DEV INFORMATION TECHNOLOGY LIMITED — Interim / Quarterly Report 2022

Nov 11, 2022

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 I 53

www.devitpl.com I info@devitpl.com

Offices: Gujarat 1 Maharashtra I Rajasthan I Canada CIN:L30000GJ1997PLC033479 IT Simplified ...

To,	To,
The Manager-Listing Department,	The Secretary,
The National Stock Exchange of India Limited,	BSE Limited
Exchange Plaza, Plot No. C/1, G-Biock,	Phiroze Jejeebhoy Towers,
Bandra Kurla complex,	Dalal Street
Bandra East,	Mumbai -400001
Mumbai-400 051
Trading Symbol : DEVIT	Trading Symbol: 543462

Subject: Outcome of the Board Meeting held on Friday, 11th November, 2022: Ref.: Regulation 30 of the SEBI (Listing Obligation and Disclosure Reguirement),2015

Dear Sir/Mam,

With reference to the captioned subject, we would like to inform you t hat the Board of Directors of Dev Information Technology Limited (the "Company"} in its Meeting held on Friday, 11¹ h November, 2022 at 5:00 P.M. at the registered office of the company, inter alia, discussed and approved following businesses:

1. Considered and approved unaudited standalone and consolidated financial results for the Half year and Quarter ended on September 30, 2022 along with Limited Review Reports thereon. Financial Results and Limited Review Reports are enclosed herewith (Annexure- 1}.

Further, unaudited standalone and consolidated fi nancial 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 www.bseindia.com and on Company's website at https:/ /www.devitpl.com/.

2. Considered and Approved Friday, 25th November, 2022, as "Record Date" to ascertain the shareholders entitled for the purpose of sub-division of 1 (One} fully paid-up Equity Share of the Company having face value of ~10/ (Rupees Ten} each, into 2 (Two} fully paid-up Equity Share having face value of~ 5/- (Rupees Five only} each fully paid-up. Members holding shares as on 25th November, 2022, shall be eligible for the sub-division of shares.

The board Meeting concluded at G ~ 15 P.M.

Ki ndly take t his information on your records.

Thanking you,

On behalf of Board of Directors

Y.~V ~N:1~~[ TECHNOLOGY LIMITED t{;~ atJ \:\ ~·

Co any Secretary & Compliance Officer Place: Ahmedabad Date: 11¹ h November, 2022

Enterprise Mobility

Cloud Computing Digital &

CHARTERED ACCOUNTANTS

Independent Auditor's review report on Quarterl y and Year to Date Unaudited Standalone Financial Results of Dev Information Technology Limited pursuant to Regulat ion 33 of t he SEBI (Listing Obligat ions and Disclosure Requirements) Regulat ions, 2015

Review Report to the Board of Directors of Dev Information Technology Limited

We have reviewed the accompanying statement of unaudited standalone financial results of Dev Information Technology Limited ("the company") for the Quarter and Six Months ended September 30, 2022 and year to date from April 01, 2022 to September 30, 2022 ("the Statement"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "listing Regulations").

Thi~ statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "I nterim Financial Reporting" ("lnd AS 34") prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of interim !=inancial 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 statement is free of material misstatement. 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 specified under section 143(10) of the Companies Act, 2013 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.

Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement. prepared in accordance with the recognition and measurement principles la id down in the aforesaid Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognized accounting principles generally accepted in India, has not disclosed the information required t~ be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Date: November 11, 2022

For RINKESH SHAH & Co. Chartered Accountants FRN 129690W

CA RINKESH SHAH Partner Place: Ahmedabad M.No. 131783 UDI N: 22131783BCVGMR8594

DEV INFORMATION TECHNOLOGY LIMITED Registered Office: 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING, THALTEJ AHMEDABAD GJ 380059

Website: www.devitpl.com CIN: L30000GJ1997PLC033479

Statement of Unaudited Standalone Financial Results for the Quarter and Six Months ended on 30th September, 2022

