DEV INFORMATION TECHNOLOGY LIMITED — Interim / Quarterly Report 2019

Nov 14, 2019

Dev Information Technology Limited

Reg. Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej-ShllaJ Road, ThalteJ, Ahmedabad-380 059. {INDIA) Phone: +91-94298 99852 f 53

www.devitpl.com I info@devitpl.com

Offices: Gujarat I Maharashtra I Rajasthan 1 Canada CIN:L30000GJ1997PLC033479

To, The Manager-Listing Department, The National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G-Biock, Bandra Kurla complex, Bandra East, Mumbai-400 051

Trading Symbol : DEVIT (Series: SM)

Dear Sir/Mam,

Subject: Outcome of Board Meeting held on Thursday, November 14, 2019: Ref.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

With reference to the captioned subject, we would like to inform you that the Board of Directors of Dev Information Technology Limited in its meeting held on Thursday, November 14, 2019 at 04:00 P.M. at the registered office of the company situated at 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej, Ahmedabad-380 059, Gujarat, India have, inter alia, discussed and approved following businesses:

1. Considered and approved unaudited standalone and consolidated financial results for the Half year ended on September 30, 2019 along with Limited Review Reports thereon. Financial Results and Limited Review Reports are enclosed herewith (Annexure -I).

Further, unaudited standalone and consolidated financial results for the period as aforementioned shall be available on the website of the Stock Exchange where the shares of the Company is listed i.e. at www.nseindia.com and on Company's website at https://www.devitpl.com/.

2. Considered and approved resignation of Mr. Hiren Karsanbhai Patel, Independent Director of the company w.e.f 14^{1 h}November 2019.

As per the resignation letter received from Mr. Hiren Karsanbhai Patel the resignation was due to pre-occupational reason and there are no other material reason for resignation ofthe director.

The Board Meeting CoRcluded at ² : 00 P.M.

Kindly take this information on your records.

Thanking you, On behalf of Board of Directors DEV INFORMATION TECHNOLOGY LIMITED

!f:l:X:,I~::~., Place: Ahmedabad

Enterprise Date·l14¹

^hN~~m~~r, 2019 Applications Mobility j Infrastructure Management

Cloud Computing

Digital & Digitization licensing

Chandulal M. Shah & Co.

CHARTERED ACCOUNTANTS

A/6, 6th Floor, Wing-A, Safa l Profitaire, Opp. Auda Garden, Corporate Road, Prahladnagar, Ahmedabad-380052. Tel. : 079-2960 1085 • (M) 90330 34430 • E-mail : cmshah@cmshah.com • Website : www.cmshah.com

Limited Review Report

To The Board of Directors of Dev Information Technology Limited Ahmedabad

'vVe have reviewed the accompanying statement of unaudited financial results of Dev Information Technology Limited for the half year ended September 30, 2019. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a Report on these financial statements based on our review.

We conducted our review of the financial statements in accordance with the Standard on Review Engagement (SRE) 2410,"Review Of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Ch artered Accountants of India. This standard requires that we plan and perform the review to obtain mod8rat8 assurance as to whether the financial statements are fre e of material misstatement. A review is limited primarily to inquiries of company per 'Onnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not 8Xpl"Q~g J:~.n l=mdit opinion.

Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying statement of Standalone unaudited financial results prepared in accordance with the applicable Accounting Standards and other recognized Accounting Practices and Policies has not disclosed the Information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed or that it contains any material misstatement.

For, Chandulal M Shah & Co. Charter ed FRN

Place: Ahmedabad D::1.te : 14/1112019

BhabTfl P er Membership No. F 109606 UDIN: 1~ 1o~6~h Prf}AA tv66~o

(CIN:UOOOOGJ 1997PLC0 33479 ) ( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej-Shilaj Road, Thaltej, Ahmedabad-380 059, Gujarat, India )

