DEV INFORMATION TECHNOLOGY LIMITED — Interim / Quarterly Report 2024

Nov 12, 2024

www.devitpl.com | info@devitpl.com

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

Date: 12th November,2024

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, Bandra East,	Dalal Street
Mumbai-400 051	Mumbai -400001
Trading Symbol: DEVIT	Trading Symbol: 543462

Subject: Outcome of the Board Meeting held on Tuesday, 12th November, 2024: Ref.: Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirement),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 Tuesday, 12th November, 2024 at 05:30 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 Second Quarter and Half-year ended on September 30th, 2024 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 , www.bseindia.com and on Company's website at https://www.devitpl.com/.

• 2. Considered and approved payment of 1st Interim dividend of ₹ 0.25/- per equity share at the rate of 5% per equity share, having face value of ₹5/- each for the FY 2024-25. The record date for the Interim Dividend has been fixed as Tuesday ,26th November,2024.
• 3. Considered and approved reconstitution of Audit Committee and Nomination & Remuneration Committee w.e.f. November 12th, 2024.

The board appointed Mr. Umesh Rateja-Independent director of the company as the member of the Nomination & Remuneration committee. Following will be the revised Composition of NRC:

Name of the Director	Status in Committee	Nature of Directorship
Mr. Venkata Rama Subba Rao Velamuri	Chairman	Independent Non-Executive Director
Ms. Rama Moondra	Member	Independent Non-Executive Director
Mr. Umesh Rateja	Member	Independent Non-Executive Director

www.devitpl.com | info@devitpl.com

SHAH

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

The board appointed Mr. Umesh Rateja-Independent director of the company as the member of the Audit Committee. Following will be the revised Composition of Audit Committee :

Name of the Director	Status in Committee	Nature of Directorship
Mr Venkata Rama Subba Rao Velamuri	Chairman	Independent Non-Executive Director
Ms. Rama Moondra	Member	Independent Non-Executive Director
Mr. Jaimin Jagdishbhai Shah	Member	Managing Director
Mr. Umesh Rateja	Member	Independent Non-Executive Director

The board Meeting concluded at 06:00 P.M.

Kindly take this information on your records.

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

KRISA KAIRAV Digitally signed by KRISA KAIRAV SHAH DN: c=IN, o=Personal, title=2582,

pseudonym=CDCD7FC7D81194322A5D754479A99121, 2.5.4.20=85084771729dcbf53eeb59ca8816c302300d8440cb2 7e3444c7c94d4181b4266, postalCode=380007, st=Gujarat, serialNumber=0D148FB642AD1A5177D6AC789F641CE2A46A 0172B9661A7716658794938A1AF0, cn=KRISA KAIRAV SHAH Date: 2024.11.12 18:10:32 +05'30'

Krisa Shah Company Secretary & Compliance Officer Place: Ahmedabad

Cloud

IN DTA( RINKESH SHAH & CO.

CHARTE ACCOUNTANTS independent Auditor's review report on Unaudited Quarterly and Year to Date 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

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

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Dev Information Technology Limited ("the company") for the Quarter ended September 30, 2024 and Year to date results for the period April 01, 2024 to September 30, 2024 ("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").
• 1. This 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 "Interim Financial Reporting" ("Ind 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.
• 1. We conducted our review 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 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.
• 1. Based on our review conducted as 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 laid down in the relevant Indian Accounting Standards ("Ind AS"), as prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder 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, (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

77

CA Rinkesh Shah

Partner

Membership No. 131783

UDIN:24131783BKCUEN1261

Place: Ahmedabad Date: November 12, 2024

Ahmedabad : 701, 702, 703, Suyojan Building, President Hotel Lane, Off C.G. Road, Ahmedabad, India - 380009 Mumbai : 105, 1st Floor, Shree Samarth Plaza, Near Ganatra Hospital, Mulund West, Mumbai, India - 400080 E : info@rinkeshshahandco.com W : www.rinkeshshahandco.com