					(< in Lakhs except for EPS)
		QUARTER ENDED			SIX MONTHS ENDED		VEAR ENDED
	Particulars	3/30/2022	6/30/2022	9/40/2021	9/20/2022	9/30/2021	3/31/2022
St no.		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
П	Revenue from operations	2,715.10	2,600.58	1,560.23	5,315.69	3,819.59	9,902.80
$\mathbf{u}$	Other Income	37.24	36.84	12.04	74.08	30.16	103.03
Ht	Total Income (I+II)	2,752.34	2,637.43	1,572.27	5,389.77	3.849.75	10,005.83
IV	Expenses
	(a) Cost of materials consumed	1.268.99	1.100.44	369.80	2,369.43	905.31	4.025.25
	(b) Changes in Inventories of finished goods and stock-in-trade	(50.41)	10.74	167.39	(39.67)	409.78	393.10
	(c) Employee Benefits Expenses	1,167.51	1,246.97	872.67	2.414.48	2,136.39	4,470.37
	(d) Finance Costs	30.50	25.14	19.30	55.64	47.25	82.82
	(e) Depreciation and amortization expenses	31.63	27.14	39.18	58.78	95.92	181.02
	(f) Other expenses	105.27	81.50	67.00	186.77	164.02	470.48
	Total expenses (IV)	2,553.50	2,491.94	1,535.34	5,045.44	3,758.66	9,623.03
V	Profit before exceptional items and tax (III-IV)	198.84	145.48	36.93	344.33	91.09	382.79
VI	Extraordinary Items	u.	L.
VII	Profit Before Tax (V - VI)	198.84	145.48	36.93	344.33	91.09	382.79
VIII	Tax expense :			٠
	a) Current Tax	48.30	37.30	14.31	85.60	35.02	121.25
	b) Deferred Tax Liability / (Assets)	(2.73)	(39.63)	6.70	(42.36)	16.40	(53.66)
	c) Adjustment of tax for Earlier Years	9.07	$\frac{1}{2}$	$\blacksquare$	9.07	$\overline{\phantom{a}}$	16.37
	Total Tax Expenses (VIII)	54.64	(2.33)	21.00	52.31	51.42	191.28
IX	Profit / (Loss) for the period (VII-VIII)	144.21	147.81	15.92	292.02	39.67	191.51
$\mathbf{x}$	Other Comprehensive Income (net of taxes)	$\blacksquare$	$\hskip 1.6cm =$	٠
	i) Items that will not be reclassified to profit or loss
	a) Remeasurements of the defined benefit plans	(1.24)	(1.24)	(1.24)	(2.49)	(2.49)	(4.98)
	b) Income tax relating to items that will not be reclassified to profit or loss	0.31	0.31	0.31	0.63	0.63	1.25
$x_1$	Total comprehensive income for the period $\left( X + X \right)$	143.27	146.88	14.99	290.16	37.81	187.79
XII	Paid up equity share capital (face value of Rs. 10) per share)	1,104.10	1,104.10	552.05	1,104.10	552.05	1,104.10
XIII	Other equity excluding Revaluation Reserve	$\sim$	$\bullet$	$\blacksquare$		$\overline{\phantom{a}}$	2,292.35
XIV	Earnings per share (of Rs. 10/- each) (not annualised):
	Basic	1.31	1.34	0.29	2.64	0.72	1.73
	Diluted	1.31	1.34	0.29	2.64	0.72	1.73

JAIMIN.J. SHAH $(DIN: 00021880)$ MANAGING DIRECTOR

Q

HARSHIL H.SHAH CHIEF FINANCIAL

OFFICER

PRANAV PANDYA $(DIN:00021744)$ CHAIRMAN

V

INFORMATION TECHNOLOGY LIMITED

KRAAPATEL SECRETARY

Viendy

INITIALED FOR IDENTIFICATION hol oh les Lee RINKESH SHAH & CO.

PLACE: AHMEDABAD DATE: NOVEMBER 11, 2022

$\geq$ id.