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

I

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED ON 30TH SEPTEMBER, 2019

				Amount In Rs. PreVIOUS
Particulars	6 Months Ended (30/09/2019)	6 Months Ended (30/09/2011!)	6 Months Ended (31/03/ 2019)	Accounting Year Ended (31/03/2019)
	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Revenue from Opera tion>	26,6 1.95,21 1	30,44.30.331	42,34,7 3,773	72,79,04, 103
------·-- Other income -	35.47, 015	48,82, 425	3,60,5 12	52,42,937
Total Revenue	26.97.42,225	30,93,12,756	42.38,34,285	73,31,47,041
Expenses
Cost of Goods ar.d Services Changes i·,:;-;-nvento ries of"	8.39.84,5 14	11 ,46,87,887	18,49,70,064	29,96,57,950
rade and in
project in progress	(1,98,10,368)	(81 ,47.390)	1,67,85,800	86,38,410
Employee benefits expenses	15.97,06. 696	13,36,25,060	1 5,02, 32,7 22	28,38,57,781
Finance Cost	88,79,211	85,73,173	38,65,825	1,24,38.998
Deprec1ation and amortisation expenses Other expenses	89,05,164 4,06,38,809	92,01 ,060 2,26,44,806	67,67,849	1,59,68,909
Total Expenses	28,23,04,027	28,05,84,596	2,49,17,420 38,75,39,680	4,75,62,226 66,81,24,274
Profit Before Tax & Extraordinary Items	(1 ,25,61 ,802)	2,87,28,160	3,62, 94,605	6,50,22,766
Extraordinary lncome/(Expense)	3,41,09,363	-
Profit Before Tax	2,15,47,561	2,87,28,160	3,62,94,605	6,50,22, 766
Tax expense
Current Tax	-	60,00,000	1,45,00,000	2,05,00,000
Earl ier Period Tax Adjustment				9,29,526
Deferred Tax	(9,94,685)	21,23,988	(11 ,94,4 62)	-
Total Tax Expenses	(9, 94,685)	81,23,988	1,33,05,538	2, 14,29,526
Profit For The Period	2,25,42,246	2,06,04,172	2,29,89,067	4,35,93,240
Details of equity share capital
Pa1d -up share cap1tal	5,5 2,05, 000	5, 52,05,000	5,52. 05. 000	5.52,05,000
Face value of equity share capital	10	10 -	10	10
Earning per Equity Share of Rs. 10 Each (Not Annuali sed)
(i) before extraordinary items
(a)Basic	-2.10	3.73	4.16	7.90
(b)Diluted	-2.10	3.73	4.16	7.90
(ii) After Extraordinary Items
(a) Basic	408	3.73	4.16	7.90
(b) Dilu ted	408	3.73	4.16	7.90

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH Managing Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financial Officer

Place : Ahmedabad Date : 14/11/2019

Chairman (DIN : 00021744)

&~~J6fJ

Comp any Secretary

(CIN:L30000GJ1997PLC033479 )

( Regd . Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej-Shilaj Road, Thaltej, Ahmedabad -380 059, Gujarat, India )

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

UN-AUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES FOR THE HALF-YEAR ENDED ON 30th SEPTEMBER, 2019

		Amount In Rs.
		As at	As at
	Particul ars	30.09.2019	31.03.2019
I	Equity and Liabilities
	1 Shareholders· Fund
	(a) Share Cap ital	5,52.05,000	5,52,05,000
	(b) Re serves and Surplus	25,88.90,216	23,96, 75,590
	2 Non Current liabilities
	(a) Long Term Borrowings	2,86,27,482	2.41 ,89,967
	(b) Deffered Tax Liabilities	11 ,02,997	20,97,682
	(c) Other Long Term Liab il ities	25,72,982	28, 18,800
	3 Current Liabilities
	(a) Short Term Borrowings	8,24,84,261	6,65, 56,588
	(b) Trade Payab les
	- Total Outstand ing Dues of Micro
	En terprises and Sma ll Enterprises		1,53,865
	- Total u utsta nd1ng Dues or creditors
	other than Micro Enterprises and Small
	Enterprises	7, 77, 19,689	11 ,76,99,724
	(c) Other Current Liabilities	1.14.43.567	1,63.35.454
	(d) Short Term Provisions	14,59,906	26,60,922
	TOTAL EQUITY AND LIABILITIES	51.95.06.100	52,73.93.592
II	ASSETS
	1 Non-Current Assets
	(a) Property Plant & Equ ipment
	(i) Ta ngible assets	8, 96,84.7 21	8,65,35,343
	(i i) Intangible assets	1,93,65,492	2,41 ,95,001
	(iii) Intangible Assets under developments	1,88,28,793	-
	(b) Non-current investments	5,07,82,378	29,71,694
	(c) Long-term loa ns and advances	31,69,804	1,82,57,460
	2 Current assets
	(a) Inventories	5.78.57.531	5.68.75,957
	(b) Trade rece iva bles	18.72,54,632	21,42,27,810
	(c) Cash and cash eq uivalents	3,45,56, 165	6,1 3,83, 7 58
	(d) Short-term loans and advances	5.60.84.437	2.95.39.918
	(e) Other Current Assets	19,22, 147	3,34.06.652
	TOTAL ASSETS	51,95,06,100	52,73,93,592