. - E———_—_—— - EEEEEE——

¢ DEV INFORMATION TECHNOLOGY LIMITED

Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing,Thaltej — Shilaj Road, Thaltej, Ahmedabad - 380059 D,E,.V Statement of Standalone Unaudited Financial Results for the Quarter & Half Year Ended on September 30,2024

ch		e o A Y QUARTER ENDED			ot HALF YEARENDED		Rs. in Lakhs except EPS YEAR ENDED
	Particulars	_9/30/2024	6/30/2024 _	9/30/2023	9/30/2024	9/30/2023	3/31/2024
	o e R s i	(Unaudited)	(Unaudited)	Unaudited	(Unaudited)	(Unaudited)	(Audited)
= )	Revenue from operations s !	3,202.04	3,019.37	2,999.64	6,221.41	8,888.77 1	e 15,728.30
	Il__ Other Income	1,182.41	25.21	51.45#	1,207.62		_6992] 14133
	A m Total Income (1+11)	4,384.45	3,044.58	__3,051.09	7,429.03	8,958.69	1586983
	£t Expenses		_edes		=
	= (a) [Cost of software & services	723.99	100534	898.33	1,729.33		J'M————M
	# l (b) [Changes in inventories of finished goods and stock-in-	498.76	(426.66) — ——	3.32 S —	72.10	(3.17)	(135.42)
	— — S b Employee Benefits Expenses N	fl.flf	M 1,839.23	1,773.18	— 3,732.50		6,909.51
	Finance Costs i	37.67	41.75	32.50	e A2	57.36	B 121.38
	Depreciation and amortizationexpenses	OhE = _	~ 56.28		112.91	__55.57	123.53 l
	&	N 112.69	107.44	120 01	20.13	237321	483.68
	-	332301	262338	2,856.61	5,946.39	8,516.84	14,698.21
	= Profit before exceptional items and tax T 12 17	1,061.44	421.20	194.48	1,482.54(	441.85	1,171.62
y	e Exceptional Items		-	-		z	:
	VII_ Profit Before Tax v Vl]	1,061.44 S	421.20	_ 194.48	1,482.64	441.85	1,171.62
	VIll_ Tax expense :	o W =		— 4200		=	i
	a) Current Tax	176.00	75.00		251.00	114.00	) 287.30
	b) Deferred Tax Liability / (Assets)	3 (28.85)	15.05	9.88	13.80	3 (1a6)]	14.27
	c) Adjustment of tax for Earlier Years	-	-	-	=_1	-	(6.98)
	= Total Tax Expenses (Vi)			32.12	237.20	112.54
	IX__ Profit for the period (VII-VIII)	914.29	331.15	162.36	124544		877.03
	Other Comprehensive Income (net of taxes
	Items that will not be reclassified to profit or loss
	Tax effecton gbove items		o o	=
	a) Remeasurements of the defined benefit plans	(4.50)	(451	e
	b Chan es in Fair Value of Investments	& 5	» e
	Income tax relating to items that will not be feclaSSIfied to profit or loss	1.15	1.12	L 0.13	2.27	I: 0.27 =	2.49 E—
	X__ Total Other comprehensive income for the period I	(3. 35)fi	(3.39)	(0.49)	6.74	0.80)	_(7.20)
	Xl_ Total comprehensive income for the period (IX + X)	910.94	327.76	161.96	1,238.70	328.50	___ 869.63
	Xil_ Paid up equity share capital (face value of Rs. 5 per share)	1,124.23	1,124.23	1,106.71	1,124.23	1,106.71	1,124.23
Xl	_ Other equity excluding Revaluation Reserve			-	o		4,456.40
	XIV_ Earnings per share (of Rs. 5/- each) (not annuahsegll		FRrNEOS		=	AR	5o
	Basic	4.07	147	0.73	T	T	3.96
	Diluted	2.06	147	073 ]	5.52	L47	3.5

Dev lnformat"hnology Limited.

| i ] J n Shah SR ~ . Pranav Pandya (Din : 00021880) /"~ - (Bin : 00021744) Mgnagmg &/ ' Chairman Director '4 : NN Place: Ahmedabad Harshil Shah i Chief Financial Company Date: November 12, 2024 Officer Secretary

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 meeting held on November 12, 2024. 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.
• "The Unaudited financial results for the Quarter and Half Year ended September 30, 2024 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.
• 3 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 Services" which is considered to be the only reportable business segment.

