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DEV INFORMATION TECHNOLOGY LIMITED Interim / Quarterly Report 2021
59295_rns_2020-11-13_f21e6543-e4ff-452a-b6c1-1d6f31953e5d.pdf
Interim / Quarterly Report
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Dev Information Technology Limited Reg. Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej‐Shilaj Road, Thaltej, Ahmedabad‐380 059. (INDIA) Phone: +91‐94298 99852 / 53
www.devitpl.com | [email protected]
Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479
To, The Manager‐Listing Department, The National Stock Exchange of India Limited, Exchange Plaza, Plot No. C/1, G‐Block, Bandra Kurla complex, Bandra East, Mumbai‐400 051
Trading Symbol: DEVIT (Series: SM)
Subject: Outcome of the Board Meeting held on Friday, 13th November, 2020: Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015
Dear Sir/Mam,
With reference to the captioned subject, we would like to inform you that the Board of Directors of Dev Information Technology Limited (the "Company") in its Meeting held on Friday, 13th November, 2020 at 5:00 P.M. through audio‐video conference mode, 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, 2020 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/.
The board Meeting concluded at 05:30 P.M.
Kindly take this information on your records.
Thanking you,
On behalf of Board of Directors DEV INFORMATION TECHNOLOGY LIMITED
KRISA RUPALKUMA R PATEL
Digitally signed by KRISA RUPALKUMAR PATEL DN: c=IN, o=Personal, postalCode=380052, st=Gujarat, 2.5.4.20=d1c0aba8e31c18d21102a1dc7b6f28e828 4d9736481ffbf9aac932a2e380bf46, serialNumber=0d148fb642ad1a5177d6ac789f641c e2a46a0172b9661a7716658794938a1af0, cn=KRISA RUPALKUMAR PATEL Date: 2020.11.13 17:31:14 +05'30'
Krisa Patel Company Secretary & Compliance Officer Place: Ahmedabad Date: 13th November, 2020
Limited Review Report
Independent Auditor's Review Report on the Half Yearly Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of
Dev Information Technology Limited
Ahmedabad
-
- We have reviewed the accompanying statement of unaudited Standalone financial results of Dev Information Technology Limited or the half year period from 01.04.2020 to 30.09.2020.
-
- This statement is the responsibility of the Company's Management and has been approved by the Board of Directors 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. Our responsibility is to issue a Report on these financial statements based on our review.
-
- We conducted our review of the Standalone 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 Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statementsare free of material misstatement. A review is limited primarily to inquiries of company personnel 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 express an audit 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 Standardsand 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.
-
- We draw attention to note no. 5 of the unaudited standalone financial results, with regard to impact of COVID -19 Pandemic on the operations of the company on the financial results. However, the assessment of impact of COVID-19 is a continuing process, given the uncertainties associated with its nature and duration. The company will continue to monitor any material changes to future economic condition. Our opinion is not modified in respect of this matter
