DEV INFORMATION TECHNOLOGY LIMITED — Interim / Quarterly Report 2023

Aug 10, 2023

www.devitpl.com | info@devitpl.com

Offices: Gujarat | Maharashtra | Rajasthan | Canada CIN: L30000GJ1997PLC033479

Date: 10.08.2023

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

Dear Sir/Mam,

Subject: Outcome of Board Meeting held on Thursday, August 10, 2023: 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, 10th August, 2023 at 04:00 P.M. at the registered office of the company at 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej-Shilaj Road, Thaltej, Ahmedabad-380 059, inter alia, discussed and approved following businesses:

1. Considered and approved unaudited standalone and consolidated financial results for the First Quarter ended on June 30, 2023 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 04:40 P.M.

Kindly take this information on your records.

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

KRISA RUPALKUMAR PATEL

Digitally signed by KRISA RUPALKUMAR PATEL DN: c=IN, o=Personal, postalCode=380052, st=Gujarat, 2.5.4.20=d1c0aba8e31c18d21102a1dc7b6f28e8284d9736481ffbf9aa c932a2e380bf46, pseudonym=DB51E9393700C673574239D33EDA5A6EC04C6770, serialNumber=0D148FB642AD1A5177D6AC789F641CE2A46A0172B 9661A7716658794938A1AF0, cn=KRISA RUPALKUMAR PATEL Date: 2023.08.10 16:41:36 +05'30'

Krisa Patel Company Secretary & Compliance Officer Place: Ahmedabad

Cloud Services		Managed IT Services		Digital Transformation		Enterprise Applications		Business Applications		Mobile Applications

Independent Auditor's review report on Quarterly Unaudited Standalone Financial Results of Dev Information Technology Limited Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of . Dev Information Technology Limited

To

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of DEV INFORMATION TECHNOLOGY LIMITED ("the Company") for the quarter ended June 30, 2023 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 in paragraph 3, 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 Ind As 34, prescribed under section 133 of the Act 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.

For RINKESH SHAH & Co. Chartered Accountants

FRN 129690W

CA Rinkesh Shah Partner M.No. 131783 UDIN:23131783BGPNJF8437

Date: August 10, 2023

Place: Ahmedabad

DEV INFORMATION TECHNOLOGY LIMITED

Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, Thaltej - Shilaj Road, Thaltej, Ahmedabad - 380059 Statement of Standalone Unaudited Financial Results for the quarter ended June 30,2023

		Statchlent of Standarding Ondonica i mancial hesaits for the gashed. Shape se				(Rs. in Lakhs except EPS)
				QUARTER ENDED
		Particulars	6/30/2023	3/31/2023	6/30/2022	3/31/2023
			(Unaudited)	(Audited)	(Unaudited)	(Audited)
		Revenue from operations	5,889.13	4,188.54	2,600.58	12,197.02
$\mathbf{u}$	Other Income		18.47	39.62	36.84	696.75
Ш	Total Income (I+II)		5,907.61	4,228.16	2,637.43	12,893.77
IV	Expenses
	(a)	Cost of materials & services	3,892.64	2,417.29	1,100.44	6,103.29
	(b)	Changes in inventories of finished goods and stock-in- trade	(6.49)	22.16	10.74	(30.50)
	(c)	Employee Benefits Expenses	1,605.61	1,277.39	1,246.97	5,047.56
	(d)	Finance Costs	24.86	20.33	25.14	119.66
	(e)	Depreciation and amortization expenses	26.30	33.11	27.14	121.32
	(f)	Other expenses	117.31	146.25	81.50	450.19
	Total expenses (IV)		5,660.24	3,916.54	2,491.94	11,811.53
V		Profit before exceptional items and tax (III-IV)	247.36	311.61	145.48	1,082.23
VI	Exceptional Items
VII	Profit Before Tax (V - VI)		247.36	311.61	145.48	1,082.23
VIII	Tax expense:					249.50
	a) Current Tax		72.00	83.50	37.30	(29.85)
		b) Deferred Tax Liability / (Assets)	8.42	6.19	(39.63)	(9.89)
		c) Adjustment of tax for Earlier Years		(18.96)	(2.33)	209.76
		Total Tax Expenses (VIII)	80.42	70.72	147.81	872.48
IX		Profit for the period (VII-VIII)	166.94	240.89
X		Other Comprehensive Income (net of taxes)			$\blacksquare$	2.67
	$\mathbf{i}$	Items that will not be reclassified to profit or loss	(0.54)	4.25	(1.24)	(2.15)
	a)	Remeasurements of the defined benefit plans	0.14	(1.07)	0.31	(0.13)
	b)	Income tax relating to items that will not be
		reclassified to profit or loss	166.54	244.08	146.88	872.88
X 1	Total comprehensive income for the period $(IX + X)$		1,111.30	1,105.92	1,104.10	1,105.92
XII		Paid up equity share capital (face value of Rs. 5 per share)
XIII		Other equity excluding Revaluation Reserve
XIV		Earnings per share (of Rs. 5/- each) (not annualised):	0.75	1.09	1.34	3.95
	Basic		0.75	1.09	1.34	3.93
	Diluted