• 4 (i) Pursuant to share purchase agreement Dt. December 15,2023 the company has planned to acquire 100% stake in Dhyey Consulting Services Private Limited (Dhyey), as approved by the shareholders through EGM held on January 09, 2024 for a total consideration of Rs. 200 lakhs to be paid partly in cash and balance by issue of shares via preferential allotment. The said company is engaged in the business of implementation and development of Microsoft Dynamics, CRM, Al and Power Platform.

• 5 During the current quarter, the company has divested 28,74,190 equity shares of Dev Accelerator Limited for a consideration of Rs. 1163.68 lakhs which has resulted into a gain of Rs.1163.62 lakhs which is shown under the head "Other Income". The company, after the transfer of the above shares, still holds 21.90% of Equity shares of the said company as on September 30, 2024.

• 6 The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary so as to make them comparable with current period's figures.

Place: Ahmedabad Harshil Shah "-;\' i Jaimin Shah __ "1 T g3 Pranav Pandya o~ ON TA~N (Din : 00021880)_,,./4:6 ~==/Din : 00021744) Managing =/ \' I f{ &/ ' \ ,.»Chalrman -Chai Director L AHMED 2 Fatiisimy, =\ ,__—-— (0 2\ Chief Financial Company Date: November 12, 2024 Officer Secretary

(ii)The company had acquired 54.44% stake of Dhyey on February 21, 2024.

(ili)The company, paid Rs. 409.91 lakhs on August 28,2024 and September 30, 2024 to the shareholders of Dhyey for acquistion of the balance 45.56% stake

Dev Information Technology Limited.

S DEV INFORMATION TECHNOLOGY LIMITED

—_— — — Particulars	" 30th September, 2024	As at 3;st March, 2024
ASSETS	(Unaudited
1 Non-current Assets
(a) Property, Plant and Equipment	857.49	887.17
(b) Right of Use Assets		0.31
(d) Intangibles assets under development	179.87	104.87
(c) Other Intangible assets	187.75	247.54
(e) Financial Assets
(i) Investments	1,881.89 F	1,461.10
(i) Loans		33.64
(iil) Other Financial Assets	98.77	8435
(f) Other non-current assets	100.00	:
Total Non-current Assets	3,305.77	2,818.98
2 Current Assets
(a) Inventories	561.65 J	633.75
(b) Financial Assets
(i) Trade receivables	5,093.05	5,017.27
(ii) Cash and cash equivalents	13.61	94.64
(iii) Bank balances other than (ii) ab ove	290.95 [	262.64
(c) Other current assets	971.94	44.79 frres
Total Current Assets	6,931.20	6,053.09
TOTAL ASSETS	10,236.97 ~	8,872.0F
EQUITY AND LIABILITIES 1l
1 Equity
(a) Equity Share capital	1,124.23	1,124.23
(b) Other Equity	5,668.88	o 4,456.40
Total Equity	6,793.11	5,580.63
2 LIABILITIES
Non-current Liabilities
(a) Financial Liabilities	E
(i) Borrowings	636.43	385.90
(b) Provisions	:	4.44
(c) Deferred tax ligbilities (Net)	B	23.28
Total Non-current Liabilities	643.64	413.62
3 Current Liabilities
(a) Financial Liabilities —
(i) Borrowings	1,461.85	771.63
(ii) Trade payables
- Total outstanding dues of micro and small enterprises - Total outstanding dues of trade payables other than micro and small	2.88	7.03
enterprises	334.57 1	1,056.71
(iii) Lease Liabilities		0.32
(iv) Other financial liabilities	728.26	618.57
(b) Other current liabilities	140.76	344.94
(c) Provisions	78.18	59.93 R
(d) Current Tax Liabilities (Net)	S3. 724 "	18.68
Total Current Liabilities	2,800.22	2,877.82

Place:Ahmedabad

Date: November 12, 2024

Statement Of Standalone Assets And Liabilties As At September 30,2024

(Rs. In Lakhs)