For DEV INFORMATION TECHNOLOGY LIMITED

~ ' JA ~ HAH

Managing Director (DIN : 00021 880)

HARSHIL H. SHAH Chief Financial Officer

Place : Ahmedabad Date : 14/11 / 2019

PRANAV N. PANDYA Chairman (DIN : 00021744)

g,~~} ~

Company Secreta ry

(CIN :L30000GJ1997PLC033479 )

( Regd. Office:- 14. Aaryans Corporate Park. Near Shilaj Railway Crossing, Thaltej-Shilaj Road. Thaltej, Ahmedabad-380 059, Gujarat, India )

E-m ai l id: investor@d evitpl.com w eb site: www.devitpl.com

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

Amount In Rs.
		For Th e Half Year Ended 30th September	For The Half Year Ended 30th
Particulars		2019	September 2018
		Rs
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax As Per Profit & Loss A/C		2,15,47,561		28728160
Adjustments :
Deprec iation	89,05,164		92,01,060
Dividend Income	(1.87,500)		(1,87,500)
Share of profit of assoc iate company	(96,497)		-
Profit on Sa le of Fixed Assets	(2,23.904)		-
Interest Income	(1 0, 17,979)		(16,51 ,877)
Interest Exps	88,79,21 1		85,73,173
Non cash Income	(3,41 ,09, 363)		-
Non cash Expense	40,14,553
		(1,38,36,314)		1,59,34,856
Opera ting Profit Before Working Cap1tal		77,11 ,248		4,46,63,016
Adjus ted For :
Trade Receivables.Other current Assets i)	5,67,74,188		9,54,42,437
ii) Stock	(1 ,98, 1 0,367)		(81,47,389)
iii) Trade Payable, Provisions and other Current Liabil ities	(4,51,79,994)		(11 ,33, 12, 159)
		r---------~~~~~ (82, 16, 174)		(2,60,17,11 1)
Cash Genera ted From Operations		(5,04,926)		1,86,45,905
Income Tax paid		(1,37,87,92 1)		-15436440
Net Cash From Operating Activities (A)		(1 ,42,92,847)		32,09,465
B) Cash Flow From Investing Activities :
Pu rchase Of Fixed Assets	(74,60,928)		(3,77,35,715)
Sale Of Fixed Assets	5.00.000
Purchase Of Investmen ts	(1,52.25,699)		(9,26,657)
Interest Income	10,17,979		16,51,877
Dividend Income		1,87,500 1-------,---,,-----1		1,87,500 1--------1
Net Cash Used In Investing Activi ties (B)		(2,09,81,148)		(3,68,22,995)
C) Cash Flow From Financinq Activities
Proceeds Of Borrowings	1,90,32,360		1,26,47,063
Payment Of Interest	(88,79,211 )		(85,7 3, 173)
Dividend Paid Including Distribu tion Tax	(33,27.620)	-- 1----- ---1 -
Net Cash From Financing Activities		68,25,528		40,73,890
Net Increase In Cash & Cash Equivalents (A +B+C)		(2, 84, 48,467)		(2, 95,39,640)
Opening Balance Of Cash & Cash Equ ivalents		3.77,76,693		3,59, 10,349
Clos ing Ba lance Of Cash & Cash Eq uivalents		93,28,226		63,70,709
) In Cash & Cash Equivalents t lncr ea~e/(D cr ea		(2.84,48,467)		(2,95,39,640)

For DEV INFORMATION TECHNOLOGY LIMITED

JAIMIN J. SHAH M anaging Director

rc~1880)

HARSHIL H. SHAH Chief Financial Officer

Place : Ahmedabad Dat e : 14/11/2019

Chairman (DIN : 00021744)