Notes:

The above Unaudited standalone financial results have been reviewed by the Audit Committee and thereafter approved by the Board of Directors of the $1.$ Company in their respective meeting held on August 10, 2023. The limited review as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has been completed by the statutory auditors of the company.

1. The financial results for the Quarter ended June 30, 2023 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

The Company operates in a single segment and in line with Ind AS - 108 - "Operating Segments", the operations of the Company fall under "IT & IT Enabled $3.$ Services" which is considered to be the only reportable business segment.

• The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's $\overline{4}$ . figures.
• The standalone figures of the March quarter are the balancing figure between the audited figures in respect of the full financial year upto 5 31st March, 2023 and the unaudited year-to-date figures upto 31 st December, 2022 being the date of the end of the third quarter of the financial year which were subjected to limited review.

INITIALED FOR IDENTIFICATION RY $\mathcal O$ RINKESH SHAH & CO

Place: Ahmedabad Date: August 10, 2023

v Information Technology Limited. Jaimm Shah Pranay Pandya $(Din: 00021744)$ $(Din:00021880)$ AHMEDABAD Chairman Managing Director A Arshil Shah Krus

Chief Financial Officer

Company Secretary

Independent Auditor's review report on Quarterly Unaudited Consolidated Financial Results of Dev Information Technology Limited Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Dev Information Technology Limited

• We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dev Information Technology Limited (the "Holding Company"), its subsidiaries and associate entity (the Holding Company, its subsidiaries and associate together referred to as "the Group") for the quarter ended June 30, 2023 (the "Statement") attached herewith, 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").
• This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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.
• The Statement includes the results of the following entities:

Subsidiary: Dev Info-Tech North America Limited Minddefft Technologies Private Limited Associate: Dev Accelerator Private Limited

1. Based on our review conducted as stated in paragraph 3, 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 Ind As 34, prescribed under section 133 of the Act 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.

Page 1 of 2

• The Statement includes the interim financial result and other financial information in respect of:-6
• · Two (2) subsidiaries, whose financial statements include total revenues of Rs. 520.22 lakhs and Rs.97.05 lakhs, total net profit after tax of Rs.6.06 lakhs and Rs.8.48 lakhs and total comprehensive income of Rs.6.06 lakhs and Rs.8.48 lakhs for the quarter ended June 30, 2023 whose financial information have not been reviewed by us. The Company's management has converted the financial statements of one such subsidiary located outside India from the accounting principles generally accepted in their respective countries to the accounting principles generally accepted in India.
• . One (1) Associate whose financial statements include Group's share of Net Loss of Rs. Nil and Total Comprehensive income of Rs. Nil for the quarter ended June 30, 2023 as considered in the statement whose financial statements and other financial information have been not been reviewed by its respective independent auditor.

These unaudited interim financial results and other unaudited financial information of the these subsidiaries and associate have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not materia! to the Group.

Our conclusion on the Statement in respect of matters stated in para 6 above is not modified with respect to our reliance on the work done and the financial results certified by the Management.

Date: August 10, 2023

Place: Ahmedabad

For RINKESH SHAH & Co. Chartered Accountants FRN 129690W

CA Rinkesh Shah Partner M.No. 131783 UDIN: 23131783BGPNJG4863

Page 2 of 2

DEV INFORMATION TECHNOLOGY LIMITED

Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing,

Statement of Consolidated Unaudited Financial Results for the quarter ended 30th June, 2023