TOTAL EQUITY AND LIABILITIES	10,236.97	8,872.07

DEV INFORMATION TECHNOLOGY LIMITED

		Half Year Ended	Half Year Ended
	1 Particulars AeasriowmomorsRATGAcTivinees e	e	iy 30th September, 2024 30th September, 2023
A [	e P— - — '——1__—__—_ CASH FLOW FROM OPERATING ACTIVITIES s	1	e :
	Profit Before taxation	1,482.64 -	441.85
	Adjustments to reconcile profit before tax to net cash flows:
	Depreciation /Amortization expense	112.91	§5.57
	Interest Income/Dividend Income	(12.83)	(19.02)
	Interest and Other Borrowing Cost	76.32	57.36
	Unrealised Forex Loss/(Gain)	10.08	(6.32)
	ESOP Expense for the year	2999	21.59
	(Profit) / Loss on Sale of Property, Plant and Equipment	0.67	(29.24)
	Excess provision/sundry balances written back	11.79	9.06
	Effect of fair valuation of investments	-	(10.23)
	Gain on sale of investments	(1,163.62)	-
-	Actuarial gains/ (losses) on post employment defined benefit plans	(9.01)	(1.07)
	Provision for Expected Credit Loss	(1.43)	453
	Qperating Profit before Working Capital Changes Working Capital Changes:	537.51	524.09
	Changes in Inventories	72.10	(3.17)
	Changes in trade receivables,other financial assets and other assets	(1,104.12)	17.60
	Changes in trade payables,other financial liabilities and other liabilities	(850.17)	(489.61)
	Net Changes in Working Capital	(1,882.19)	(475.18)
	Cash Generated from Operations	(1,344.68)	48.91
	Direct Taxes paid (Net of Income Tax refund)	(215.96)	(169.71)
	Net Cash used in Operating Activities	(1,560.64)	(120.80)
	CASH FLOW FROM INVESTING ACTIVITIES
	Acquisition of property, plant & equipment/intangible assets	(99.29)	(48.31)
	Sale of property, plant & equipment	0.48	39.61
	Investment in equity shares of subsidiary company	(409.91)	(81.98)
	Proceeds from Sale/Redemption of Investment (Net)	1,163.68	-
	Changes in Bank balances other than cash equivalents	(28.31)	(3.78)
	Dividend Income/Interest Income	1.88	19.02
	Net Cash flow/(used in) from Investing Activities	628.53	(75.44)
	CASH FLOW FROM FINANCING ACTIVITIES
	Dividend Paid	(13.03)	-
	Proceeds from/(Repayment) of Borrowings (Net)	940.74	190.93
	Finance cost Paid	(76.32)	(57.36)
	Proceeds from exercise of share options	-	9.41
	Payment of Lease Liability	(0.31)	(4.86)
	Net Cash flow from Financing Activities	851.08 i	138.11
	Net Increase/(Decrease) in cash & cash equivalents	(81.03)	(58.13)
	Cash & Cash equivalent at the beginning of the year	94.64	84.41
	Cash & Cash equivalent athe end of the year	13.61	26,28

Date :November 12,2024 Place: Ahmedabad

For, Dev Information Technology Ltd.

N o Pranav Pandyé' o ¥ ).Shah (DIN : 00021744) (DIN\:00021880) Chairman ™M Mmrrector 3 W',—-—-— " Harshil Shah Chief Financial Officer - Ja);éah N Compény Secretary

N LR B RINKESH SHAH & CO. CHARTERED ACCOUNTANTS

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

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"), its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and associate entity for the quarter and half year ended September 30, 2024 and half year to date from April 01, 2024 to September 30,2024 (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 Regulaticns").
• 1. This Statement, which is the responsibility of the 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 the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with rejevant 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.
• w 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 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 No. CIR/CFD/CMD1/44/2019 dated March 29, ²⁰¹⁹issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

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

Subsidiaries: 1. Dev Info-Tech North America Limited

• 1. Minddefft Technologies Private Limited
• 1. Dhyey Consulting Services Private Limitgg
• 1. Dynamics Stars LLC

Associate: Dev Accelerator Limited

Page 1 of 2

^Lel et P e ^e Ahmedabad : 701, 702, 703, Suyojan Building, President Hotel Lane, Off C.G. Road, Ahmedabad, India - ³⁸⁰⁰⁰⁹ Mumbai : 105, 1st Floor, Shree Samarth Plaza, Near Ganatra Hospital, Mulund West, Mumbai, India - ⁴⁰⁰⁰⁸⁰ F : info@rinkeshshahandco.com W : www.rinkeshshahandco.com

