audited)(Un-Audited)(Audited)(Refer Notes Below)(Audited)1 Revenue from Operations66,13,27,218(a) Sales/Income from operations46,45, 71,83937,86,81,37239,51,32,00784,32,53,21192,37,056(b) Other income16,31,12136,14,21856,90,04152,45,339Total income from operations46,62,02,96138,22,95,58984,84,98,55167,05,64,27440,08,22,0492 Expenses(a) Cost of Goods & Services.28,01;79,19544,69,93,81826,80,82,10816,68,14,62318,40,97,595(5,24,45,340)2,33,03,449(2,91,41,891)(1,63,12,554)(b) Changes in inventories of Project-in-progress34,97,813(c) Employee benefits expense18,63,85,92115, 71, 79,79531,83,83,59415,86, 76,89834,35,65, 716(d) Finance Cost47,29,21650,98,9461,32,69,38643,90,17598,28,162(e) Depreciation and amortisation expense1,09,14,36098,82,2602,03,23,5761,14,18,4122,07,96,6202,50, 71,7661,68,84,9144,19,56,6804,85,24,598(f) Other expenses78,85,78945,48,35,11865,22, 70,710Total Expenses37,91,63,98636,99,66,68383,39,99,1053 Profit before exceptional, extra ordinary items and tax (1-21,13,67,84231,31,6031,82,93,5643,08,55,3661,44,99,445--4 Exceptionallncome/(Expense)-1,57,87,873(1,83,21,490)5 Profit before extra ordinary items and tax (3+4)1,13,67,84231,31,6031,25,33,8761,44,99,4453,40,81,437----6 Extra Ordinary Income/( Expense)-1,13,67,84231,31,6033,40,81,4377 Profit from ordinary activities before tax1,25,33,8761,44,99,4458 Tax expense-27,36,48057,75,50057,75,50027,36,480Current Tax(21,48,649)(26,31,608)15,10,000(11,53,964){11,21,608)Deferred Tax [Assets/(Liabilities)](7,81,588)Excess Provision of Tax of Earlier Years1,20,448(1,20,448)(7,81,588)-Total Tax Expenses32,64,34013,89,55246,53,8928,00,92881,03,50217,42,04998,45,5533,42,75,1941,17,32,9489 Profit from continuing operation after tax----10 Profit I (Loss) from discontinuing operation------11 Tax expense of Discontinuing Operation---12 Profit I (Loss) from discontinuing operation after Tax--3,42,75,19481,03,50217,42,0491,17,32,94898,45,55313 Net Profit for the Period14 Details of equity share capital5,52,05,0005,52,05,0005,52,05,0005,52,05,000Paid-up share capital Fv@ 10 Rs. Per Share15 Earning per Equity Shareof Rs.10 Each (Not Annualised)6.2110.322.131.78(a) Basic(b) Diluted	Standalone Audited Financial Results for the Half Year and Year Ended on 31/03/2021					(Amount In Rs )
						(1,93,757)
						5,52,05,000
		1	0.32	2.13	1.78	6.21

For DEV INFORMATION TECHNOLOGY LIMITED For DEV INFORMATION TECHNOLOGY LIMITED

C?uV ·* PRANAV PANDYA

(CIN :L30000GJ1997PLC0334 79)

( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej -Shilaj Road, Thaltej, Ahmedabad-380059, Gujarat, India)

E-mail id: cs@devitpl.com website: www.devitpl.com

Audited Standalone Statement of Assets And Liabilities for the Year Ended On 31/03/2021

