InfoBeans Technologies Limited — Annual Report 2021

May 4, 2021

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To,

Date: 03[rd] May, 2021

National Stock Exchange of India Limited Listing Department Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

Subject : Reply to Clarification for Financials Reference : SM – INFOBEAN

Dear Sir/Mam,

With reference to the above mentioned subject, the Financial Results as approved in the Board Meeting dated 26[th] April, 2021 for the Quarter and Year ended on 31[st] March, 2021 as submitted today at neaps portal of NSE, we would like to submit the clarification on following points.

01) Statement of unmodified modified opinion on Standalone & Consolidated Financial Statement for Financial Year ended on 31[st] March, 2021 – Refer Annexure I 02) Updated financials with a note on balancing figure- Refer Annexure II

03) Financial Statement are audited for the quarter and year end both.

For InfoBeans Technologies Limited

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Surbhi Jain Company Secretary and Compliance Officer

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Annexure I

To,

Date: 03[rd] May, 2021

National Stock Exchange of India Limited Listing Department Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

Subject - Declaration in respect of Unmodified Opinion on Standalone & Consolidated Financial Statement for Financial Year ended on 31[st] March, 2021

Dear Sir(S),

With reference to above mentioned subject matter and pursuant to regulation 33(3)(d) of the SEBI (LODR) Regulations,2015 we hereby declare that the Statutory Auditor of the Company M/s Prakash Jain & Co. Chartered Accountants has issued report with unmodified opinion(s) in respect of Standalone and Consolidated Annual Audited Financial Statements for the half year and year ended on 31[st] March, 2021.

Kindly take the same on record.

Thanking You,

Yours Faithfully

For InfoBeans Technologies Ltd

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Surbhi Jain

Company Secretary and Compliance Officer

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INFOBEANS TECHNOLOGIES LIMITED

CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.)

Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102

Audited Consolidated Financial Results for the quarter and year Ended on 31st March 2021 in compliance with Indian Accounting Standards

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(Rs. In Lakhs except per share Data)
Quarter Ended Year ended
Particulars
March December March March March
31, 2021 31, 2020 31, 2020 31, 2021 31, 2020
(Refer notes below) (Audited) (Audited) (Audited) (Audited) (Audited)
I Revenue from Operations 4,690.73 4,418.38 4,514.97 18,034.48 15,657.84
II Other Income 390.29 853.52 305.07 1,595.41 810.29
III Total Revenue (I+II) 5,081.02 5,271.90 4,820.04 19,629.88 16,468.13
Expenses
Employee Benefits Expense 3,149.26 2,979.07 3,018.71 11,705.99 9,979.09
Decrease in Technical Deveopment WIP - - - - 63.32
Finance Costs 80.27 83.24 142.43 321.72 194.68
Depreciation and Amortization Expenses 488.53 368.75 468.26 1,612.22 960.30
Other Expenses 577.24 394.79 847.07 2,419.05 2,705.94
IV Total Expenses (II) 4,295.29 3,825.85 4,476.48 16,058.98 13,903.32
V Profit before exceptional and extraordinary item and tax(III-IV) 785.73 1,446.05 343.56 3,570.91 2,564.81
VI Exceptional Items 64.47 - - 64.47 -
VII Profit before extraordinary item and tax(V-VI) 721.26 1,446.05 343.56 3,506.44 2,564.81
VIII Extraordinary Item - - - - -
IX Profit Before Tax (VII-VIII) 721.26 1,446.05 343.56 3,506.44 2,564.81
X Tax Expense
Current Tax 28.69 222.15 150.12 643.08 528.12
Deferred Tax (304.91) (152.28) 83.70 (714.45) 67.55
Tax in respect of Earlier Year (16.51) - 0.74 (16.51) (2.17)
MAT Entitlement 11.07 (62.30) (55.18) (89.99) (145.46)
Total Tax Expenses (281.65) 7.57 179.38 (177.87) 448.03
XI Profit/(Loss) for the period from continuing operations(IX-X) 1,002.91 1,438.48 164.19 3,684.31 2,116.78
XII Profit/(Loss) from discontinuing operations - - - - -
XIII Tax expenses of discontinuing operations - - - - -
XIV Profit/(Loss) from discontinuing operations(after tax)(XII-XIII) - - - - -
XV Profit/(Loss) for the period(XI+XIV) 1,002.91 1,438.48 164.19 3,684.31 2,116.78
Attributable to:
Shareholders of the Company 1,002.91 1,438.48 164.19 3,684.31 2,116.78
Non Controlling interest - - - - -
XVI Other Comprehensive Income
Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit liability/assets, net (2.88) (7.79) (35.47) (23.12) (31.15)
Income tax relating to items that will not be reclassified to profit or loss 0.62 2.27 10.00 6.73 9.07
XVII Total Other Comprehensive Income (2.26) (5.52) (25.47) (16.38) (22.08)
XVIII Total Comprehensive Income for the Year 1,000.65 1,432.96 138.72 3,667.92 2,094.70
Attributable to:
Shareholders of the Company 1,000.65 1,432.96 138.72 3,667.92 2,094.70
Non Controlling interest - - - - -
XIX Earning Per Share
Paid up equity share capital 2,401.56 2,401.56 2,401.56 2,401.56 2,401.56
(Face value: Rs. 10 per share)
Equity Shares of par value ₹10/- each
(1) Basic (₹) 4.18 5.99 0.68 15.34 8.81
(2) Diluted (₹) 4.18 5.99 0.68 15.34 8.81
Earning per share is not annualised for the interim period
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Notes:

1. The above results of the group for Year and quarter ended March 31, 2021 have been reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 26th April, 2021.

2. These financial results are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

3. The above consolidated results represent results of Infobeans Technologies Limited and its subsidiaries InfoBeans INC., InfoBeans Technologies DMCC, InfoBeans Technologies Europe GmbH and further stepdown subsidiary Philosophie Group INC have been prepared in accordance with Ind AS 110 – “Consolidated Financial Statement”.

4. Technical Development WIP - The group has been developing new capabilities for providing services, for which it has been incurring some expenses for the development. The group has policy to recognize such expenses as Technical Development WIP in the current assets head and the same will be charged to Profit and Loss @ 40% each year against the revenue of such services, as and when such capabilities starts generating revenue.

5. The Group operates in one segment i.e. Information Technology services. Hence no separate segment disclosures as per "Ind AS-108 : Operating Segments" have been presented as such information is available in the statement.

6. The details of exceptional items for the current year are as follows:

7. Provision for impairment of intangible assets and goodwill recognized on acquisition of Philosophie Group Inc through its wholly owned subisdiary InfoBeans Inc amounted INR 1029.00

8. Reversal of provision of contingent consideration recognized at the time of PGI acquisition, due to non fullfillment of achievement of certain performance of share purchase agreement dated 24-09-2019

9. amounted INR 964.53.

10. Corresponding figures of the previous periods/year have been regrouped or rearranged wherever considered necessary.

11. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year. [As laid down in the regulation 33(3)(e ) of SEBI (Listing Obligations and Disclosures Regulations, 2015)

12. The above results are available on companies website - https://www.infobeans.com/investors and the stock exchange viz. https://www.nseindia.com

Place : Indore Dated: April 26, 2021

For and on Behalf of Board of Directors of InfoBeans Technologies Limited Avinash Sethi Director & Chief Financial Officer DIN : 01548292

INFOBEANS TECHNOLOGIES LIMITED

CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.)

Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102 Audited Consolidated Financial Results for the Quarter and year ended on 31st March 2021 in compliance with Indian Accounting Standards Consolidated Balance Sheet

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Particulars As at March 31, 2021 As at March 31, 2020
ASSETS
1 Non-current assets
(a) Property, plant and equipment 1,183 1,183
(b) Capital work-in-progress - -
(c) Right-of-use assets 3,028 3,217
(d) Goodwill 192 237
(e) Other Intangible assets 3,816 5,483
(f) Financial assets
i) Investments 6,712 4,935
ii) Other financial assets 256 288
(g) Deferred tax assets (net) 713 -
(h) Income tax assets (net) 37 22
(i) Other non-current assets 18 5
Total non-current assets (1) 15,955 15,371
2 Current assets
(a) Inventories - -
(b) Financial assets
i) Investments 393 676
ii) Trade receivables 3,949 3,367
iii) Cash and cash equivalents 2,270 1,086
iv) Bank balances other than (iii) above 1,335 500
v) Other financial assets 40 101
(c) Other current assets 600 223
Total current assets (2) 8,588 5,953
Total assets (1+2) 24,543 21,323
EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital 2,402 2,402
(b) Other equity 15,701 12,042
Total equity (1) 18,103 14,444
2 Liabilities
Non-current liabilities
(a) Financial liabilities
i) Borrowings 1 5
ii) Lease liabilities 2,712 2,783
iii) Other financial liability 1,054 2,209
(b) Provisions 650 576
(c) Deferred tax liabilities (net) - 96
Total non-current liabilities (2) 4,418 5,668
Current Liabilities
(a) Financial liabilities
i) Borrowings 551
ii) Lease liabilities 583 540
iii) Trade payables
Total outstanding dues of micro enterprises and
small enterprises - -
Total outstanding dues of creditors other than micro
enterprises and small enterprises 265 69
iv) Other financial liabilities 112 280
(b) Current tax liabilities (net) 0 33
(c) Other current liabilities 511 290
Total current liabilities (3) 2,022 1,212
Total equity and liabilities (1+2+3) 24,543 21,323
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INFOBEANS TECHNOLOGIES LIMITED

CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.)

Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102

Audited Consolidated Financial Results for the Quarter and Year Ended on 31st March 2021 in compliance with Indian Accounting Standards

Cashflow statement

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Particulars For year ended March For year ended March
31, 2021 31, 2020
Net cash generated from operating activities (A) 3,461 5,987
Net cash used in investing activities (B) (2,475) (4,676)
Net cash generated from financing activities (C) 198 (1,194)
Net decrease in cash and cash equivalents (A+B+C) 1,184 117
Cash and cash equivalents at the beginning of the year 1,086 969
Cash and cash equivalents at end of the year 2,270 1,086
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INFOBEANS TECHNOLOGIES LIMITED

CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.) Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102 Audited Financial Results for the quarter and Year ended on 31st March 2021 in compliance with Indian Accounting Standards

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(Rs. In Lakhs except per share Data)
Quarter Ended Year Ended
Particulars March December March March March
31, 2021 31, 2020 31, 2020 31, 2021 31, 2020
(Refer notes below)
(Audited) (Audited) (Audited) (Audited) (Audited)
I Revenue from Operations 3,152.91 2,999.68 2,784.57 11,833.48 11,039.85
II Other Income 136.41 241.47 300.10 713.14 789.59
III Total Revenue(I+II) 3,289.32 3,241.15 3,084.67 12,546.63 11,829.45
Expenses
a) Employee Benefits Expense 2,003.05 1,924.84 1,697.87 7,274.20 6,914.31
b) Decrease in Technical Development WIP - - - - 47.81
c) Finance Costs 22.47 22.98 15.73 76.78 67.98
d) Depreciation and Amortization Expenses 146.04 143.48 153.43 606.29 537.49
e) Other Expenses 269.89 145.39 425.94 879.19 1,333.17
IV Total Expenses 2,441.46 2,236.69 2,292.96 8,836.46 8,900.76
V Profit before exceptional and extraordinary item and tax(III-IV) 847.86 1,004.46 791.71 3,710.16 2,928.68
VI Exceptional Items - - - - -
VII Profit before extraordinary item and tax(V-VI) 847.86 1,004.46 791.71 3,710.16 2,928.68
VIII Extraordinary Item - - - -
IX Profit Before Tax (VII-VIII) 847.86 1,004.46 791.71 3,710.16 2,928.68
X Tax Expense
Current Tax 123.30 222.70 139.00 641.00 517.00
Tax in respect of Earlier Year (16.51) - 1.56 (16.51) (3.35)
MAT Entitlement 11.07 (62.30) (55.18) (89.99) (145.46)
Current Tax 117.86 160.40 85.38 534.50 368.19
Deferred Tax 2.30 (112.79) 135.58 (222.49) 148.98
Total Tax Expenses 120.16 47.61 220.96 312.01 517.17
XI Profit/(Loss) for the period from continuing operations(IX-X) 727.70 956.85 570.75 3,398.15 2,411.52
XII Profit/(Loss) from discontinuing operations - - - - -
XIII Tax expenses of discontinuing operations - - - - -
XIV Profit/(Loss) from discontinuing operations(after tax)(XII-XIII) - - - - -
XV Profit/(Loss) for the period(XI+XIV) 727.70 956.85 570.75 3,398.15 2,411.52
XVI Other Comprehensive Income/(Losses)
Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit liability/assets, net 0.24 (7.79) (35.47) (23.12) (31.15)
Income tax relating to items that will not be reclassified to profit or loss (0.07) 2.27 10.00 6.73 9.07
XVII Total Other Comprehensive Income 0.17 (5.52) (25.47) (16.38) (22.08)
XVIII Total Comprehensive Income for the year 727.87 951.33 545.28 3,381.77 2,389.44
XIX Earning Per Share
Paid Up Equity Share Capital 2,401.56 2,401.56 2,401.56 2,401.56 2,401.56
(Face value : Rs.10 per share)
Equity Shares of par value ₹10/- each
(1) Basic (₹) 3.03 3.98 2.38 14.15 10.04
(2) Diluted (₹) 3.03 3.98 2.38 14.15 10.04
Earning per share is not annualised for the interim period
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Notes:

1. The above results of the Company for the quarter and Year ended March 31, 2021 have been reviwed by the Audit Committee and taken on record by the Board of Directors at their meeting held on April 26, 2021.

2. These financial results are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule

3. 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

4. Technical Development WIP - The company has been developing new capabilities for providing services, for which it has been incurring some expenses for the development. The company has policy to recognize such expenses as Technical Development WIP in the current assets head and the same will be charged to Profit and Loss @ 40% each year against the revenue of such services, as and when such capabilities starts generating revenue.

5. The company operates in one segment i.e. Information Technology services. Hence no separate segment disclosures as per "Ind AS-108 : Operating Segments" have been presented as such information is available in the statement.

6. Previous year figures have been regrouped/rearranged wherever necessary.

7. The above results are available on companies website - https://www.infobeans.com/investors and the stock exchange viz. https://www.nseindia.com.

8. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year. [As laid down in the regulation 33(3)(e ) of SEBI (Listing Obligations and Disclosures Regulations, 2015)

For and on Behalf of Board of Directors of InfoBeans Technologies Limited

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Place : Indore Dated: April 26, 2021

Avinash Sethi Director & Chief Financial Officer DIN : 01548292

INFOBEANS TECHNOLOGIES LIMITED

CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.)

Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102 Audited Financial Results for the quarter and half year ended on 31st March 2021 in compliance with Indian Accounting Standards Standalone Balance sheet

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(Rs. In Lakhs)
As at March 31, 2021 As at March 31, 2020
Particulars
Audited Audited
ASSETS
1 Non-current assets
(a) Property, plant and equipment 1,139 1,128
(b) Right-of-use assets 817 577
(c) Other Intangible assets 16 34
(d) Financial assets
i) Investments 10,599 8,823
ii) Other financial assets 112 102
(e) Deferred tax assets (net) 1,382 1,062
(f) Income tax assets (net) - 22
(g) Other non-current assets 14 5
Total non-current assets 14,078 11,754
2 Current assets
(a) Financial assets
i) Investments 393 676
ii) Trade receivables 3,281 2,721
iii) Cash and cash equivalents 662 104
iv) Bank balances other than (iii) above 1,335 500
v) Other financial assets 195 54
(b) Other current assets 188 142
Total current assets 6,055 4,198
Total assets (1+2) 20,133 15,952
EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital 2,402 2,402
(b) Other equity 15,786 12,139
Total equity 18,187 14,540
2 Liabilities
Non-current liabilities
(a) Financial liabilities
i) Borrowings 1 5
ii) Lease liabilities 378 365
(b) Provisions 650 576
Total non-current liabilities 1,030 945
Current Liabilities
(a) Financial liabilities
i) Lease liabilities 494 237
ii) Trade payables
Total outstanding dues of micro enterprises and small
enterprises - -
Total outstanding dues of creditors other than micro
enterprises and small enterprises 21 18
iii) Other financial liabilities 40 33
(b) Current tax liabilities (net) 0 33
(c) Other current liabilities 361 145
Total current liabilities 916 466
Total equity and liabilities (1+2) 20,133 15,952
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INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore (M.P.) Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102 Audited Financial Results for the Quarter and Year Ended on 31st March 2021 in compliance with Indian Accounting Standards

Standalone Cashflow statement

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(Rs. in Lakhs)
For year ended March 31, For year ended March
Particulars
2021 31, 2020
A Net cash generated from operating activities 2,942 2,608
B Net cash used in investing activities (2,573) (2,225)
C Net cash generated from financing activities 190 (946)
Net decrease in cash and cash equivalents (A+B+C) 558 (563)
Cash and cash equivalents at the beginning of the year 104 667
Cash and cash equivalents at end of the year 662 104
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