• n Based on our review conducted as stated in paragraph 3 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 laid down in the Ind As 34, prescribed under section 133 of the Act and other accounting principlés 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 information of Four (4) subsidiaries and One (1) associate entity included in the consolidated financial statements. The Statement includes the interim financial result and other financial information in respect of:
• e Two (2) Indian subsidiaries, whose financial statements includes total assets of Rs. 1237.77 lakhs as at September 30, 2024, total revenues of Rs. 505.78 lakhs and Rs. 991.04 lakhs, total net profit after tax of Rs. {46.15} lakhs and Rs. (29.91) lakhs and total comprehensive income of Rs. (46.56) lakhs and Rs. (30.55) lakhs for the guarter ended September 30, 2024 and half year ended September 30, 2024 respectively as considered in the statement whose interim financial information/financial results have been not been reviewed by its auditor.
• ¢ Two (2) Foreign subsidiaries, whose financial statements includes total assets of Rs. 850.17 lakhs as at

September 30, 2024, total revenues of Rs. 447 78 lakhs and Rs. 1012.62 lakhs, total net profit after tax of Rs. (57.01) lakhs and Rs. {32.67) lakhs and total comprehensive income of Rs. {57.50) lakhs and Rs. (31.90) lakhs for the quarter ended September 30, 2024 and half year ended September 30, 2024 as considered in the statement whose interim financial information/financial results have been not been reviewed by its auditor. The Company's management has converted the financial statements of both subsidiaries located outside India from the accounting principles generally accepted in their respective countries to the accounting principles generally accepted in India.

e 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 and half year ended September 30, 2024 as considered in the statement whose interim financial information/financial results have been not been reviewed by its auditor.

According to the information and explanations given to us by the Holding Company's Management, these interim financial information are not material to the Group.

Cur opinion on the Statement in respect of matters stated above is not medified with respect to our reliance on the work done, review reports of other auditors and the financial results certified by the Management.

For, Rinkesh Shah & Co. Chartered Accountants FRN. 129690W

Membership No. 131783 UDIN: 24131783BKCUEO4289

Page 2 of 2

DEV INFORMATION TECHNOLOGY LIMITED

Registered Office: 14, Aaryans Corporate Park, Near Shilaj Railway Crossing, 10 simpiified Thaltej - Shilaj Road, Thaltej, Ahmedabad — 380058

Statement of Consolidated Unaudited Financial Results for the Quarter and Half Year ended 30th September, 2024