		(Amount In Rs.)
Standalone Statement of Assets and Liabilities	Year ended on	Year ended on
Particulars	31.03.2021	31.03.2020
Equity and Liabilities
1 Shareholders' Fund
(a) Share Capital	5,52,05,000	5,52,05,000
(b) Reserves and Surplus	27,77,08,467	27,06,23,163
Sub Total-Share Holders Fund	33,29,13,467	32,58,28,163
2 Non-current Liabilities
(a) Long Term Borrowings	1,28,45,378	1,64,78,965
(b) Deferred Tax Liability	-	-
(c) Other Long Term Liabilities	27,36,055	42,67,616
(d) Long term provisions		9,84,33<;
Sub-Total-Non Current Liabilities	1,55,81,433	2,17,30,920
3 Current Liabilities
(a) Short Term Borrowings	9,04, 78,548	8,45,81,319
(b) Trade Payables
(i) Total outstanding dues to Micro, Small & Medium Enterprise	2,69,637	1,13,192
(ii) Total outstanding dues to other than Micro, Small & Medium Enterprise	14,33,00,199	10,32,85,540
(c) Other Current Liabilities	4,21,81,619	4,00,30,302
(d) Short Term Provisions	66,26,467	54,31,621
Sub-Total Current Liabilities	28,28,56,469	23,34,41,974
TOTAL EQUITY AND LIABILITIES	63,13,51,369	58,10,01,058
ASSETS
1 Non-Current Assets
(a) Property, Plant & Equipments
(i) Tangible assets	7,90,26,305	8,38,69,820
(ii) Intangible assets	2,43,13,162	3,47,70,858
(iii) Intangible assets under development	22,06,074	17,55,074
Total fixed assets	10,55,45,541	12,03,95,752
(b) Non-current investments	5,03,72,206	5,09,36,370
(c) Deferred Tax Asset	11,72,575	50,96/
(c) Long-term loans and advances	2,91,10,829	1,88,22,405
Total Non-current assets	8,06,55,610	6,98,09,742
2 Current assets
(a) Inventories	8,60,92,311	5,69,50,421
(b'J"frade receivables	23,79,63,822	23,02,60,026
(c) Cash and cash equivalents	10,39,67,417	6,06,64,481
(d) Short-term loans and advances	1,12,21,393	4,03,13,776
) Other current assets	59,05,275	26,06,860
Sub-Total-Current Assets	44,51,50,218	39,07,95,564
TOTAL ASSETS	63,13,51,369	58,10,01,058

. ___ - ......,_..._ ......

(CIN :L30000GJ1997PLC033479)

( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej -Shilaj Road,

Thaltej, Ahmedabad-380059, Gujarat, India )

E-mail id: cs@devitpl.com website: www.devitpl.com

Audited Standalone Cashflow Statement for the Year Ended On 31/03/2021

(Amount In Rs.)
Statement of Cashflow	Year ended	Year ended
Particulars	31.03.2021	31.03.2020
A Cash flow from 011erating activities:
Net profit before tax as per statement of profit and loss	1,44,99,445	3,40,81,437
Adjusted for:
Depreciation	2,07,96,620	2,03,23,576
Dividend Income	-	(1,87,500)
Share of profit I (Loss) of associate company	34,64,173	(2,50,488)
Profit on Sale Of Property, Plant & Equipment	(1,95,552)	(2,23,904)
Interest Income	(49,92,333)	(34,84,967)
Interest Exps	98,28,162	1,32,69,386
Provision for Bad Debt Exp	18,63,914	13,92,129
Foreign Exchange Effects (Gain) /Loss	22,75,475	(43,61,868)
Operating cash flow before working capital changes	4,75,39,904	6,05,57,802
Adjusted for:
Trade Receivables, Other current Assets	(2,92, 72,141)	1,57,27,674
Increase /Decrease In Work In Progress	(2,91,41,890)	(74,464)
Trade Payable, Provisions and other Current Liabilities	4,18,63,276	1,35,70,513
Cash generated from I (used in) operations
Income taxes paid/ (Refund) (Net)	2,32,54,891	(1,37,45,170)
Net cash generated from/ (used in) operating activities[A)	5,42,44,039	7,60,36,354
B Cash flow from investing activities:
Purchase Of Property, Plant & Equipment	(61,14,701)	(3,02,24,778)
Sale Of Property, Plant & Equipment	3,63,845	4,59,697
Purchase/Sale of investments	(51,75,484)	(4,77,14,188)
Interest Income	49,92,333	34,84,967
Dividend Income	-	1,87,500
Net cash flow from/(used) in investing activities[B)	(59,34,007)	(7,38,06,802)
C Cash flow from financing activities:
Proceeds Of Borrowings	14,01,732	1,11,57,812
Payment Of Interest	(98,28,162)	(1,32,69,386)
Dividend Paid Including Distribution Tax	(27,60,250)	(33,27,620)
Net cash flow from/(used in) financing activities[C)	(1,11,86,680)	(54,39,194)
Net increase/(decrease) in cash & Bank Balance [A+B+C)	3, 71,23,352	(32,09,642)
Opening Balance Of Cash & Bank Balance	3,45,67,051	3,77,76,693
Cash & Bank Balance at end of the year	7,16,90,403	3,45,67,051
IIWcociliation of cash & cash Equivalent	2020-21	2019-20
Closing Balance Of Cash & Bank Balance as per Cashflow Statement	7,16,90,403	3,45,67,051
Add:
Balance In Fixed deposits** More than 12 months	3,22,77,013	2,60,97,430
Closing Balance Of Cash & Bank Balance as per Balance Sheet	10,39,67,417	6,06,64,481