~~rPAT l ^ySec retary

NOTES:-

• 1. The above financial results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 14th November 2019.
• 1. The company is engaged in "Information Technology" business from where it generates its revenue. The requirement of AS-17- "Segment Reporting", is not applicable to the company as it is engaged in single business segment and no break-up of revenue is available .
• 1. The Statutory Auditors of the company have carried out "Limited Review" of the financial statements for the half year ended 301 h September 2019 as per Regulation 33 of Securities and Exchange Board of India (Listing obligation and Disclosure Requirements) Regulation, 2015.
• 1. The Company has made Investment in Dev Accelerator LLP and is a Partner having 52% Share. During the current period, new Partner is admitted on p t July,2019 in the said LLP who has agreed to bring Rs 6.56 crore as Goodwill. The Company being a Partner is entitled to receiveRs. 3.41 crore from the said amount as its share of Goodwill towards its foregoing Share. The said amount of Rs. 3.41 crore is appropriately disclosed in Extra Ordinary Income.
• 1. The Company being in software services industry is entitled to receive Services Exports from India Scheme (SEIS) incentive for export of software services and it has accordingly claimed up to last year ended 3P t March 2019. The company upon approval from Director General of Foreign Trade (DGFT) received said incentive amount. However, during the Current Year, Director of Revenue Intelligence (DRI), Ahmedabad interpreted the DGFT SEIS Scheme otherwise, under which the said Claim of the Company was submitted. Thus, there was a difference of interpretation between the two Government Authorities viz. Director General of Foreign Trade (DGFT) and Director of Revenue Intelligence (DRI). As per the direction of Director of Revenue Intelligence (DRI), the said Incentive amount was asked to pay back. Which was paid by the company without any prejudice under protest. The said aspects was also represented to Director General of Foreign Trade (DGFT) through IT Industries' apex body NASSCOM seeking issuance of clarification about eligibility of same in case of Software Industry.

The Company has reversed the SEIS incentive of Rs. 180.49 lacs which is accounted for as income for the period up to 315t March, 2019. The Company has thereafter not accounted for its claim for the SEIS incentive from 1st April 2019 onwards in its books of account till the Government stand is clarified in this regard. The matter is still pending with the Government Authorities for proper clarification of the issue. Once the same has been arrived at the company will account for the SEIS Incentive for the remaining Period from 15 t April 2019.

• 1. As per the dynamics of Government functioning, its majority of annual budgetary allocations spending are carried out mostly during last quarter of financial year, which results into substantial revenue being reali sed in the second half of th e financial year for the company.
• 1. The figures of previous period have been re-arranged/ re-grouped, wherever necessary to correspond with the figures of the current period.

For, DEV INFORMATION TECHNOLOGY liMITED.

(DIN : 00021880) "" · (DIN : 00021744)

Chief Financial Officer Company Secretary

Place: Ahm edabad Date : 14/11/2019

cf?ul{i~~J PRANAV N. PANDY~

ftwa~

Chandulal M. Shah & Co. CHARTERED ACCOUNTANTS

A/6, 6th Floor, Wing-A, Safal Profitaire, Opp. Auda Garden, Corporate Road, Prahladnagar, Ahmedabad-380052. Tel. : 079-2960 1085 • (M) 90330 34430 • E-mail : cmshah@cmshah.com • Website : www.cmshah.com Limii t:tl Kt: new Ke"@81'€

To The Board of Directors of Dev Information Technology Limited Ahmedabad

Subject: Limited Review Report of Unaudited Con~olidated Financial Results for the half year ended 30" September, 2019.

,; ···.

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dev Information Technology Limited ("the Parent") and its subsidiary (the Parent and its subsidiary together referred to as "the Group") for the half year period from 01.04.2019 to 30.09.2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure · Requirements) Regulations, 2015, as amended ..
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under

Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entity:

i. Dev Info- Tech N.A. Limited - Subsidiary Company

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition laid down in t he aforesaid Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner m which it is to be disclosed, or that it contains any material misstatement.
• G. We did not review the interim financial statements of one subsidiary included in the consolidated unaudited financial results, whose interim financial statements reflect total assets of Rs.802.93 Lakhs as at 30th September 2019 and total revenues of Rs. 928.30 Lakhs, total net profit after tax of Rs. 5.74 Lakhs for the half year ended 30" September 2019 as considered in the consolidated unaudited financial results.