YEAR ENDED HALF YEAR ENDED - QUARTER ENDED Particulars 3/31/2024 9/30/2024 9/30/2023 9/30/2023 6/30/2024 9/30/2024 q_(ynauduted) (Unaudlted[ QUnaudlteg) (Audited) Unaudited Unaudited 16,357.56 8,840.40 7,139.90 2,794. 72 3,546.01 2o 3,593.89 154.01 __ Revenue from operations 77.28 125759 55.58 26.99 1,230.60 P : Il__ Other Income 16,511.57 8,917.68 8,397.49 3,573.00 2,850.30 4,824.49 Ill__ Total Income (I+! fi'— 1 S o - oY 1 RIS LT s IV__ Expenses 7,202.59 4,483.16 1,899.15 - 590.16 1,103.24 795.91 { Cost of Softwares & services L (a) 33.85 - e (b) [ Purchase of stock in trade (135.42) (3.17) 72.10 3.32 (426.66) 498.76 Chznges in inventories of finished goods and stock- n-h (c) trade 7,224.74 3,529.68 4,326.84 1,841.60 2,119.70 2J207.171-l [ [Employee Benefits Expenses ¥ (d) 141.77 69.07 150.52 35.03 51.90 98.62 AT (e) [Finance Costs 9 138.97 57.30 154.65 30.20 75. 20# 79.4_5_H Depreciation and amortization expenses () 654.71 317.86 370.46 ! 153.82 170.86 199.60 Other expenses 8,453.89 _ 15,202.21 6,973.72 2,654.13 3,094.24 3,879.48 1 [Total expenses (1v) 1,249.36 463.78 1,423.7] 196.16 478.76 945.01 v__ Profit before exceptional items and tax (11I-1V) - et g 2 1 4 - - Exceptional Items VI - B - e V__TSh3'§°f_B"°fiL/U°SS) of an associates 1,249.36 463.78 1,423.77 196.16 47876 945.01 VIl Profit Before Tax (V - VI = Il VIl [Tax expense : 297.36 117.00 254.90 42.00 — — 89.48 —— 165.42 - — e +— [ [a) Current Tax — 11,69 (1.46) (13.99) (11.14) oo {3153k b) Deferred Tax Llablhty / (Assets) (7.26) =R I - R - WoiSE c) Adjustment of tax for Earlier Years 301.79 115.54 240.91 30.86 107.01 133.90 R Total Tax Expenses (VIIl) 947.57 348.24 1,182.86 16530 00 375 sl 3 IX__[Profit for the period (VII-VIli) B ! s ]cher Comprehensive Income (net of taxes) S 2 : o 1.27 JREOR items that will be reclassified to profit or loss i) : 5 2 Tax effect on above items 3 ltems that will not be reclas_sified to profit or loss ii) (Lo7)f (9.86) 0.53) 4.83 (5.03) r ___ (a)Remeasurements of the defined benefit plans 8.13 - (b)Changes in Fair Value of Investment 3.07 0.27] 2.48 0.13 1.20 1.28 Income tax relating to items that will not be reclassified s ! IR e .__T___m.nmm.a.dna' R A 13.84 {0.80 (6.61)] &SG)T__ (0. 404 (4.25) L X Total Other comprehensive income for the period 933.74 347.44 1,176.25 E 36939 16490 806.86 XI__ Total comprehensive income for the period (IX + X) ¥ Sans e e XIl Profit/(Loss) for the period attributable to: 344.97 1,192.15 == 163 58 353.45 [ 838.70 Owners of the Company 3.27 (9.29) 1.72 18.30 [ (27.59)) Non controllmg interest H_—Other Comprehensive Income (Net of Tax) for the period e AR =5 1 Xl attributable to: (0.80) (6.56) (0.40) &07)' (3.49) % Owners of the Company (0.05) e - = 0.71 lo7e) ____ Non controlling interest Total Comprehenswe Income (Net of Tax) for the period XKIV attributable to: 344.17 1,185.59 163.18 350.38 835.21 - Owners of the Company - 3.27 Do Segt 19.01 (28.35)] i [Non controlling interest 1,124.23 _1,106.71 1,124.23 1,106.71 1,124.23 1,124.23 XV__ Paid up equity share capital (face value of Rs. 5 per share] 4,420.90 E] - XVI Other equity excluding Revaluation Reserve L 1 il XVII[Earnings per share (of Rs. 5/- each) (not annualised): 1.56 5.30 (0.10) 1,56 3.74 Sl Gl i i Basic 418 1.54 5.28							(Rs. in Lakhs except EPS)
							(4.69)
							(20.35)
							928.79
							18.78
							(12.67)
							__(1.16)
							916.12
							17.62
							4.19
	[Diluted		3.73 T	1.551_	(0.12)

For, Dev Ipfofyation Technology Ltd.

JAIMIN SHAH fia PANDYA (DIN : 00021880) ' ~(DIN : 00021744)

DATE:November 12, 2024

['m TIALED FOR IDENTIFI'CATION RINKESH S B N o T e ALIAl HAF 1 & CO.

Notes:

• ¹The 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 meeting held on November 12, 2024. 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.
• ²The consolidated financial results include unaudited financial results of the following entities:

I. Subsidiary:- Dev Info-Tech North America Limited I1I. Subsidiary:- Minddefft Technologies Private Limited I1.Subsidiary:- Dhyey Consulting Service Private Limited IV Subsidiary:- Dynamic Stars LLC V.Associate :- Dev Accelerator Limited

• ³The Unaudited consolidated financial results for the Quarter and Half Year ended September 30, 2024 have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 123 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• "4 The Unaudited Consolidated financial results for the Quarter and Half year ended September 30, 2024 are prepared in accordance with principles and procedures as set out in the Ind A5 110 "Consolidated Financial Statements" prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder.
• ⁵The 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(i) Pursuant to share purchase agreement Dt. December 15,2023 the company has planned to acquire 100% stake in Dhyey Consulting Services Private Limited (Dhyey), as approved by the shareholders through EGM held on January 09, 2024 for a total consideration of Rs. 900 lakhs to be paid partly in cash and balance by issue of shares via preferential allotment. The said company is engaged in the business of implementation and development of Microsoft

Dynamics, CRM, Al and Power Platform.