For RINKESH SHAH & Co. Chartered Accountants FRN 129690W
CA RINKESH SHAH Partner M.No. 131783 UDIN: 20131783AAAABL2683
Date: November 13, 2020
Place: Ahmedabad
| (Regd. Office:- 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING, THALTEJ AHMEDABAD, GUJARAT)E-mail id: [email protected] | (CIN:L30000GJ1997PLC033479) | website:www.devitpl.com | |||
|---|---|---|---|---|---|
| Standalone Un-audited Financial Results for the half year Ended on 30/09/2020 | |||||
| (Amount in Rs.) | |||||
| Particulars | 6 months ended | Year ended | |||
| 30-09-2020 | 31-03-2020 | 30-09-2019 | 31-03-2020 | ||
| (Refer Notes Below) | (Un-Audited) | (Audited) | (Un-Audited) | (Audited) | |
| 1 Revenue from Operations | |||||
| Sales/Income from operations | 37,86,81,372 | 39,51,32,007 | 26,61,95,211 | 66,13,27,218 | |
| Other income | 36,14,218 | 56,90,041 | 35,47,015 | 92,37,056 | |
| Total income from operations | 38,22,95,589 | 40,08,22,049 | 26,97,42,225 | 67,05,64,274 | |
| 2 Expenses | |||||
| (a) Cost of Goods & Services | 16,68,14,623 | 18,40,97,595 | 8,39,84,415 | 26,80,82,108 | |
| (b) Changes in inventories of Stock-in-Trade & Project in Progress | 2,33,03,449 | 34,97,813 | (1,98,10,368) | (1,63,12,554) | |
| (c) Employee benefits expense | 15,71,79,795 | 15,86,76,898 | 15,97,06,696 | 31,83,83,594 | |
| (d)Finance Cost | 50,98,946 | 43,90,175 | 88,79,211 | 1,32,69,386 | |
| (e)Depreciation and amortisation expense | 98,82,260 | 1,14,18,412 | 89,05,164 | 2,03,23,576 | |
| (f)Other expenses(Any item exceeding 10% of the total expenses relating tocontinuing operations to be shown separately) | 1,68,84,914 | 78,85,789 | 4,06,38,809 | 4,85,24,598 | |
| Total Expenses | 37,91,63,986 | 36,99,66,683 | 28,23,03,927 | 65,22,70,710 | |
| 3 Profit / (Loss) before exceptional, extra ordinary items and tax (1-2) | 31,31,603 | 3,08,55,366 | (1, 25, 61, 702) | 1,82,93,564 | |
| 4 Exceptional Items | (1,83,21,490) | 3,41,09,363 | 1,57,87,873 | ||
| 5 Profit / (Loss) before extra ordinary items and tax (3-4) | 31,31,603 | 1,25,33,876 | 2,15,47,661 | 3,40,81,437 | |
| 6 Extra Ordinary Items | |||||
| 7 Profit / (Loss) from ordinary activities before tax | 31,31,603 | 1,25,33,876 | 2,15,47,661 | 3,40,81,437 | |
| 8 Tax expense | |||||
| Current Tax | 27,36,480 | 27,36,480 | |||
| Less: MAT Credit utilised | 15,10,000 | (11, 53, 964) | (9,94,685) | (21, 48, 649) | |
| Deferred Tax [Assets/(Liabilities)] | (1, 20, 448) | (7,81,588) | (7, 81, 588) | ||
| Total Tax Expenses | 13,89,552 | 8,00,928 | (9,94,685) | (1,93,757) | |
| 9 Profit / (Loss) from ordinary activities after tax | 17,42,049 | 1,17,32,948 | 2,25,42,346 | 3,42,75,194 | |
| 10 Details of equity share capital | |||||
| Paid-up share capital Fv @ Rs. 10 each | 5,52,05,000 | 5,52,05,000 | 5,52,05,000 | 5,52,05,000 | |
| 11 Earning per Equity Shareof Rs.10 Each (Not Annualised) | |||||
| (a)Basic | 0.32 | 2.13 | 4.08 | 6.21 | |
| (b)Diluted |
Date: 13/11/2020Place: Ahmedabad
For DEV INFORMATION TECHNOLOGY LTD.
INITIALED FOR IDENTIFICATION RINKESH SHAH & CO.