			(Rs. in Lakhs except EPS) YEAR ENDED QUARTER ENDED
		Particulars	3/31/2023 6/30/2022
			6/30/2023	3/31/2023	(Unaudited)	(Audited)
			(Unaudited)	(Audited)		12,415.52
1	Revenue from operations		6,045.68	4,426.00	2,657.22	696.75
Ш	Other Income		21.70 6,067.38	19.80 4,445.80	36.84 2,694.07	13,112.27
Ш	Total Income (I+II)
IV	Expenses	Cost of materials & services	3,893.00	2,415.46	1,101.60	6,101.46
	(a) (b)	Changes in inventories of finished	(6.49)	22.16	10.74
		goods and stock-in-trade				(30.50)
	(c)	Employee Benefits Expenses	1,688.08	1,358.28	1,246.97	5,128.45
	(d)	Finance Costs	34.04	23.92	32.95	138.81
	(e)	amortization Depreciation and	27.10	36.62	27.14	124.83
		expenses
	(f)	Other expenses	164.04	145.06	100.82	523.59
	Total expenses (IV)		5,799.76	4,001.50	2,520.23	11,986.64
V		Profit before exceptional items and tax (III-IV)	267.63	444.30	173.83	1,125.63
VI	Exceptional Items		ä,	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$
		Share of profit/(loss) of an associates
VII	Profit Before Tax (V - VI)		267.63	444.30	173.83	1,125.63
VIII	Tax expense :			98.41	44.50	264.41
	a) Current Tax		75.00 9.68	5.06	(39.63)	(30.98)
		b) Deferred Tax Liability / (Assets)				(9.89)
	c) Adjustment of tax for Earlier Years			(18.96)
	Total Tax Expenses (VIII)		84.68	84.52	4.87	223.55
IX		Profit for the period (VII-VIII)	182.94	359.78	168.96	902.08
X		Other Comprehensive Income (net of taxes)
	$\mathsf{i}$	Items that will not be reclassified to				2.67
		profit or loss
	a)	Remeasurements of the defined	(0.54)	4.25	(1.24)	(2.15)
		benefit plans
	c)	Income tax relating to items that will	0.14	(1.07)	0.31	(0.13)
XI		Total comprehensive income for the period $(IX + X)$	182.54	362.96	168.03	902.47
XII		Profit for the period attributable to:
	Owners of the Company		181.39	332.30	161.71	897.45
	Non controlling interest		1.55	27.47	7.25	4.63
		Other Comprehensive Income (Net of Tax) for the
XIII	period attributable to:				(0.93)	(2.28)
	Owners of the Company		(0.40)	3.18
	Non controlling interest
		Total Comprehensive Income (Net of Tax) for the
XIV	period attributable to:		180.99	335.48	160.78	897.84
	Owners of the Company		1.55	27.47	7.25	4.63
	Non controlling interest		1,111.30	1,105.92	1,104.10	1,105.92
XV		Paid up equity share capital (face value of Rs. 5 per shar	$\overline{\phantom{a}}$
XVI		Other equity excluding Revaluation Reserve
XVII		Earnings per share (of Rs. 5/- each) (not annualised):	1.66	1.63	1.53	4.08
	Basic Diluted		1.66	1.62	1.53	4.06

INITIALED FOR IDENTIFICATION RINKESH SHAH & CO.

Place: Ahmedabad

Dev Information Technology Limited.

$(6)$ ON TA Pranav Pandya Jaimin Shah $(Din:00021880)$ AHMEDABAD Chairman Managing Director Harshil Shah Krit A Patel Company Chief Financial Secretary Officer

Date: August 10, 2023

Notes:

• 1 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 meetings held on August 10, 2023
• 2 The consolidated financial results include unaudited financial results of the following entities: I. Subsidiary:- Dev Info-Tech North America Limited II. Subsidiary:- Minddefft Technologies Private Limited III. Associate:- Dev Accelerator Private Limited
• 3 The Statutory Auditors of the Company have carried out "Limited Review" of the consolidated unaudited financial results for the quarter ended June 30, 2023 as per Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
• 4 The Unaudited Consolidated financial results for the quarter ended June 30, 2023 are prepared in accordance with principles and procedures as set out in the Ind AS 110 "Consolidated Financial Statements" prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
• 5 The group operates in a single segment and in line with Ind AS 108 "Operating Segments", the operation of the group fall under "IT & IT enabled Services" business which is considered to be the only reportable business segment. The activities carried out by the associate are not reviewed separately and the criteria for identifying operating segments are not met hence Segment Reporting is not applicable in respect of the Associate Company.
• 6 The standalone figures of the March quarter are the balancing figure between the audited figures in respect of the full financial year upto 31st March, 2023 and the unaudited year-to-date figures upto 31 st December, 2022 being the date of the end of the third quarter of the financial year which were subjected to limited review.
• 7 The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures.

Information Technology Limited. mlya Cem $\eta$ . Jaimin Shah ON Pranav Pandya $(Din: 00021744)$ $(Din:00021880)$ Managing Director Chairman AHMEDABAD filiping Tate Harchil Chah Company Chief Financial Officer Secretary

Place Ahmedabad

Date: August 10, 2023