(ii)The company had acquired 54.44% stake of Dhyey on February 21, 2024.

(ili)The company, paid Rs. 409.91 lakhs on August 28,2024 and September 30, 2024 to the shareholders of Dhyey for acquistion of the balance 45.56% stake i.e. 4555 shares at a price of Rs. 8999.14 having face value of Rs. 10.

Pursuant to this acquisition, Dhyey has become a wholly owned subsidiary of the company with effect from September 30, 2024.

• ⁷During the current quarter, the company has divested 28,74,190 equity shares of Dev Accelerator Limited for a consideration of Rs. 1163.68 lakhs which has resulted into a gain of Rs.1163.62 lakhs which is shown under the head "Other Income". The company, after the transfer of the above shares, still holds 21.90% of Equity shares of the said company as on September 30, 2024.
• ⁸The figures of previous quarters / year are reclassified, regrouped and rearranged wherever necessary \$0 as to make them comparable with current period's figures.

For, Dev Information Technology Ltd.

JAIMIN SHAH )PRANAV PANDYA (DIN : 00021880) - (DIN : 00021744) MANAGING /g:?\% ON CHAIRMAN

DIRECTOR/"+ - N\

PLACE: AHMEDABAD HARSHILSHAH =~ KRISA SHAH CHIEF FINANCIAL COMPANY OFFICER SECRETARY

DATE: November 12, 2024

DEV INFORMATION TECHNOLOGY LIMITED

&5 Statement Of Consolidated Assets And Liabilties as at September 30, ²⁰²⁴

REV —————————————		# e D ¥
Particulars	iy 30th September, 2024	kS 31st March, 2024
' Fiona I ASSETS	(Unaudited)	(Audited)
1 Non-current Assets
a) Property, Plant and Equipment	1,094.70	1,154.02
b) Right of Use Assets	158.63	169.07
¢) Intangibles assets under development	400.63	~ 325.62
	627.82	627.82
d) Goodwill	187.75	247.54
e) Other Intangible assets
f) Financial Assets	358.87	347.92
(i) Investments	- _	33.64
(ii) Loans	104.00	94.07
(iil) Other Financial Assets	51.84	27.56
(g) Income tax assets (Net)	18.82	16.42
(h) Deferred tax assets (Net)	e 2 PORRRE	- 4
(i) Other non-current assets	3,103.06] — =	3,043.68
Total Non-current Assets
2 Current Assets
(@) Inventories	561.65	633.75
(b) Financial Assets	-	5,129.84
(i) Trade receivables	5,294.08
(i) Cash and cash equivalents	269.70	340.00
(iii) Bank balances other than (i) above	294.20	266.39
(iv) Loans	5.96	6.57
(v) Other Financial Assets	65.25	44,34
(c) Other current assets	1,013.72	__84m
Total Current Assets :	7,504.56	6,504.90 2> T
TOTAL ASSETS	10,607.62 el	9,548.58 . i
EQUITY AND LIABILITIES
1 Equity
_ (a) Equity Share capital	1,124.23	1,124.23
(b) Other Equity	5,427.46	4,420.90
(c)Non-Controlling Interest		283.21 T e
Total Equity	6,565.91 '	5,828.34
2 LIABILITIES
Non-current Liabilities
(a) Financial Liabilities	: :
(i) Borrowings	655.02	404.28
(ii) Lease Liabilities		150.47 -
(b) Provisions	45.73	40.80
(c) Deferred tax liabilities (Net)	7.21	23.28
(d) Other non-current liabilities		- -
Total Non-current Liabilities :	o T	61s.83 __
3 Current Liabilities
(a) Financial Liabilities
(i) Borrowings	1,659.89	878.79
(ii) Trade payables
- Total outstanding dues of micro and small enterprises		7.03 2.88
- Total outstanding dues of trade payables other than micro
and small enterprises	426.68 '	1,019.42
(iii) Lease Liabilities	168.54	24.42
(iv) Other financial liabilities	764.04	703.58
(b) Other current liabilities	179.24	384.96
(c) Provisions	78.76	64.53
(d) Current Tax Liabilities (Net)	53.72	18.68
Total Current Liabilities	3,333.75	3,101.41
TOTAL EQUITY AND LIABILITIES	10,607.62	9,548.58