96 JAMIN J. SHAHManaging Director(DIN : 00021880)
PRANAV PANDYA Chairman (DIN : 00021744)
$\overline{6n}$ SO (Ahmedabad $\frac{1}{20}$
n fio (Ahmedabad $\tilde{\circ}$ $\star$
| (Amount in Rs.) | ||
|---|---|---|
| Standalone Statement of Assets and Liabilities | As at | Year ended on |
| Particulars | 30.09.2020 | 31.03.2020 |
| Un-Audited | Audited | |
| Equity and Liabilities | ||
| 1 Shareholders' Fund | ||
| (a) Share Capital | 5,52,05,000 | 5,52,05,000 |
| (b) Reserves and Surplus | 27, 23, 65, 212 | 27,06,23,163 |
| Sub Total-Share Holders Fund | 32,75,70,212 | 32,58,28,163 |
| 2 Non Current liabilities | ||
| (a) Long Term Borrowings | 2,32,29,375 | 1,64,78,965 |
| (b) Other Long Term Liabilities | 37,61,492 | 42,67,616 |
| (c) Long term provisions | 9,84,339 | 9,84,339 |
| Sub-Total-Non Current Liabilities | 2,79,75,206 | 2,17,30,920 |
| 3 Current Liabilities | ||
| (a) Short Term Borrowings | 6,73,72,022 | 8,45,81,319 |
| (b) Trade Payables | ||
| (i) Total outstanding dues to Micro, Small & Medium Enterprise | 1,13,192 | |
| (ii) Total outstanding dues to other than Micro, Small & Medium Enterprise | 10,74,19,656 | 10,32,85,540 |
| (c) Other Current Liabilities | 3,75,87,533 | 4,00,30,302 |
| (d) Short Term Provisions | 53,31,621 | 54, 31, 621 |
| Sub-Total Current Liabilities | 21,77,10,831 | 23, 34, 41, 974 |
| TOTAL EQUITY AND LIABILITIES | 57,32,56,250 | 58,10,01,058 |
| ASSETS | ||
| 1 Non-Current Assets | ||
| (a) Fixed Assets(i) | 8,25,53,089 | 8,38,69,820 |
| (i) Tangible assets | 2,96,14,368 | 3,47,70,858 |
| (ii) Intangible assets | 17,55,074 | 17,55,074 |
| (iii) Intangible assets under development or work-in-progressTotal fixed assets | 11,39,22,531 | 12,03,95,752 |
| (b) Non-current investments | 27,76,936 | 5,09,36,370 |
| (c) Deferred Tax Asset | 1,71,415 | 50,967 |
| (c) Long-term loans and advances | 2,77,16,870 | 2,76,91,102 |
| Total non-current assets | 3,06,65,221 | 7,86,78,439 |
| 2 Current assets | ||
| (a) Inventories | 3,36,46,972 | 5,69,50,421 |
| (b)Trade receivables | 27,87,27,560 | 23,02,60,026 |
| (c) Cash and cash equivalents | 3,31,44,555 | 6,06,64,481 |
| (d) Short-term loans and advances$\hat{\mathbf{r}}$ | 8,05,10,022 | 3,14,45,079 |
| (e)Other current assets | 26,39,388 | 26,06,860 |
| Sub-Total-Current Assets | 42,86,68,498 | 38,19,26,867 |
| TOTAL ASSETS | 57,32,56,250 | 58,10,01,058 |
Date: 13/11/2020Place: Ahmedabad
INITIALED FOR IDENTIFICATION EYEinbeshshoh 200.RINKESH SHAH & CO.
For DEV INFORMATION TECHNOLOGY LTD.
JAIMIN J. SHAHManaging Director $(DIN: 00021880)$
OV Clane PRANAV PANDYA $Chairman$ $(DIN: 00021744)$
on Te (Ahmedabad) õ
| (Amount in Rs.) | |||
|---|---|---|---|
| Statement of Cashflow | Half Year ended | Year ended | |
| Particulars | 30.09.2020 | 31.03.2020 | |
| Un-Audited | Audited | ||
| $\boldsymbol{A}$ | Cash Flow From Operating Activities | 17,42,049 | 3,40,81,437 |
| Net Profit after tax as per Profit & Loss A/c | |||
| Adjustments: | |||
| Depreciation and amortization | 98,82,261 | 2,03,23,576 | |
| Dividend Income | (1, 87, 500) | ||
| Share of profit of associate company | (1,04,000) | (2,50,488) | |
| Profit on Sale of Fixed Assets | (2, 23, 904) | ||
| Interest Income | (35,09,913) | (34, 84, 967) | |
| Interest Exps | 50,98,946 | 1,32,69,386 | |
| Provision for Bad Debt Exp | 5,63,408 | 13,92,129 | |
| Other Non - Cash Items | 5,11,63,434 | ||
| Foreign Exchange Effects Gain/Loss | 17,58,044 | (43, 61, 868) | |
| Operating Profit before working capital | 6,65,94,229 | 6,05,57,802 | |
| Adjusted for: | |||
| i) Trade Receivables, Loans & Advances & Other Current Assets | (10, 43, 51, 801) | 1,57,27,674 | |
| ii) Stock | 2,33,03,449 | (74, 464) | |
| iii) Trade Payable & Liabilities | 28,05,304 | 1,35,70,513 | |