For, Chandulal M Shah & Co. Ch artered ccountants FRN. 1 1698 W

ner Membership No. F 109606 UDIN: ,1~"161b~IP. s-6L,,t

Place: Ahmedabad Date : 14/11/2019

(CIN:UOOOOGJ1997PLC033479)

( Regd . Office:- 14, Aaryans Corporate Park, Near Shilaj Rai lway Crossing. Thaltej-Shilaj Road, Thaltej , Ahmedabad - 380 059, Gujarat, India)

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

I

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

Particulars	6 Months Ended (30/09/2019) (Unaudited)	6 Months Ended (30/09/2018) (Unaudited)	6 Months Ended (31/03/2019) (audited)	Previous Accounting Year Ended (31/03/2019) (Audited)
Revenue from Operations	27,77,80,581	52,53,80,084	25.08.79.203	77.62.59.287
Other income	35,47,015	51, 53, 385	4, 13, 185	55,66,570
Total Revenue	28, 13, 27, 595	53,05,33,469	25, 12, 92, 388	78, 18, 25, 857
Expenses
Cost of Goods and Services	8,39,37,424	31,36,26,968	20.89.957	31,57,16,925
Changes in inventories of stock-in-trade and
project in progress	(1,98,10,368)	(81, 47, 390)	1,67,85,800	86,38,410
Employee benefits expenses	15,97,06,696	13,84,02,968	14,56,97,239	28,41,00,207
Finance Cost	91,34,462	1,01,50,411	52,35,505	1,53,85,916
Depreciation and amortisation expenses	89.05.164	89,58,960	89,08,652	1,78,67,612
Other expenses	5.14.41.733	4,09,01,176	3.15.67.308	7,24,68,484
Total Expenses	29, 33, 15, 111	50,38,93,093	21,02,84,461	71,41,77,554
Profit Before Tax & Extraordinary Items	(1, 19, 87, 516)	2,66,40,376	4,10,07,928	6,76,48,303
Extraordinary Income/(Expense)	3,41,09,363
Profit Before Tax	2,21,21,847	2,66,40,376	4,10,07,928	6,76,48,303
Tax expense
Current Tax	$\omega$	87,07,187	1,38,42,813	2,25,50,000
Earlier Period Tax Adjustment			12.88.274	12,88,274
Deferred Tax	(9, 94, 685)	21,23,988	(21, 19, 181)	4,807
Total Tax Expenses	(9.94.685)	1,08,31,175	1,30,11,906	2,38,43,081
Profit For The Period	2,31,16,532	1,58,09,200	2,79,96,022	4,38,05,222
Profit/(Loss) attributable to:
- Owners of the company	2,29,69,630	1,56,97,348	2,80,13,020	4,37,10,368
- Minority Interests	1,46,902	1,11,852	(16.998)	94.854
Details of equity share capital
Paid-up share capital	5,52,05,000	5,52,05,000	5,52,05,000	5,52,05,000
Face value of equity share capital	10	10	10	10
Earning per Equity Share of Rs.10 Each (Not
Annualised)
(i) before extraordinary items
$(a)$ Basic	$-1.99$	2.86	5.07	7.94
(b)Diluted	$-1.99$	2.86	5.07	7.94
(ii) After Extraordinary Items
(a) Basic	4.19	2.86	5.07	7.94
(b) Diluted	4.19	2.86	5.07	7.94

·---- · For DEV INFORM /\ riON TECHNOLOGY LIMITED

' ..

J/\IM Man ~~ ilging Director (DIN : 00021880)