For DEV INFORMATION TECHNOLOGY LIMITED

~~ J SHAH

JAIMIN

Dev Information Technology Limited

Notes to Audited Standalone Financial Results for the half year and year ended on March 31,2021.

• 1. The above audited standalone financial results were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on 30/06/2021.
• 1. The Statutory Auditors of the Company have carried out audit of the standalonefinancial statements for the half year and year ended 3Pt March, 2021 as per Regulation 33 of the SEBI (LODR) Regulations, 2015.
• 1. The audited standalone financial results have been prepared as per the Companies (Accounting Standards) Rules, 2006 as prescribed by the Ministry of Corporate Affairsand in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP) as IND AS is not currently applicable to the Company.
• 1. The company is primarily engaged in "IT & IT enabled Services" business.The requirement of AS-17- "Segment Reporting",is not applicableto the company as it is engaged in single business segment.
• 1. The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.
• 1. The Board of Directors has recommended a final dividend for the financial year 2020-2021 on Equity Share Capital 5% (Rs.0.50/- Per Equity of face value Rs. 10/ each) subject to approval of the shareholders in the ensuing Annual General Meeting (AGM).
• 1. The management has made a detailed assessment of possible impact of Covid- 19 on the overall business of the company, its liquidity position and recoverability of assets including Trade Receivables and Inventories as at the

balance sheet date. In assessing the recoverability, the Company has considered internal and external information up to the date of approval of these financial results and has concluded that there is no material impact on the operations and the financial position of the Company. However, the Company will continue to closely monitor any material changes to future economic conditions.

• 1. The previous year figures have been regrouped/rearranged wherever necessary to make them comparable with the current period figures. The figures of second half of the year are the balancing figures between audited figures in respect ofthe full financial year and the published year to-date figures up to the first half year ended on 30/09/2020 of the current financial year.
• 1. Tax expenses include current tax and deferred tax.
• 1. Cash flow for the year ended 3Pt March, 2021 is attached herewith.

For DEV INFORMATION TECHNOLOGY LIMITED

~~ J SHAH

JAIMIN Managing Director (DIN:- 00021880)

Place: Ahmedabad

(('ul ·*

PRANAV PANDYA

	iNITIALED FO-R UlENTIFICATION
	~ 6Ul
~J.u.b'""'	RINKESH SHAH & CO.

I 1

Independent Auditor's Report on the Consolidated Financial Results of Dev Information Technology Limited pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended

To,

The Board of Directors Dev Information Technology limited

Report on audit of the Consolidated Financial Results

Opinion

We have audited the accompanying consolidated financial results of Dev Information Technology Limited (the "Company"), for the half year and year ended on March 31, 2021 ("statement"),attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation 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 this financial result:

i. The Statement includes the results of the following entity: Dev Info- Tech N.A. Limited- Subsidiary Company Dev Accelerator Private Limited- Associate Company

-------------------...,------

• ii. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• iii. 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 financial information for the half year ended and year ended March 31, 2021 as well as the year to date results for the period from April1, 2020 to March 31, 2021.