| Cash generated from operations | |||
| Extraordinary Income | |||
| Direct Tax Paid | (5,54,419) | (1, 37, 45, 170) | |
| Extra Ordinary Item | |||
| Net Cash from Operating Activities (A) | (1, 22, 03, 238) | 7,60,36,354 | |
| B | Cash Flow from Investing Activities: | ||
| Purchase of Fixed Assets | (34,09,040) | (3,02,24,778) | |
| Sale of Fixed Assets | 4,59,697 | ||
| Purchase/Sale of Investments | (4, 77, 14, 188) | ||
| Interest Income | 35,09,913 | 34,84,967 | |
| Dividend Income | 1,87,500 | ||
| Net Cash used in Investing Activities (B) | 1,00,873 | (7, 38, 06, 802) | |
| $\overline{C}$ | Cash Flow from Financing Activities | ||
| Proceeds from/(Repayment) of Long Term Borrowings (Net) | (1, 22, 92, 161) | 1,11,57,812 | |
| Interest Paid | (50, 98, 946) | (1, 32, 69, 386) | |
| Dividend paid including distribution tax | (33, 27, 620) | ||
| Net Cash from financing Activities (C) | (1,73,91,107) | (54, 39, 194) | |
| Net Increase in cash & cash equivalents (A+B+C) | (2, 94, 93, 472) | (32,09,642) | |
| Opening Balance of Cash & Cash equivalents | 3,45,67,051 | 3,77,76,693 | |
| Closing Balance of Cash & Cash equivalents | 50,73,579 | 3,45,67,051 | |
| Net Increase/(Decrease) in cash & cash equivalents | (2, 94, 93, 473) | (32,09,642) | |
| 01.04.2020-30.09.2020 | 2019-20 | ||
| Recociliation of Cash & Cash Equivalent | |||
| Closing Balance Of Cash & Bank Balance as per Cashflow Statement | 50,73,579 | 3,45,67,051 | |
| Add: | |||
| Balance In Fixed deposits ** More than 12 months | 2,80,70,977 | 2,60,97,430 | |
| Closing Balance Of Cash & Bank Balance as per Balance Sheet | 3,31,44,555 | 6,06,64,481 |
Date: 13/11/2020 Place: Ahmedabad
MITIALED FOR IDENTIFICATION
For DEV INFORMATION TECHNOLOGY LTD.
$\sqrt{2}$
JAIMIN J. SHAHManaging Director $(DIN: 00021880)$
Пo Ahmedabad $\frac{1}{2}$
Jame $\Lambda$ Y PRANAV PANDYA Chairman $(DIN: 00021744)$
(Ahmedabad) Ġ $\pm$
Notes to Unaudited Standalone Financial Results 30.09.2020
- The above unaudited standalone Financial Results were reviewed by the Audit $1.$ Committee and thereafter approved by the Board of Directors in their respective meetings held on 13/11/2020.
- $2.$ The unaudited standalone financial results have been prepared in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP)as IND AS is not currently applicable to the Company.
- The company is primarily engaged in "IT & IT enable Services" business. The $3.$ 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.
- The previous year figures have been regrouped/rearranged wherever necessary 4. to make them comparable with the current period figures.
- In view of the unprecedented COVID-19 pandemic, the management has made a 5. detailed assessment of its liquidity position for the next one year and recoverability of Property, Plant and Equipment, Investments, 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 impact of the global health pandemic may be different from that estimated at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions.
-
- As per dynamics of Government functioning, its majority of annual budgetary allocations spending are carried out during last quarter of financial year, which results into higher revenue being realised in the second half of the financial year for the company.
- $7.$ During the year the company's associate concern M/s Dev Accelerator LLP (Dev X) is converted into private limited company i.e. Dev Accelerator Private Limited( the company) with effect from 29th August 2020 the company continues to hold 42.64 % shareholding in the said company. The total investment in the said LLP of Rs.4,83,06,074 has resulted into investment in share capital of Rs.42,640 in the company and the balance amount of
Rs. 4,82,63,434 shown as Loans to the company.