DEV INFORMATION TECHNOLOGY LIMITED

. ' Reaistored Office' 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING,

THALTEJ AHMEDABAD GJ 380059

Website: www.devltpl.com CIN : UOOOOGJ1997PLC033479

STANDALONE BALANCE SHEET AS AT 30TH SEPTEMBER, 2022
		fIn Lakhs
Particulars	As at	As at
	30th September, 2022	31st March, 2022
	(Unaudited)	(Audited)
I ASSETS
1 Non-current Assets
(a) Property, Plant and Equipment	81S.05	791.77
(b) Capital work-in-progress	87.06	87.06
(c) Right of Use Assets	6.78	9.18
(d) Other Intangible assets (e) Financial Assets	146.90	154.74
(i) Investments	420.94	420.68
(ill Loans (iii) Other Financial Assets	99.56	113.63
(f) Deferred tax assets {Net)	114.75 1 .77	102 .3 2
(g) Other non-curre nt assets		70.00
Total Non -current Assets	70.00 1,762.82	1,749.37
2 Current Assets
(a) Inventories	507.50	467.83
b Financial Assets
(i) Investments
(ii Trade receivables	3,827.43	3,371.24
(iii) cash and cash equivalents	149.24	699.52
(iv) B<1nk b01lances other than iii above	208.37	178.38
(v) Loans
(vi) Other Financial Assets
(c) Current Tax Assets (Net)	196.1S	218.99
(d) Other current assets	44.94	29.37
Total current Assets	4,933.63	4 96S.31
3 Auet s held for sale
TOTAL ASSETS	6,696.44	6,714.69
II EQUITY AND LIABILITIES
1 Equity
a) Equity Share capital	1,104.10	1,104 .10
b) Other Equity	2,527.31	2,292.35
Total Eaultv	3,631.41	3,396.45
Z LIABILITIES
Non-current Liabilities
(a) Financial Lidbilities
Ill Borrowings	143.07	50.73
(ii) Lease Liabilities	7.71	S.l7
(Hi) Other financial liabilities	3.37
(b) Provisions	5.63	5.63
c Deferred tax liabilities (Net)		41.22
d) Other non-current liabilities Total Non-current Liabilities
	159.78	102.75
l current Liabilities
a) Financial Liabilities
(i) Borrowings	1,129.91	878.93
(ii) Trade payables
·Total oul5tanding dues of micro and small
enterprises	1.32	20.24
· Total outstanding dues of trade payables
other than micro	1,051.59	1,730.30
(1il) Lease liabilities		5.00
{IV) Other financial liabilities	500.44	378.94
(b) Other c;;urrent liabilities	163.55	145.76
(c Provisions	56.45	56.33
(d Current Tax Liabilities Net) Total Current Liabilities	2,905.26
TOTAL EQUITY AND LIABILITIES	6,696.44	3 215.49 6,714.69

DEV INFORMATION TECHNOLOGY LIMITED

f.1!~Ar)Ma / ;;ji v

MANAG ~ Hh ll SHAH

CFO

-· lNlTlALED FOR lOENTtF\CATtON BY f!:-c_o ' ~~s~ - I RINKESt-t S,_.AH & co. - \ . ~

DEV INFORMATION TECHNOLOGY LIMITED Regl\$tered Office; 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING, THALTEJ AHMEDABAD GJ 380059

Web\$lte; www.devltpl.com

CIN: L30000GJ1997PLC033479

STANDALONE STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED 30th SEPTEMBER, 2022

