InfoBeans Technologies Limited — Audit Report / Information 2023

May 12, 2023

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To,

Date: 12[th] May, 2023

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The Listing and Compliance Department, The Manager,
National Stock Exchange of India Limited Listing Dept.
Exchange Plaza, 5 [th] Floor, BSE Limited
Plot No. C/1, G block, Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Dalal Street,
Bandra East, Mumbai – 400051 Mumbai-400001
Script Code: SM – INFOBEAN MH- IN
SYMBOL: INFOBEAN
Scrip Code: 543644
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Subject: Outcome of the Board Meeting 02/2023-24

Dear Sir/Madam,

With reference to above mentioned subject we would like to inform you that a meeting of the Board of Directors of InfoBeans Technologies Limited (CIN: L72200MP2011PLC025622) was held on Friday, 12[th ] May, 2023 commenced at 09:00 A.M. and concluded at 11:45 A.M. and following business were transacted at the meeting:-

• To consider and approve the Audited Standalone & Consolidated Financial Results of the company for the fourth quarter and year ended on 31[st] March, 2023

• Appointment of M/s Jain Ritesh & Co., Chartered Accountants, as the Internal Auditor of the company for the financial year 2023-24

• Appointment of M/s M. Maheshwari & Associates as Secretarial Auditor of the company for the financial year 2023-24

• The Board of Directors recommended a Final dividend of Re.1.00 (One) per share on paid up equity capital for the year ended 31[st] March,2023, subject to the approval of the shareholders of the company.

• Allotment of 41500 Equity shares to Employees of the Company under the ESOP (Employee Stock Option Plan), 2016

This is for your information and record. Thanking you, Yours Faithfully,

For InfoBeans Technologies Ltd

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Surbhi Jain Company Secretary and Compliance Officer

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Brief Profile

Profile of the Internal Auditor Firm

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Name and Address of the Firm Jain Ritesh & Company
Chartered Accountants
202, Panama Tower,
Head office 75, Manoramaganj , Near Hotel Crown Palace
Indore (M.P.)
Phone numbers Tel: (0731) 2510588
Mobile: 94250 55088 ,73894 02288
E-mail ID cariteshijain@gmail.com
Year of Establishment 18-04-2000
ICAI Firm Registration No. 009945C
RBI Unique Code No. 202311
Constitution of the Firm Partnership
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Particulars of Fulltime Partners

Name of the Partner	Membership/Registr ation Number	Qualifications	Age in Years	Experience in Years
CA Ritesh Jain	077245	M.Com, FCA	49	23
CA Manish Jagwani	401546	B.Com, ACA	46	18

Details of Experience/Exposure of various assignments handled by the firm

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Professional Area Exposure /Experience
Audits Statutory Audit of various Companies comprising of manufacturing
trading and service industries
Internal Audit of various entities
Tax Audits of various companies, Firms, Cooperative Societies etc
Audit of Trusts, Charitable Institutions, Educational Institutions, Pvt. Ltd.
Companies, firms, LLP etc.
Statutory audit of bank branches
Taxation Vast experience in attending the appellate proceedings before Income
Tax appellate authorities up to Tribunal levels.
Special Expertise in attending the Income Tax Search proceedings and
post assessment & Appellate proceedings.
Income Tax Assessment proceedings before all the authorities,
preparation and filing of Income Tax , GST , Service Tax and other
statutory returns.
Consultation Consultancy on Taxation , Company Law and Management matters
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Brief Profiles

Profile of the Secretarial Auditor Firm

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Name and Address of the Firm M. Maheswari & Associates
Company Secretaries
301, Shalimar Corporate Centre
Head office 8B, South Tukoganj
Indore (M.P.)
Phone numbers Tel: (0731) 4068730
Mobile: 9826040473
E-mail ID mmaheshwarics@gmail.com
Constitution of the Firm Proprietor - CS Manish Maheshwari
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Professional Qualification