- In pursuance of the MCA's General Circular No. 28/2020 dated 17th August, 8. 2020 the company has been permitted to hold Annual General Meeting to approve the accounts for the financial year 2019-20 by the shareholders on or before 31.12.2020. The said accounts are audited by the statutory auditors and approved by the Audit Committee and the board of directors of the company in their respective meetings held on 30th July 2020. The Annual General meeting is scheduled to be held on 15th December, 2020
- Tax expenses include current tax and deferred tax. 9.
- Cash flow for the year ended 30thSeptember, 2020 is attached herewith. 10.
For DEV INFORMATION TECHNOLOGY LIMITED
JAIMIN J. SHAH Managing Director (DIN: 00021880)
Ahmedabad
Chairman $(DIN: 00021744)$
Ahmedabad ō
Limited Review Report
Independent Auditor's Review Report on the Half Yearly Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of Dev Information Technology Limited Ahmedabad
-
- 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 01.04.2020 to 30.09.2020 ("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.
-
- 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.
-
- We conducted our review of the Consolidated Financial Statements 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. . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. 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.
- The Statement includes the results of the following entity: $\mathbf{4}$
- i. Dev Info- Tech N.A. Limited - Subsidiary Company
- Dev Accelerator Private Limited Associate Company ii.
-
- 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
Page 1 of 2
our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition laid down in the 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 in which it is to be disclosed, or that it contains any material misstatement.
- We did not review the interim financial statements of one subsidiary and one associate included in the 6. consolidated unaudited financial results, whose interim financial statements reflect total assets of Rs.551.71 Lakhs as at 30th September 2020 and total revenues of Rs.878.15 Lakhs, total net profit after tax of Rs. 69.52 Lakhs and share of profit from such associate of Rs.0.34 Lakhs respectively for the half year ended 30th September 2020 as considered in the consolidated unaudited financial results.
-
- Attention is also drawn to Note No. 5 of accompanying consolidated financial results, with regard to impact on operations of the company due to COVID 19 pandemic outbreak and lockdown which is dependent on future developments, which are uncertain.
For RINKESH SHAH & Co. Chartered Accountants FRN 129690W
CA RINKESH SHAH
Partner
M.No. 131783 UDIN: 20131783AAAABM3011
Our opinion is not modified in respect of this matter.
Date: November 13, 2020
Place: Ahmedabad
Page 2 of 2
| (Amount in Rs.) | ||
|---|---|---|
| Statement of Assets and Liabilities | As at | Year ended on |
| Particulars | 30.09.2020 | 31.03.2020 |
| Un-Audited | Audited | |
| Equity and Liabilities | ||
| 1 Shareholders' Fund | ||
| (a) Share Capital | 5,52,05,000 | 5,52,05,000 |
| (b) Reserves and Surplus | 28,45,58,808 | 27,75,80,551 |
| (c) Minority Interest | 43,34,707 | 25,28,010 |
| Sub Total-Share Holders Fund | 34,40,98,515 | 33,53,13,560 |
| 2 Non Current liabilities | ||
| (a) Long Term Borrowings | 2,36,98,339 | 1,69,32,336 |
| (b) Deffered Tax Liabilities | ||
| (c) Other Long Term Liabilities | 37,61,492 | 42,67,616 |
| (d) Long term provisions | 9,84,339 | 9,84,339 |
| Sub-Total-Non Current Liabilities | 2,84,44,170 | 2,21,84,291 |