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, as amended ("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 in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013and 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 and other auditors in terms of their report referred in "Other matter" paragraph below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for theConsolidated Financial Results

The statement, which is the responsibility of the Company's management and approved by the Board of Directots, has been prepared on the basis of the audited consolidated annual financial statements. The Holding company's Board of Directors are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit of the Group and other financial information in accordance with the applicable 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 responsibilities also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of the appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated financial results that gi'v2 a true and fair view and free from material misstatement, whether due to fraud or error.

In preparing the audited consolidated financial results, the respective Board of Directors are responsible for assessing the Group'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 Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the group are also responsible for overseeing the financial reporting process of the group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our Objectives are to obtain reasonable assurance about whether the audited consolidated financial results 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 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 these Consolidated Financial Results.

As a 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 financial results, 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 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 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 Group'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 financial results, or if such disclosures are inadequate, ~o 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 to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represent the underlying transitions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the Company and its subsidiary and associate to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated Lna·ncial results of which we are the independent auditors. For the other entities included in the consolidated financial results, 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.

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.

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

a. We did not audit the financial statements of one subsidiary included in the consolidated audited financial results, whose financial statement reflect total assets of Rs. 56,628,902/- as at March 31, 2021, total revenues of Rs. 90,281,021/- and Rs. 177,929,533/-, total loss after tax of Rs. 9,143,247/ and Rs. 2,191,287/-, for the half year and the year ended on that date respectively, for the year ended March 31, 2021, as considered in the consolidated audited financial results.

3

• b. The consolidated financial results include the Company's share of net loss of Rs. 77,050 and Rs. 42,640 for the half year and the year ended on 31st March, 2021, as considered in the consolidated financial results, in respect of one associate, whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose report have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of an associate, is based solely on the reports of the other auditors.
• c. The statement includes the results for the half year and year ended on March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the first half year of the current financial year, which were subjected to a limited review by us, as required under Listing Regulations.

Our opinion on the Statement is not modified in respect of the above matters.

For RINKESH SHAH & Co. Chartered Accountants FRN 129690W

CA RINKESH SHAH Partner M.No. 131783 UDIN: 21131783AAAABR3580

Date: June 30, 2021 Place: Ahmedabad

DEV INFORMATION TECHNOLOGY LIMITED (CIN :l30000GJ1997PLC033479)

( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej -Shilaj Road, Thaltej, Ahmedabad-380059, Gujarat, India )

E-mail id:cs@devitpl.com website: www.devitpl.com Consolidated Audited Financial Results for the Half Year and Year Ended on 31/03/2021