		(0: in Lakhs)
	Partlculan;	Six Months Ended 30th September, 2022	Year Ended 31st March, 2022
A	CASH FLOW FROM OPERATING ACTIVITIES
	Profit Before taxation	344.33	382.79
	Adjustments to reconcile orofit before t~x to ngt cl <h flow<'<="" td="">
	Depreciation /Amortization	58.78	181.02
	Interest Income	(20.10)	(40.35)
	Interest and Other Borrowing Co5t	55.64	82.82
	Dividend Income	(1.88)	(1.88)
	(Profit) I Loss on Sale of Property, Plant and Equipment	(0.003)
	(Profit) I Loss on Sale of Business Model	(5.00)
	(Profit)/ Loss on Sale of investment	(0.26
	Excess provision/sundry balances written back	12.27	113.25
	~ffect of fair valuation of inve:;tments	(0.50)	(2236)
	Foreign Exchange Effects Gain/Loss	(45.83)
	Impairment of Trade Receivable	(0.45)	(11.49)
	Operating Profit before Working Capital Changes	396.99	683.81
	Working Capital Changes:
	Changes In Inventories	(39.67)	393.10
	Changes in trade and other receivables	(466.38	(891.20)
	Changes in trade and other payables	(605.41)	424.32
	Net Changes in Working Capital	(1,111.45)	(73.78)
	Cash Generated from Operations	(714.46)	610.02
	Direct Taxes paid (Net of Income Tax refund)	(71.83)	(246.35)
	Net Cash flow from Operating Activities	(786.29)	363.67
B	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of property, plant & equipment/intangible assets	(72.18)	(154.34)
	Sale of property, plant & equipment	0.36
	Proceeds from Sale/Redemption of Investment (Net)	0.76	2.77
	Proceeds from Sale/Redemption of Business Model	5.00
	Dividend Income	1.88	1.88
	Interest Income	20.10	40.35
	Net Cash flow from Investing Activities	(44.09)	(109.34)
c	CASH FlOW FROM FINANCING ACTIVITIES
	Dividend Paid	(5.13)	(27.60)
	Proceeds from/(Repavment) of Borrowings (Net)	343.32	(156.88)
	Interest and Other Borrowing Cost Paid	(55.64)	(82.82)
	Payment of Lease Liability	(2.46)	(4.41)
	Net Cash flow from Financing_ Activities	280.09	(271.71)
	Net lncrease/(Decrease) in cash & cash equivalents	(550.28)	(17.38)
	Cash & Cash equivalent at the beginning of the year	699.52	716.90
	Cash & Cash equivalent at the end of the year	149.24	699.52

DEV INFORMATION TECHNOLOGY LIMITED

4},~ CHAIRMAN ~ JAIMIN ~~~:e:: M\Wcro•

~~ SHAH

HARSHIL SHAH CFO

Notes:

• 1. The above Unaudited standalone financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetings held on November 11, 2022.The Staturory Auditors of the company have carried out a limited review of the above Unaudited standalone financial results.
• 1. The financial results for the Quarter and Six Months ended September 30, 2022, have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (lnd AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• 1. The Company operates in a single segment and in line with lnd AS- 108 "Operating Segments", the operations of the Company fall under "IT & IT Enabled Services" which is considered to be the only reportable business segment.
• 4 The 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.
• 5 The figures of previous quarters I year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures.
• 6 The standalone figures for the Quarter and Six Months ended September 30, 2021, are also lnd AS Compliant. The management has excercised necessary due diligence to ensure that the standalone financial results give a true and fair view. This information however has not been subjected to

DEV INFORMATION TECHNOLOGY LIMITED

~~

JAIMIN.J (DIN : 000 . 21880) SHAH rtf!

MANAGING CHAIRMAN DIRECTOR

CHIEF COMPANY FINANCIAL SECRETARY OFFICER

~ {;·q~ ^j PATEL PLACE: AHMEDABAD I-IARSI-IIL H.SHAH

(DIN : 00021744)

~

DATE: NOVEMBER 11, 2022

Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of Dev Information Technology Lim ited Pursuant to t he Regulat ion 33 o f t he SEBI (listing Requirements Obligations and Disclosure} Regu lations 2015, as amended

Review Report to the Board of Directors of Dev Information Technology limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dev Information Technology limited (the "Holding Company") and its subsidiary (the Holding Company and its subsidiary together referred to as "the Group") for the quarter and Half Year ended September 30,2022 and year to date from April 01,2022 to September 30,2022 (the "Statement"), being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, as amended (the "Listing Regulations").