	LL.B.	2000
	Govt. Arts & Commerce College (Devi Ahilya University), Indore
	Company Secretary	1999
	( Institute of Company Secretaries of India, New Delhi.)
	M.Com	1995
	P.M.B. Gujarati Commerce College (Devi Ahilya University), Indore
	B.Com.	1993
	P.M.B. Gujarati Commerce College (Devi Ahilya University), Indore

I am having working experience of about 24 years, of which 20 years have been as a Practicing Company Secretary. I participated and successfully completed Specialized Training in Export marketing with Govt. Of India, Ministry of Industry, Indore and other learning courses organized by various institutes. Besides these, I have been into Alternate Dispute Resolution, Arbitrator at National Stock Exchange Limited and BSE Limited.

Specialization and Field Of Interest

A Practicing Secretarial Professional, having more than Fifteen years’ experience post qualification in Company Law matters, Accounts, Finance, MIS, Taxation, Capital Market and the following related matters.

• FCCB

• Preferential Issue, Bonus  Merger, Takeover, Acquisition  SME Issue

• Overall in-charge of Secretarial Work of all types of Companies.

• Liaison with BSE, NSE and Banks

• Liaison with the Offices of ROC, NCLT, RD, MCA, SEBI, RBI,

• Liaison with the Law Firms & Counsels.

• Finalization of Annual Accounts.

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Ground Floor, Tower – C Unit 1 Panchshil Tech Park One, Loop Road, Near Don Bosco School, Yerwada Pune – 411 006, India Tel: +91 20 6603 6000

Charted Accountants

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Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors of Infobeans Technologies Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date standalone financial results of Infobeans Technologies Limited (the “Company”) for the quarter and year ended March 31, 2023 (“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 (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of the Listing Regulations in this regard; and

• ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income/(loss) and other financial information of the Company for the quarter and year ended March 31, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street, Block ‘B’, 3[rd] Floor, Kolkata-700 016

Charted Accountants

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Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income/(loss) of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Charted Accountants

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The comparative financial information of the Company for the corresponding quarter and year ended March 31, 2022, included in these standalone financial results, were audited by the predecessor auditor who expressed an unmodified opinion on those financial information on April 27, 2022.

Charted Accountants

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The Statement includes the results for the quarter ended March 31, 2023 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2023 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP

Chartered Accountants ICAI Firm Registration Number: 324982E/E300003 Digitally signed by Paul Alvares Paul DN: cn=Paul Alvares, c=IN, o= Personal, email=paul.alvares@ srb.in Date: 2023.05.12 11:24:51 +05'30 Alvares ' per Paul Alvares Partner Membership No.: 105754