HARSHIL H. SHAH Chief Financia l Officer

t'lact! : Ahmedabad Date : 1'1/ 11 /2019

~~~ 21744)

(DIN : 000

(CIN:L30000GJ1997PLC033479 )

( Regd. Office:- 14, Aaryans Corporate Park. Near Shilaj Railway Crossing. Thaltej-Shi laj Road, Th altej, Ahmedabad - 380 059, Gujarat, India )

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

UN -AUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES FOR THE HALF-YEAR ENDED ON 30th SEPTEMBER. 2019

			Amount in Rs.
		As at	As at
	Particulars	30.09.2019	31.03.2019
I	Equity and Liabilities
	1 Shareholders' Fund
	(a) Share Capital	5.52.05.000	5.52.05,000
	(b) Reserves and Surplus	26.57.96.306	24J7.S7.119
	(c) Minority Interest	25.1 8. 1~1	17,65,031
	2 Non Current liabi lities
	(a) Long Term Borrowings	2.90.82.640	3.88.79 ~03
	(b) Deffered Tax Liabilities	11 ,02.997	2~.56.948
	(c) Other Long Term Liabilities	25.72.982	28,18,800
	3 Current Liabilities
	(a) Short Term Borrowings	8,25,65,829	6,65,56,588
	(b) Trade Payables
	· Total Outstanding Dues of Micro
	Enterprises and Small Enterprises		1,53.865
	· Total Outstanding Dues of Creditors
	other than Micro Enterprises and Sma ll
	Enterprises	7. 91 .05.409	11 .61 .08.683
	(C) Ot her Current Liabilities	1,16.06,478	3.1 4,67,008
	(d) Short Term Provisions	14.59.906	28,76,434
-·	TOTAL EQUITY AND LIABILITIES	53. 10.15.687	56,20,44,879
II	ASSETS
	1 Non-Current Assets
	(a) Property Plant & Equipment
	(i) Tanqible assets	8.96,84,72 1	11 ,49,68,3 57
	(ii) Intangible assets	1,93.65.492	2.42.69,665
	(ii) Intangible under developments	1 ,88.28.793.00	1.2 1,833
	(b) goodwill on consolidations	23.301	35.876
	(c) Non-current investments	5.03.30.582	23,27,975
	(d) Lonstlerm loans and advances	53.97.481	1,48,77,681
	(e) Other Non Cu rrent Assets	26.35. 196	25,57,908
	2 Current assets
	(a) Inventories	5,78,57,531	5,68,75,957
	(b) Trade receivables	16,81,72,250	19,61 ,61 ,603
	(c) Cash and cash equivalents	5,58,62,796	7,77,43,411
	(d) Short-term loans and advances	5.69.35.961	3.44.18.147
	(e) Other Current Assets	59,21,582	3.76.86,467
	TOTAL ASSETS	53,10,15,687	56,20.44.879

For DEV INFORMATION TECHNOLOGY LIMITED

Managing Director

HARSHIL H. SHAH Chief Financial Officer

Place : Ahmcdobad Date : 14/ 11/2019

CZ:f! ;rv

Chairman (DIN : 00021744)

(CIN:l30000GJ1997PLC033479)

( Regd. Office:- 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej-Shilaj Road, Thaltej, Ahmedabad-380 059, Gujarat, India )

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

CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2019

				Amount in Rs.
Particulars	6 Months Ended (30/09/2019)		6 Months Ended (30/09/2018)
	(Unaudited)		(Unaudited)
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax As Per Profit & Loss A/(		2,21,21,847		2,66,40,376
Adjustments :
Depreciation	89.05,164		1,01,50,4 11
Dividend Income	(1,87,500)		(1,87,500)
Interest Income	(1 0,17,979)		(16,51,877)
Interest Exps	91 ,34,462		89,58,960
Profit from Investment	(96,497)		- -
Non Cash Income	(3,41 ,09,363) 40,14,553		-
Non Cash Expense Profit/Loss on Sale of Fixed Assets And Investments	(2.23.904)		-
		(1,35,81,063)		1.72.69,994
Operating Profit Before Working Capital		85,40,784		4,39,10,370
Adjusted For :
Trade Receivables & Other Loans & Advances i)	8.74,96,569		3.72,90,295
ii) Stock	(1,98,1 0,367)		(81.47,389)
iii) Trade Payable and Other Liabil ity & Provisions	(5, 73,06,883)	1,03.79.3 19	(3,1 1,40,364)	(19,97,458)
Income Tax Paid		(1 ,37,87,921)		(1,81 ,43,627)
Cash Generated From Operations		51,32,182		2,37,69,285
Net Cash From Operating Activities (A)		51,3 2,182		2,37,69,285
B) Cash Flow From Investing Activities :
Purchase Of Fixed Assets	(74,60,928)		(5.90,21 ,544)
Sale of Fixed Assets	5,00,000		-
Purchase of Investments	(1 .52.95.789)		(15,23, 785)
Interest Income	10,17,979		16,51,877
Dividend Income	1,87,500		1,87,500
Net Cash Used In Investing Activities (B)		(2,10,51,238)		(5,87,05,952)
Cl Cash Flow From Financina Activities
Proceeds Of Borrowings	48,79,649		2,83,77.33 1
Payment Of Interest	(9 1,34,462)		(89,58,960)