						(Amount In Rs )
-	Particulars		6 months ended		Year ended
		31-03-2021	30-09-2020	31-03-2020	31-03-2021	31-03-2020
	(Refer Notes Below)	{Audited)	(Un-Audited)	(Audited)	(Audited)	(Audited)
	1 Revenue from Operations
	(a) Sales/Income from operations	45,95,64,359	38,68,12,264	40,76,41,862	84,63, 76,623	68,54,22,443
	(b) Other income	55,29,711	37,81,011	50,15,207	93,10,722	85,62,222
	Total income from operations	46,50,94,070	39,05,93,275	41,26,57,069	85,56,87,345	69,39,84,665
	2 Expenses
	(a) Cost of Goods & Services	27,80,21,101	16,89,42,764	18,32,61,297	44,69,63,865	26,71,98,721
	(b) Changes in inventories of Project-in-progress	{5,24,45,340)	2,33,03,449	34,97,813	(2,91,41,891)	(1,63,12,554)
	(c) Employee benefits expense	18,64,00,573	15,76,69,446	16,65,94,204	34,40,70,019	32,63,00,900
	(d) Finance Cost	50,23,530	55,88,245	49,48,655	1,06,11, 775	1,40,83,117
	(e) Depreciation and amortisation expense	1,09,17,165	98,82,260	1,14,45,114	2,07,99,425	2,03,50, 278
	(f) Other expenses	3,49,52,448	1,51,23,546	89,70,857	5,00,75,994	6,04,12,590
	Total Expenses	46,28,69,477	38,05,09,711	37,87,17,939	84,33, 79,187	67,20,33,051
	Profit before exceptional, extra ordinary items and tax (1-
	3 2)	22,24,593	1,00,83,564	3,39,39,130	1,23,08,158	2,19,51,614
	4 Share of profilt/(loss) of an associate	(77,050)	34,410	-	{42,640)	-
	5 Exceptionallncome/(Expense)	-		(1,83,21,490)		1,57,87,873
	6 Profit before extra ordinary items and tax {3+4+5)	21,47,543	1,01,17,974	1,56,17,640	1,22,65,518	3, 77,39,487
	7 Extra Ordinary Income/( Expense)		-		-
	8 Profit before tax {6+7)	21,47,543	1,01,17,974	1,56,17,640	1,22,65,518	3,77,39,487
	9 Tax expense
	Current Tax	42,65,500	15,10,000	27,36,480	57,75,500	27,36,480
	Deferred Tax [(Assets)/Liabilities]	(10,01,160)	(1,20,448)	{11,53,964)	(11,21,608)	(21,48,649)
	Excess Provision of Tax of Earlier Years	-		(7,81,588)		(7,81,588)
	Total Tax Expenses	32,64,340	13,89,552	8,00,928	46,53,892	(1,93,757)
	10 Profit after tax {8-9)	(11,16,797)	87,28,422	1,48,16,712	76,11,626	3,79,33,244
	11 Profit attributable to:
	-Owne rs of the company	12,22,045	69,50,112	1,40,27,885	81,72,157	3,69,97,515
	-Minority Interests	(23,38,842)	17,78,311	7,88,827	(5,60,531)	9,35,729
	12 Details of equity share capital
	Paid-up share capita l Fv@ 10 Rs. Pe r Share	5,52,05,000	5,52,05,000	5,52,05,00(	5,52,05,00(	5,52,05,000
	13 Earning per Equity Share of Rs.10 Each {Not Annualised)
	(a) Basic	0.22	1.26	2.54	1.48	6.70
	(b) Diluted	0.22	1.26	2.54	1.48	6.70

Harshil Shah

Date: 30/06/2021 Place:Ahmedabad

ORMATIONT;;L~G l! ' ~

'<lnaglng AIMINJSHAH Director ( NAVN Chairrn'!l'fl . ~

(CIN :L30000GJ1997PLC033479)

( Regd. Office :- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej -Shilaj Road, Thaltej, Ahmedabad-380059, Gujarat, India)

E-mail id: investor@devitpl.com website: www.devitpl.com

Audited Consolida ted Statement of Assets And Liabilities for the Year Ended On 31/03/2021