2. This Statement, which is the responsibility ofthe Holding Company's Management and approved by the Holding Company's Board of Directors has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34. (lnd AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with re levant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our rev iew 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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.

4. The consolidated financial results include unaudited financial results of the following entities:

5. Subsidiary:- Dev Info-Tech North America Limited

6. Associate:- Dev Accelerator Private Limited

7. We did not review the interim financial results of a subsidiary included in the Statement, whose financial information reflects tot al assets of Rs. 649.72 Lakhs as at September 30, 2022, and total revenues of Rs. 332.57 La khs and Rs. 979.49 Lakhs, total net Profit/(loss) after tax of (Rs. 44.27 Lakhs) and Rs. 28.35 lakhs, total comprehensive income of (Rs. 44.27 lakhs) and Rs. 28.35 lakhs, for the Quarter and Six months period ended on September 30, 2022, respectively, and cash flow (net) of (Rs.152.86 Lakhs) for the period ended 30 Sept ember 2022, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. NIL and Rs. NIL and total comprehensive income of Rs. NIL and Rs. NIL, for the quarter and six month period ended on September 30, 2022, res ectively, as considered in

the Statement, in respect of a associate, whose interim financial results have not been reviewed by us. These interim financial results have riot been reviewed by their auditor, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiary and associate is based solely on the procedures performed by us as stated in paragraph 3 above.

Further, of this subsidiary, such subsidiary is located outside India, whose interim financial results have been prepared in accordance with accounting principles generally accepted in its country and which have not been reviewed by their auditor under the review standard applicable in its country. The Holding Company's management has converted the financial result of such subsidiary from accounting principles generally accepted in their country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion, in so far as it relates to the balances and affairs of this subsidiary, is based on the conversion adjustments prepared by the management of the Holding Company and reviewed by us.

Our conclusion on the Statement is not modified in respect ofthe above matters.

b. Based on our review conducted as stated a'bove, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('lnd AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognized accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Date: November 11, ZOZZ

Place: Ahmedabad

For RINKESH SHAH & Co. Chartered Accountants FRN 1Z9690W

~ ~ /

CA RINKES SHAH Partner M.No. 131783 UDIN: 221317S3BCVIBW3043 DEV INFORMATION TECHNOLOGY LIMITED

Registered Office: 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING,

THALTEJ AHMEDABAD GJ 380059

Website: www.devitpl.com CIN: L30000GJ1997PLC033479

Statement of Unaudited Consolidated Financial Results for the Quarter and Six Months ended on 30th September, 2022