| 3 Current Liabilities | ||
| (a) Short Term Borrowings | 6,95,87,694 | 8,45,81,320 |
| (b) Trade Payables | ||
| (i) Total outstanding dues to Micro, Small & Medium Enterprise | 1,13,192 | |
| (ii) Total outstanding dues to other than Micro, Small & Medium Enterprise | 8,99,24,397 | 9,30,81,000 |
| (c) Other Current Liabilities | 3,76,35,060 | 4,00,35,783 |
| (d) Short Term Provisions | 53,31,621 | 54,31,621 |
| Sub-Total Current Liabilities | 20, 24, 78, 773 | 22,32,42,915 |
| TOTAL EQUITY AND LIABILITIES | 57,50,21,458 | 58,07,40,766 |
| ASSETS1 Non-Current Assets | ||
| (a) Fixed Assets | ||
| (i) Tangible assets | 8,27,11,718 | 8,40,23,569 |
| (ii) Intangible assets | 2,96,14,368 | 3,47,70,858 |
| (iii)Intangible assets under development or work-in-progress | 17,55,074 | 17,55,074 |
| Total fixed assets | 11,40,81,160 | 12,05,49,501 |
| (b) Non-current investments | 23,59,550 | 5,04,84,574 |
| (c) Deferred Tax Assets | 1,71,415 | 50,967 |
| (c) Long-term loans and advances | 3,03,21,042 | 3,02,08,684 |
| (d) Other non-current assets | 27,88,312 | 26,95,600 |
| Total non-current assets | 3,56,40,320 | 8,34,39,825 |
| 2 Current assets | ||
| (a) Inventories | 3,36,46,972 | 5,69,50,421 |
| (b)Trade receivables | 26,30,19,850 | 21,62,54,119 |
| (c) Cash and cash equivalents | 3,97,46,104 | 6,35,39,020 |
| (d) Short-term loans and advances | 8,21,11,515 | 3,34,02,398 |
| (e)Other current assets | 67,75,538 | 66,05,481 |
| Sub-Total-Current Assets | 42,52,99,978 | 37,67,51,439 |
| TOTAL ASSETS | 57,50,21,458 | 58,07,40,766 |
Date: 13/11/2020 Place: Ahmedabad
$\sqrt{2}$
WITIALED FOR IDENTIFICATION
For DEWINFORMATION TECHNOLOGY LTD.
JAIMINJ. SHAH Managing Director(DIN: 00021880)
on Te
(Ahmedabad
大
-N. Gemby PRANAV PANDYA Chairman $(DIN: 00021744)$
DEV INFORMATION TECHNOLOGY LIMITED (CIN:L30000GJ1997PLC033479)
(Regd. Office:- 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING, THALTEJ AHMEDABAD, GUJARAT) E-mail id: [email protected] website:www.devitpl.com
| Consolidated Un-audited Financial Results for the half year Ended on 30/09/2020 | ||||
|---|---|---|---|---|
| (Amount in Rs.) | ||||
| Particulars | 6 months ended | Year ended | ||
| 30-09-2020 | 31-03-2020 | 30-09-2019 | 31-03-2020 | |
| (Refer Notes Below) | (Un-Audited) | (Audited) | (Un-Audited) | (Audited) |
| 1 Revenue from Operations | ||||
| Sales/Income from operations | 38,68,12,264 | 40,76,41,862 | 27,77,80,581 | 68,54,22,443 |
| Other income | 37,81,011 | 50.15.207 | 35,47,015 | 85.62.222 |
| Total income from operations | 39,05,93,275 | 41,26,57,069 | 28,13,27,595 | 69,39,84,665 |
| 2 Expenses | ||||
| (a) Cost of Goods & Services | 16,89,42,764 | 18,32,61,297 | 8,39,37,424 | 26,71,98,721 |
| (b) Changes in inventories of Stock-in-Trade & Project in Progress | 2,33,03,449 | 34,97,813 | (1,98,10,368) | (1,63,12,554) |
| (c) Employee benefits expense | 15,76,69,446 | 16,65,94,204 | 15,97,06,696 | 32,63,00,900 |
| (d)Finance Cost | 55,88,245 | 49,48,655 | 91,34,462 | 1,40,83,117 |
| (e)Depreciation and amortisation expense | 98,82,260 | 1,14,45,114 | 89,05,164 | 2,03,50,278 |
| (f)Other expenses(Any item exceeding 10% of the total expenses relating tocontinuing operations to be shown separately) | 1,51,23,546 | 89,70,857 | 5, 14, 41, 733 | 6,04,12,590 |
| Total Expenses | 38,05,09,711 | 37,87,17,939 | 29, 33, 15, 111 | 67,20,33,054 |
| Profit / (Loss) before Share of profit/(loss) of an associates exceptional,$3$ extra ordinary items and tax $(1-2)$ | 1,00,83,564 | 3,39,39,130 | (1, 19, 87, 516) | 2,19,51,614 |