			(Amount In Rs)
	Consolidated Statement of Assets and Liabilities	Year ended on	Year ended on
	Pa rticulars	31.03.2021	31.03.2020
	Equity a nd Liabilities
1 Shareholders' Fund
(a) Share Capital		5,52.05,000	5,52,05,000
	(b) Reserves and Surplus	28,36,02,339	27,75,80,551
	(c) Minority Interest	19,81,309	25,28,010
	Sub Total-Share Holders Fund	34,07,88,648	33,53,13,560
	2 Non-current Liabilities
	(a) Long Term Borrowings	1,33,37,863	1,69,32,336
	(b) Deffered Tax Liabilities	-	-
	(c) Other Long Term Liabilities	27,36,055	42,67,616
	(d) Long term provisions	-	9,84,339
	Sub-Total-Non Current Liabilities	1,60,73,918	2,21,84,291
3 Current Liabilities
	(a) Short Term Borrowings	9,04, 78,548	8,45,81,320
(b) Trade Payables
	(i) Total outstanding dues to Micro, Small & Medium Enterprise	2,69,637	1,13,192
	(ii) Total outstanding dues to other than Micro, Small & Medium Enterprise	13,32,09,563	9,30,81,000
	(c) Other Current Liabilities	4,22,94,642	4,00,35, 783
	(d) Short Term Provisions	66,26,467	54,31,621
		27,28,78,857	22,32,42,915
	Sub-Total Current LiabilitiesTOTAL EQUITY AND LIABILITIES	62,97,41,423	58,07,40,766
ASSETS
1 Non-Current Assets
	(a) Property, Plant & Equipments
	(i) Tangible assets	7,91,77,146	8,40,23,569
	(ii) Intangible assets	2,43,13,162	3,47,70,858
	(iii) Intangibles under Development	22,06,074	17,55,074
	Total fixed assets	10,56,96,382	12,05,49,501
		4,98,77,770	5,04,84,5 7 4
	(b) Non-current investments	11,72,575	50,967
	(c) Deffered Tax Asset	3,17,14,584	2,13,39,987
	(d) Long-term loans and advances	29,28,161	26,95,600
	(e) Other Non Current Assets
2 ;urrent assets	Total Non-current assets	8,56,93,091	7,45,71,128
~)Inventories		8,60,92,311	5,69,50,421
• b) Trade receivables		21,85,54,383	21,62,54,119
	~ c) Cash and cash equivalents	11,06,52,571	6,35,39,020
	1 til it1) Short-term loans and advances	1,28,03,810	4,22,71,095
~ 1 :t ~)Other current assets		1,02,48,875	66,05,481
~ <i< td="">Sub-Totai-CurrentAssets43,83,51,95138,56,20,136</i<>	Sub-Totai-CurrentAssets	43,83,51,951	38,56,20,136
l-::i tj::I: H---	---

I ~<I) ~ pr DEV INFORMATION TECHNOLOGY LIMITED

Date: 30/06/2021 Place:Ahmedabad

.1 ~~ i?uV ;,?,rt,tc j::: :;z._ J !MIN J SHAH •,, PRANAV =a ~ ~ anaging Director f;.;t:.,t r Chairman / ••• J - 1DIN:- 0021880) ~ ""~ (DIN :- 0002 t"(44 .!!..;_ ~~

I~ Harshil Shah Chief Fin al icer ~~ ·c;

(CIN :L30000GJ1997PLC0334 79)

( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej -Shilaj Road, Thaltej, E-ma il id: cs@devitpl.com website : www.devitpl.com