						(₹ in Lakhs except for EPS)
	Sr no. Particulars QUARTER ENDED				VEAR ENDED SIX MONTHS ENDED
		9/30/2022	6/30/2022	9/30/2021	9/80/2022	5/30/2021	3/31/2022
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Revenue from operations	2,598.73	2,657.22	1,612.62	5,255.96	3,914.97	9,982.32
Ħ	Other Income	37.24	36.84	20.61	74.08	38.73	108.98
Ш	Total Income (I+II)	2,635.97	2,694.07	1,633.22	5,330.04	3,953.69	10,091.29
IV	Expenses
	(a) Cost of materials consumed	1,153.56	1,101.60	375.74	2,255.16	912.18	4,033.51
	(b) Changes in inventories of finished goods and stock-in-trade	(50.41)	10.74	168.79	(39.67)	409.78	393.10
	(c) Employee Benefits Expenses	1,167.51	1,246.97	880.00	2,414.48	2,136.39	4,478.39
	(d) Finance Costs	34.08	32.95	21.12	67.03	51.26	93.62
	(e) Depreciation and amortization expenses	31.63	27.14	39.65	58.78	96.26	181.86
	(f) Other expenses	145.03	100.82	79.08	245.85	191.99	595.74
	Total expenses (IV)	2,481.40	2,520.23	1,564.38	5,001.64	3,797.85	9,776.21
$\overline{\mathsf{v}}$	Profit before exceptional Items and tax (III-IV)	154.57	173.83	68.85	328.40	155.84	315.08
$\overline{VI}$	Extraordinary Items		×.
	Share of profit/(loss) of an associates			(29.62)		(59.25)	(118.50)
VII	Profit Before Tax (V - VI)	154.57	173.83	39.22	328.40	96.59	196.58
VIII	Tax expense :			$\omega$		$\alpha$
	a) Current Tax	41.10	44.50	33.41	85.60	66,82	133.64
	b) Deferred Tax Liability / (Assets)	(2.73)	(39.63)	(13.42)	(42.36)	(26.83)	(53.66)
	c) Adjustment of tax for Earlier Years	9.07	$\sim$	4.09	9.07	8.19	16.37
	Total Tax Expenses (VIII)	47.44	4.87	50.92	52.31	101.84	203.67
IX.	Profit / (Loss) for the period (VII-VIII)	107.13	168.96	(11.69)	276.10	(5.24)	(7.09)
	Less: Minority Share in Company	(11.33)	7.25	(5.12)	(4.07)	(10.25)	(20.49)
	Profit Attributable to Onwers	118.46	161.71	(6.57)	280.17	5.00	13.40
$\overline{\mathsf{x}}$	Other Comprehensive Income (net of taxes) i) Items that will not be reclassified to profit or loss					$\sim$
	a) Remeasurements of the defined benefit plans	(1.24)	(1.24)	(1.24)	(2.49)	(2.49)	(4.98)
	b) Income tax relating to items that will not be reclassified to profit or loss	0.31	0.31	0.31	0.63	0.63	1.25
XI	Total comprehensive income for the period (IX + X١	117.53	160.78	(7.50)	278.31	3.14	9.68
XII	Paid up equity share capital (face value of Rs. 10 per share)	1,104.10	1,104.10	552.05	1,104.10	552.05	1,104.10
XIII	Other equity excluding Revaluation Reserve	$\bullet$	$\omega$	$\sim$		$\sim$	2,174.51
XIV	Earnings per share (of Rs. 10/- each) (not annualised):
	Basic	0.97	1.53	(0.21)	2.50	(0.09)	(0.06)
	Diluted	0.97	1.53	(0.21)	2.50	(0.09)	(0.06)

PLACE: AHMEDABAD DATE: NOVEMBER 11, 2022

O W Temp (DIN: 00021744) CHAIRMAN KRISA PATEL COMPANY

SECRETARY

DEV INFORMATION TECHNOLOGY LIMITED $\mathcal{O}$ $\pmb{\gamma}$ JAIMAY. SHAH MANAGING

HARSHIL H.SHAH CHIEF FINANCIAL OFFICER

DH

INITIALED FOR IDENTIFICATION BY Les. ogl RINKESH SHAH & CO.

DEV INFORMATION TECHNOLOGY LIMITED 14, AARVANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING, THALTEJ AHMEDABAD GJ 380059 Website: www.devitpl.com CIN:l30000GJ1997PLC033479

CONSOLIDATED STATEMENT Of CASH FLOW FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2022