| 4 Share of profit/(loss) of an associates | 34.410 | |||
| 5 Exceptional Items | (1,83,21,490) | 3,41,09,363 | 1,57,87,873 | |
| 6 Profit / (Loss) before extra ordinary items and tax (3-4) | 1,01,17,974 | 1,56,17,640 | 2,21,21,847 | 3,77,39,487 |
| 7 Extra Ordinary Items | ||||
| 8 Profit / (Loss) from ordinary activities before tax | 1,01,17,975 | 1,56,17,640 | 2,21,21,847 | 3,77,39,487 |
| 9 Tax expenseCurrent Tax | ||||
| 15,10,000 | 27,36,480 | 27,36,480 | ||
| Less: MAT Credit utilised | (11, 53, 964) | (9,94,685) | (21, 48, 649) | |
| Deferred Tax [Assets/(Liabilities)] | (1, 20, 448) | (7, 81, 588) | (7, 81, 588) | |
| Total Tax Expenses | 13,89,552 | 8,00,928 | (9, 94, 685) | (1,93,757) |
| 10 Profit / (Loss) from ordinary activities after tax11 Profit/ (Loss) attributable to: | 87,28,423 | 1,48,16,712 | 2,31,16,532 | 3,79,33,244 |
| Owners of the company | 69,50,112 | 1,40,27,885 | 2,29,69,630 | 3,69,97,515 |
| Minority Interests | 17,78,311 | 7,88,827 | 1,46,902 | 9,35,729 |
| 12 Details of equity share capital | ||||
| Paid-up share capital Fv @ 10 Rs. Per share | 5,52,05,000 | 5,52,05,000 | 5,52,05,000 | 5,52,05,000 |
| 13 Earning per Equity Shareof Rs.10 Each (Not Annualised) | 1.26 | 2.54 | 4.16 | 6.70 |
| (a) Basic | 1.26 | 2.54 | 4.16 | 6.70 |
| (b) Diluted |
Date: 13/11/2020 Place: Ahmedabad
JAJMW J. SHAHManaging Director(DIN : 00021880)
For DEV INFORMATION TECHNOLOGY LTD. N'Dem PRANAV PANDYA Chairman(DIN: 00021744)
on To
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| (Amount in Rs.) | |||
|---|---|---|---|
| Statement of Cashflow | Half Year ended | Year ended | |
| Particulars | 30.09.2020 | 31.03.2020 | |
| Un-Audited | Audited | ||
| $\mathbf{A}$ | Cash Flow From Operating Activities | ||
| Net Profit after tax as per Profit & Loss A/c | 1,01,17,975 | 3,77,39,487 | |
| Adjustments: | |||
| Depreciation and amortization | 98,82,260 | 2,03,50,278 | |
| Dividend Income | (1, 87, 500) | ||
| Profit from Investment | (1,04,000) | (2, 50, 488) | |
| Profit on Sale of Fixed Assets | (2, 23, 904) | ||
| Interest Income | (35,09,913) | (34, 84, 967) | |
| Interest Exps | 55,88,245 | 1,40,83,117 | |
| Provision for Doubtful Debts | 8,96,006 | 54,01,654 | |
| Other Non Cash Items | 5,11,63,434 | ||
| Foreign Exchange Effects Gain/Loss | (13,70,344) | 10,34,981 | |
| Operating Profit before working capital | 7,26,63,663 | 7,44,62,658 | |
| Adjusted for: | |||
| i) Trade Receivables, Loans & Advances & Other Current Assets | (5, 15, 20, 421) | (1,64,62,017) | |
| ii) Stock | 2,33,03,449 | (74, 464) | |
| iii) Trade Payable & Liabilities | (44, 43, 367) | 66,79,045 | |
| Cash generated from operations | |||
| Extraordinary Income | |||
| Direct Tax Paid | 13,11,408 | (1, 56, 82, 990) | |
| Extra Ordinary Item | |||
| Net Cash from Operating Activities (A) | 4, 13, 14, 733 | 4,89,22,233 | |
| B | Cash Flow from Investing Activities: | ||
| Purchase of Fixed Assets | (34,09,040) | (3,04,05,228) | |
| Sale of Fixed Assets | ä, | 4,59,697 | |
| Purchase/Sale of Investments | $\overline{a}$ | (4,79,51,586) | |
| Interest Income | 35,09,913 | 34,84,967 | |
| Dividend Income | 1,87,500 | ||
| Net Cash used in Investing Activities (B) | 1,00,873 | (7, 42, 24, 650) | |
| $\mathsf{C}$ | Cash Flow from Financing Activities | ||
| Proceeds from/(Repayment) of Long Term Borrowings (Net) | (1,00,60,896) | 2,60,18,399 | |
| Interest Paid | (55, 88, 245) | (1, 40, 83, 117) | |
| Dividend paid including distribution tax | (33, 27, 620) | ||
| Net Cash from financing Activities (C) | (1, 56, 49, 141) | 86,07,662 | |