Audited Consolidated Cashflow Statement for the Year Ended On 31/03/2021

	(Amount In Rs.)
Statement of Cashflow	Year ended	Year ended
Particulars	31.03.2021	31.03.2020
A Cash flow from operating activities:
Net profit before tax as per statement of profit and loss	1,22,65,518	3,77,39,487
Adjusted for:
Depreciation	2,07,99,425	2,03,50,278
Dividend Income		(1,87,500)
Profit from Investment	35,06,813	(2,50,488)
Profit on Sale Of Property, Plant & Equipment	(1,95,552)	(2,23,904)
Interest Income	(49, 92, 333)	(34, 84, 967)
Interest Exps	1,06,11,775	1,40,83,117
Non Cash Expense	18,63,913	54,01,654
Foreign Exchange Effects Gain/Loss	22,75,475	10,34,981
Operating cash flow before working capital changes	4,61,35,034	7,44,62,658
Adjusted for:
Trade Receivables, Other current Assets	(2,68,07,798)	(1,64,62,017)
Increase/Decrease In Work In Progress	(2,91,41,890)	(74, 464)
Trade Payable, Provisions and other Current Liabilities	4,27,08,538	66,79,045
Cash generated from / (used in) operations
Income taxes paid	2,36,29,795	(1,56,82,990)
Net cash generated from/ (used in) operating activities
[A]	5,65,23,679	4,89,22,233
B Cash flow from investing activities:
Purchase Of Property, Plant & Equipment	(61, 14, 701)	(3,04,05,228)
Sale Of Property, Plant & Equipment	3,63,844	4,59,697
Purchase/Sale of current investments	(29,00,009)	(4,79,51,586)
Interest Income	49,92,333	34,84,967
Dividend Income		1,87,500
Net cash flow from/(used) in investing activities
[B]	(36, 58, 533)	(7, 42, 24, 650)
$C$ Cash flow from financing activities:
Proceeds Of Borrowings	14,40,846	2,60,18,399
Payment Of Interest	(1,06,11,775)	(1, 40, 83, 117)
Dividend Paid Including Distribution Tax	(27, 60, 250)	(33, 27, 620)
Net cash flow from/(used in) financing activities
[C]	(1, 19, 31, 179)	86,07,662
Net increase/(decrease) in cash & Bank Balance [A+B+C]
	4,09,33,967	(1,66,94,755)
Cash & Bank Balance at beginning of the year	3,74,41,591	5,41,36,346
Cash & Bank Balance at end of the year	7,83,75,558	3,74,41,591
Recociliation of Cash & Cash Equivalent	2020-21	2019-20
Closing Balance Of Cash & Bank Balance	7,83,75,558	3,74,41,591
Add:
Balance In Fixed deposits ** More than 12 months	3,22,77,013	2,60,97,430
Closing Balance of Cash & Cash Equivalent	11,06,52,571	6,35,39,020

For DEV INFORMATION TECHNOLOGY LIMITED

M~

JA Q INJ SHAH Managing Director (DIN: - 00021880)

Date: 30/06/2021 Place:Ahmedabad

Dev Information Technology Limited

Notes to Audited Consolidated Financial Results for the half year and year ended on March 31, 2021.

• 1. The above audited consolidated financial results were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on 30/06/2021.
• 1. The Statutory Auditors of the Company have carried out audit of the consolidated financial statements for the half year and year ended 3P1March, 2021 as per Regulation 33 of the SEBI (LODR) Regulations, 2015.
• 1. The audited consolidated financial results have been prepared as per the Companies (Accounting Standards) Rules, 2006 as prescribed by the Ministry of Corporate Affairs and in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP) as IND AS is not currently applicable to the Company.
• 1. The company is primarily engaged in "IT & IT enabled Services" business.The requirement of AS-17- "Segment Reporting",is not applicableto the company as it is engaged in single business segment.
• 1. The Parliament of India has approved the Code on Social Security, 2020 (the Code) which may impact the contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. Final rules are yet to be notified. The Company will assess the impact of the Code when it comes into effect and will record related impact, if any.
• 1. The Board of Directors has recommended a final dividend for the financial year 2020-2021 on Equity Share Capital 5 % (Rs. 0.50/- Per Equity of face value Rs. 10/- each) subject to approval of the shareholders in the ensuing Annual General Meeting (AGM).
• 1. The management has made a detailed assessment of possible impact of Covid-

In assessing the recoverability, the group has considered internal and external information up to the date of approval of these financial results and has concluded that there is no material impact on the operations and the financial position of the group . However, the group will continue to closely monitor any material changes to future economic conditions.

• 1. The previous year figures have been regrouped/rearranged wherever necessary to make them comparable with the current period figures. The figures of second half of the year are the balancing figures between audited figures in respect of the full financial year and the published year to-date figures up to the first half year ended on 30/09/2020 of the current financial year.
• 1. Tax expenses include current tax and deferred tax.
• 1. Cash flow for the year ended 3Pt March, 2021 is attached herewith.

For DEV INFORMATION TECHNOLOGY LIMITED

~~ J SHAH

JAIMIN Managing Director (DIN:- 00021880)

PRANAV uY * PANDYA

Chairman (DIN:- 00021744)

Date: 30/6/2021 Place: Ahmedabad

INITIALED-FOR IDENTIFICATION ' BY o . ~~~ s~A..l(:, · ·1- RINKESH SHAH & CO. ~