	Particulars	Six Months Ended 30th September, 2022	Year Ended 31st March, 2022
A	CASH FLOW FROM OPERATING ACTIVITIES
	Profit Before taxation	328.40	196.58
	Adjustments to reconcile profit before tax to net cash flows :
	Depreciation /Amortization	58.78	181.86
	Interest Income	(20.10)	(40.35)
	Interest and Other Borrowing Cost	67.03	93.62
	Dividend Income	(1.88)	(1.88)
	(Profit) I Loss on Sale of Property, Plant and Equipment	(0.00)
	(Profit)/ Loss on Sale of investment	(0.26)	-
	Loss from Dev Accelerator Pvt Ltd		118.50
	Excess provision/sundry_ balances written back	12.27	115.20
	Effect of fair valuation of investments	(0.50)	(22.36)
	Foreign Exchange Effects Gain/Loss	(45.83)	-
	Impairment of Trade Receivable	(0.45)	(11.49)
	Operating Profit before Working Capital Changes	397.46	629.69
	Working Capital Changes:
	Changes in Inventories	(39.67)	393.10
	Changes in trade and other receivables	(539 .38)	(874.66)
	Changes in trade and other payables	(677.43)	572.11
	Net Changes In Working Capital	(l,Z56.48	90.55
	Cash Generated from Operations	(859.02)	720.23
	Direct Taxes paid (Net of Income Tax refund)	(71.83)	(242.92)
	Net cash flow from Operating Activities	(930.85)	477.32
B	CASH FlOW FROM INVESTING ACTIVITIES
	Purchase of property, plant & equipment/intangible assets	(63.15)	(154.34)
	Sale of property, plant & equipment	0.36	-
	Proceeds from Sale/Redemption of Investment (Net)	0.76	2.77
	Dividend Income	1.88	1.88
	Interest Income	20.10	40.35
	Net Cash flow from Investing Activities	(40.06)	(109.34)
c	CASH FLOW FROM FINANCING ACTIVITIES
	Dividend Paid	(5.13)	(27.60)
	Proceeds from/(Repayment) of Borrowings (Net)	342 .64	(142.84)
	Interest and Other Borrowing Cost Pa id	(67.03)	(93.62)
	Payment of Lease Liability	(2 .46)	(4.41)
	Net Cash flow from Financing Activities	268.01	(268.47)
	Net lncrease/(Decrease) in cash & cash equivalents	(702.89	99.50
	Cash & Cash equivalent at the beginning of the year	883.25	783 .76
	Cash & Cash equivalent at the end of the year	180.36	883.25

DEV INFORMATION TECHNOLOGY LIMITED

Cf:r.c::! J ~A ~;J;;;~l ^~

COnY SECRETARY

PLACE: AHMEDABAD DATE: 11-11-2022

:~r:~

MAN ^GDIRECTOR HARSHIL H.SHAH CHIEF FINANCIAL

OFFICER

DEV INFORMATION TECHNOLOGY LIMITED Registered Office: 14, AARYANS CORPORATE PARK NR. SHILAJ RAILWAY CROSSING,
THALTEJ AHMEDABAD GJ 380059 Website: www.devitpl.com CIN: L30000GJ1997PLC033479

CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER, 2022

	Particulars	Notes	As at 30th September, 2022	(₹ in Lakhs) As at 31st March, 2022
				(Audited)
	I ASSETS		(Unaudited)
	1 Non-current Assets
	(a) Property, Plant and Equipment	$\overline{\mathbf{c}}$	845.60	821.84
	(b) Capital work-in-progress		87.06	87.06
	(c) Right of Use Assets		6.78	9.18
	(d) Other Intangible assets	3	146.90	154.74
	(e) Financial Assets		$\overline{a}$
	(i) Investments	Δ	297.54	297.54
	(ii) Loans	5	128.53	143.48
	(iii) Other Financial Assets	6	154.91	143.69
	(f) Deferred tax assets (Net)	$\overline{7}$	1.77	u,
	(g) Other non-current assets	8	70.00	70.00
	Total Non-current Assets		1,739.08	1,727.52
	2 Current Assets
	(a) Inventories	9	507.50	467.83
	(b) Financial Assets		$\blacksquare$
	(i) Investments
	(ii) Trade receivables (iii) Cash and cash equivalents	10 11	3,639.50 180.36	3,107.96 883.25
	(iv) Bank balances other than (iii) above	12	208.37	178.38
	(v) Loans	13		$\scriptstyle\rm e$
	(vi) Other Financial Assets	14	×,	v
	(c) Current Tax Assets (Net)	15	196.15	218.99
	(d) Other current assets	16	79.78	64.19
	Total Current Assets		4,811.65	4,920.59
	3 Assets held for sale		۰	۰
	TOTAL ASSETS		6,550.74	6,648.11
$\mathbf{u}$	EQUITY AND LIABILITIES
	1 Equity (a) Equity Share capital	17	1,104.10
	(b) Other Equity	18	2,405.12	1,104.10 2,174.51
	Total Equity		3,509.22	3,278.61
	2 Minority Interest		(4.75)
				(0.68)
	2 LIABILITIES
	Non-current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	19	165.77	74.12
	(ii) Lease Liabilities (iii) Other financial liabilities		7.71 3.37	5.17 $\overline{\phantom{a}}$
	(b) Provisions	20 21	5.63	5.63
	(c) Deferred tax liabilities (Net)			41.22
	(d) Other non-current liabilities
	Total Non-current Liabilities		182.48	126.14
	3 Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	$\overline{22}$	1,129.91	878.93
	(ii) Trade payables	23	$\blacksquare$	v
	- Total outstanding dues of micro and small enterprises		1.32	20.24
	- Total outstanding dues of trade payables
	other than micro and small enterprises		1,002.24	1,751.70
	(iii) Lease Liabilities			5.00
	(iv) Other financial liabilities	24	500.44	378.94
	(b) Other current liabilities	25	173.43	152.92
	(c) Provisions (d) Current Tax Liabilities (Net)	26	56.45	56.33
	Total Current Liabilities		2,863.79	3,244.04
	TOTAL EQUITY AND LIABILITIES		6,550.74	6,648.11