| Net Increase in cash & cash equivalents (A+B+C) | 2,57,66,465 | (1,66,94,755) | |
| Opening Balance of Cash & Cash equivalents | 3,74,41,591 | 5,41,36,346 | |
| Closing Balance of Cash & Cash equivalents | 1,16,75,127 | 3,74,41,591 | |
| Net Increase/(Decrease) in cash & cash equivalents | (2,57,66,464) | (1,66,94,755) | |
| 01.04.2020-30.09.2020 | 2019-20 | ||
| Recociliation of Cash & Cash Equivalent | |||
| Closing Balance Of Cash & Bank Balance as per Cashflow StatementAdd: | 1,16,75,127 | 3,74,41,591 | |
| Balance In Fixed deposits ** More than 12 months | 2,80,70,977 | 2,60,97,430 | |
| Closing Ralance Of Cash & Bank Ralance as ner Ralance Sheet | 39746104 | 63539021 |
Date: 13/11/2020 Place: Ahmedabad
For DEX INFORMATION TECHNOLOGY LTD.
JAIMIN J. SHAH Managing Director $(DIN: 00021880)$
PRANAV PANDYA Chairman $(DIN: 00021744)$
Notes to Unaudited Consolidated Financial Results 30.09.2020
-
- The above unaudited consolidated Financial Results were reviewed by the Audit Committee and thereafter approved by the Board of Directors in their respective meetings held on 13/11/2020.
- $2.$ The unaudited consolidated financial results have been prepared in accordance with the Generally Accepted Accounting Principles In India {Indian GAAP}as IND AS is not currently applicable to the Company.
- $3.$ The company is primarily engaged in "IT & IT enable Services" business. 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.
- $4.$ The previous year figures have been regrouped/rearranged wherever necessary to make them comparable with the current period figures.
-
- In view of the unprecedented COVID-19 pandemic, the management has made a detailed assessment of its liquidity position for the next one year and recoverability of Property, Plant and Equipment, Investments, Trade Receivables and Inventories as at the balance sheet date. 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 Company. However, the impact of the global health pandemic may be different from that estimated at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions.
-
- As per dynamics of Government functioning, its majority of annual budgetary allocations spending are carried out during last quarter of financial year, which results into higher revenue being realised in the second half of the financial year for the company.
- During the year the company's associate concern M/s Dev Accelerator LLP (Dev 7. X) is converted into private limited company i.e. Dev Accelerator Private Limited( the company) with effect from 29th August 2020 the company continues to hold 42.64 % shareholding in the said company. The total investment in the said LLP of Rs.4,83,06,074 has resulted into investment in share capital of Rs.42,640 in the company and the balance amount of
Rs. 4,82,63,434 shown as Loans to the company.
- In pursuance of the MCA's General Circular No. 28/2020 dated 17th August, 8. 2020 the company has been permitted to hold Annual General Meeting to approve the accounts for the financial year 2019-20 by the shareholders on or before 31.12.2020. The said accounts are audited by the statutory auditors and approved by the Audit Committee and the board of directors of the company in their respective meetings held on 30th July 2020. The Annual General meeting is scheduled to be held on 15th December, 2020
- Tax expenses include current tax and deferred tax. 9.
- Cash flow for the year ended 30thSeptember, 2020 is attached herewith. 10.
For DEV INFORMATION TECHNOLOGY LIMITED
JAIMIN J. SHAH Managing Director (DIN: 00021880)
Ahmedabad
$\mathcal{A}$
PRANAV N. PANDY
Chairman $(DIN: 00021744)$