Dividend Paid Including Distribution Tax	(33,27,6 19)		-
Net Cash From Financing Activities		(75,82,432)		1,94,18,371
Net Increa se In Cash & Cash Equivalents (A+ B+C)		(2.35,01 ,489)		(1,55,18,296)
Opening Balance Of Cash & Cash Equ1valents		5,41, 36,346		4,92.78,446
Closi ng Ba lance Of Cash & Cash Equivalents		3,06,34,856		3,37,60,150
Net lncrease/(Decrease) In Cash & Cash Equivalents		(2.35.0 1.490)		(1,55,18,296)

For DEV INFORMATION TECHNOLOGY LIMITED

;1

JAIMIN J. SHAH Managing Director

Chief I&~[~~" Financial Officer

Place : Ahmedabad Date : 14/11 /2019

(Por,~

PRANAV N. PANDYA Chairman (DIN : 00021744)

Com 8.~~~~ecret ~ ary

NOTES:-

• 1. The above financial results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 14^{1 h}November 2019.
• 1. The company is engaged in "Information Technology" business from where it generates its revenue . The requirement of AS-17- "Segment Reporting", is not applicable to the company as it is engaged in single business segment and no break-up of revenue is available.
• 1. Th e Statutory Auditors of th e company have carried out ''Limited Review" of the financial statements for th e half year ended 30^{1 h}September 2019 as per Regulation 33 of Securities and Exchange Board of India (Li sting obligation and Disclosure Requirements) Regulation, 2015.
• 1. The Company has made Investment in Dev Accelerator LLP and is a Partner having 52% Share. During the current period, new Partner is admitted on P ¹July,2019 in the said LLP who has agreed to bring Rs 6.56 crore as Goodwill. The Company being a Partner is entitled to receiveRs. 3.41 crore from the said amount as its share of Goodwill towards its foregoing Share. The said amount of Rs . 3.41 crore is appropriately disclosed in Extra Ordinary Income.
• 1. The Company being in software services industry is entitled to receive Services Exports from India Scheme (SEIS) incentive for export of software services and it has accordingly claimed up to last year ended 3P¹March 2019. The company upon approval from Director General of Foreign Trade (DGFT) received said incentive amount. However, during the Current Year, Director of Revenue Intelligence (DRIL Ahmedabad interpreted the DGFT SEIS Scheme otherwise, under which the said Claim of the Company was submitted. Thus, there was a difference of interpretation between the two Government Authorities viz. Director General of Foreign Trade (DGFT) and Director of Revenue Intelligence (DRI). As per the direction of Director of Revenue Intelligence (DRI), the sa id Incentive amount was asked to pay back. Which was paid by the company without any prejudice under protest. The said aspects was also represented to Director General of Foreign Trade (DGFT) through IT Industries' apex body NASSCOM seeking issuance of clarification about eligibility of same in case of Software Industry.

The Company has reversed the SEIS incentive of Rs. 180.49 lacs which is accounted for as income for the period up to 31st March, 2019. The Company has thereafter not accounted for its claim for the SEIS incentive from P¹April 2019 onwards in its books of account till the Government stand is clarified in this regard . The matter is still pending with the Government Authorities for proper clarification of the issue. Once the same has been arrived at the company will account for the SEIS Incentive for the remaining Period from P ¹April 2019.

• 1. As per the dynamics of Government functioning, its majority of annual budgetary allocations spending are carried out mostly during last quarter of financial year, which results into substantial revenue being realised in the second half of the financial year for the company.
• 1. The figures of previous period have been re-arranged/ re-grouped, wherever necessary to correspond with the figures of the current period.

JAIMIN J. SHAH (DIN : 00021880) Managing Director

HARSHIL H. SHAH Chief Financial Officer

Place: Ahmedabad Date: 14/11/2019

(;?rJlJZA~

PRANAV N. PANDY'A (DIN : 00021744) Chairman