DEV INFORMATION TECHNOLOGY LIMITED

TION TE

AHMEDABAD

T-N. Con PRANAV PANDYA CHAIRMAN 9 KRISA PATEL CONPANY SECRETARY

PLACE: AHMEDABAD DATE: 11-11-2022

550.74 JAIMIN SHAH MANAGING HARSHIL SHAH

KIWALED FOR IDENTIFICATION $CFO$

Notes:

• The above Unaudited Consolidated financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the Company in their respective meetinas held on November 10, 2022. The Staturory Auditors of the company have carried out a limited review of the above Unaudited standalone financial results.
• The consolidated financial results include unaudited financial results of the following entities: I. Subsidiary:· Dev Info· Tech North America Limited II. Associate:- Dev Accelerator Private Limited
• The Statutory Auditors of the Company have carried out "Limited Review" of the consolidated unaudited financial results for the Quarter and Six Months ended September 30, 2022 as per Regulation 33 of SEBI (Listini Obliiation and Disclosure Requirements) Regulations, 2015.
• 4 The Unaudited Consolidated financial results for the Quarter and Six months ended September 30 , 2022 are prepared in accordance with principles and procedures as set out in the lnd AS 110 "Consolidated Financial Statements" prescribed under section 133 of the Companies Act. 2013 read with relevant rules issued thereunder.
• The group operates in a single segment and in line with lnd AS- 108 "Operating Segments", the operation of the group fall under "IT & IT enabled Services" business which is considered to be the only reportable business segment. The activities carried out by the associate are not reviewed separately and the criteria for identifying operating segments are not met hence Segment Reporting is not applicable in respect of the Associate Company.
• 6 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 rule• for the Code on November ll, 2020. ~;nal ,ules .,. yet to be not;fied. The Company will assess the impact
• 7 The figures of previous quarters 1 year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period1 S figures.
• The consolidated figures lor the Quarter and Six Months ended September 30, 2021 are also lnd AS Compliant. The management has excercised necessary due dili11ence to ensure that the consolidated financial results give a true and fair view. This information however has not been subjected to limited review or audit.

PLACE: AHMEDABAD DATE: NOVEMBER 11, 2022

DEV INFORMATION TECHNOLOGY LIMITED~ ~{'(r~ ~ -· PRANAV PANDYA J~~~AH (DIN: 00021744) (DIN: 00021880)

~;.~ o ·SECRETARY

MAN~Rt ^AA DIRE ~L(

HARSHIL H.SHAH CHIEF FINANCIAL OFFICER