For, Dev Inform echnology Ltd. \C s LS NAV PANDYA (DIN 00021880) (m wozma) MAfiAGlNG\t'J.IREGOR IED PLACE: Ahmedabad HARSHIL SHAH - CHIEF FINANCIAL OFFICER €O

DATE: November 12, 2024

&8 DE

Date: November 12, 2024 Place: Ahmedabad

DEV INFORMATION TECHNOLOGY LIMITED

4kog\ sl ok RINKESH SHAH & CO. N7 ALCD FOR IDENTIFICATION g (s

_ CONSOLIDATE STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED SEPTEMBER 30, ²⁰²⁴ TEMENT —,——-,,————————————————— OF CASH FLOW PR e e ^e

(DIN : 00021880) »fi / anaging Director | =/ QJ L\':Fsfil—;;h Chief Financial Officer

n'Shah / Fo Information Technology Ltd. J s~ Pranav Pandya

		(Rs. In Lakhs)
bt mareteiacy		Half Year Ended 30th September, Half Year Ended 30th September,
	2024	2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit Before taxation	1,423.77	463.78
Adjustments to reconcile profit before tax to net cash flows:	J
Depreciation /Amortization expense	154.65	57.30
Finance cost	150.52	69.07
Interest Income/Dividend income	(12.92)	(19.03)
Unrealised Forex Loss/(Gain)	0.79	(6.32)
ESOP Expense for the year	29.99	21.59
(Profit) / Loss on Sale of Property, Plant and Equipment	0.67	(29.24)
Gain on sale of investments	(1,163.62)
Excess provision/sundry balances written back	18.34	9.06
Effect of fair valuation of investments		(10.23)
Actuarial gains/ (losses) on post employment defined benefit plans l	(9.86)	(1.07)
Provision for doubtful debts	(1.43)	4.53 559.44
Operating Profit before Working Capital Changes Working Capital Changes:	590.90
Changes in Inventories	72.10	(3.17)
Changes in trade receivables,other financial assets and other assets	(1,202.57)	248.8%
Changes in trade payables,other financial liabilities and other	(769.68)	(776.69)
lliabilities	(1,900.15)	(531.00)
Net Changes in Working Capital	I (1,309.25)	28.45
Cash Generated from/(used in) Operations	(244.14)	(187.62)
Direct Taxes paid (Net of Income Tax refund)		(159.17)
Net Cash flow Used In Operating Activities	(1,553.39)]
B eCASH FLOW FROM INVESTING ACTIVITIES		(49.21)
Acquisition of property, plant & equipment/intangible assets	(101.25)	-
Investments made in equity shares of Subsidiary company	(409.91)	(81.98)
Proceeds from Sale/Redemption of Investment (Net)	1,163.68	39.61
Proceeds from Sale of tangible asset	0.48
Interest Income/Dividend income	1.97	19.03
[Changes is bank balance other than cash & cash equivalent	(27.81)	(3.78)
Net Cash flow from/(Used in) Investing Activities	627,16	(76.33)
CASH FLOW FROM FINANCING ACTIVITIES		(4.93)
Dividend Paid	(13.03)
Proceeds from/(Repayment) of Borrowings (Net)	1,031.84	239.07
Finance cost Paid	(150.52)	(69.07) 9.41
Proceeds from exercise of share options	(12.36)	(4.86)
Payment of Lease Liability		169.62
Net Cash flow from Financing Activities	855.93
Net Increase/(Decrease) in cash & cash equivalents	(70.30)	(65.89)
Cash & Cash equivalent at the beginning of the year	340.00	249.63
Cash & Cash equivalent atthe end of the year	269.70	183.75

(DIN : 00021744) - Chairman ""Comp Secretary