UDIN: 23105754BGQUOH9381 Place: Pune May 12, 2023

INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622 Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, I Website : www.infobeans.com, Email : investor.relations@infobeans.com, C Statement of audited standalone financial results for the quarter and		ndore MP 452001 ontact No. : 0731 year ended 31 M	IN - 7162000, 2102 arch 2023
			(₹ In Lakhs except per share Data)
Particulars		Quarter Ended		Year	Ended
	31 March 2023	31 December 2022	31 March 2022	31 March 2023	31 March 2022
	(Audited) Refer Note 2	(Unaudited)	(Audited)	(Audited)	(Audited)
Income I Revenue from operations II Other income (Refer note 4) III Total income (I+II) Expenses a) Employee benefits expense b) Finance costs c) Depreciation and amortisation expense d) Other expenses IV Total expenses V Profit before tax(III-IV) VI Tax expense Current tax Short/(excess) provision in respect of earlier year Deferred tax Total tax expenses VII Profit for the period (V-VI) VIII Other comprehensive income Items that will not be reclassified to profit or loss in subsequent periods - Remeasurement of the defined benefit obligations - Income tax relating to above IX Total other comprehensive income X Total comprehensive income for the period (VII + IX) XI Paid-Up equity share capital (Face value of the Share is Rs.10 per share) XII XIII Earnings per share (of Rs 10/- each) (not annualised) (1) Basic (₹) (2) Diluted (₹) Reserves excluding revaluation reserves as per the balance sheet of previous accounting year	5,992 340	6,222 155	4,809 116	24,283 552	15,892 667
	6,332	6,377	4,925	24,835	16,559
	4,435 147 176 609	3,949 144 175 683	3,236 194 161 645	16,202 642 693 2,789	10,882 242 595 1,699
	5,367	4,951	4,236	20,326	13,417
	965 135 (27) 75	1,426 461 - (266)	689 128 - (137)	4,509 869 (27) (16)	3,142 586 - (221)
	183	195	(9)	826	365
	782	1,231	698	3,683	2,777
	12 (3)	7 (2)	(43) 13	(50) 15	(61) 18
	9	5	(30)	(35)	(43)
	791	1,236	668	3,647	2,734
	2,425.08 3.22 3.20	2,425.08 5.08 5.05	2,417.10 2.89 2.87	2,425.08 21,519 15.18 15.09	2,417.10 17,890 11.51 11.41

INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622 Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 452001 IN Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102 Statement of audited Standalone Assets and Liabilities as at 31 March 2023
	(₹ In Lakhs)
Particulars	As at
	31 March 2023	31 March 2022
	(Audited)	(Audited)
Non-current assets (a) Property, plant and equipment (b) Right-of-use asset (c) Other intangible assets (d) Investment in subsidiaries (e) Financial assets i) Investments ii) Other financial assets (f) Deferred tax assets (net) (g) Income tax assets (net) (h) Other non-current assets Total non-current assets Current assets (a) Financial assets i) Investments ii) Trade receivables iii) Cash and cash equivalents iv) Bank balances other than (iii) above v) Other financial assets (b) Other current assets Total current assets Total assets EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity Liabilities Non-current liabilities (a) Financial liabilities i) Lease liabilities ii) Other financial liabilities (b) Provisions Total non-current liabilities Current Liabilities (a) Financial liabilities i) Borrowings ii) Lease liabilities iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities Total equity and liabilities (b) Total outstanding dues of creditors other than micro enterprises and small enterprises	1,046 426 20 19,852 - 80 1,636 - 8	1,280 469 34 19,839 1,215 76 1,679 89 6
	23,068	24,687
	1,499 5,093 680 1,121 68 201	287 5,068 671 770 98 237
	8,662	7,131
	31,730	31,818
	2,425 21,519	2,417 17,890
	23,944	20,307
	251 3,707 842	236 5,047 678
	4,800	5,961
	- 218 - 17 1,670 627 296 158	1 292 71 84 4,644 278 180 -
	2,986	5,550
	31,730	31,818

	INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622 Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 452001 IN Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102
	Statement of audited standalone Cash Flows for		(Rs. in Lakhs) the year ended 31 March 2023
	Sr. No.	Particulars	For the year ended 31 March 2023		For the year ended 31 March 2022
			(Audited)		(Audited)
	A	Cash flow from operating activities Profit before tax Adjustments for: Add / (Less) Depreciation and amortisation expenses Loss/(Gain) on sale of investments Profit on redemption of mutual funds Unrealised foreign exchange gain Finance Cost Interest income on fixed deposits Interest income fixed income securities Loss on sale of property, plant and equipment (net) Reduction in carrying value of deferred consideration (Refer note 4) Employee stock option expenses Operating profits before working capital changes Adjustments for changes in: Decrease / (increase) in other non current assets Decrease / (increase) in other current assets Decrease / (increase) in other financial assets Decrease / (increase) in trade receivables Increase / (decrease) in non current financial liabilities Increase / (decrease) in other current liabilities Increase / (decrease) in long-term provisions Increase / (decrease) in short-term provisions Increase / (decrease) in current financial liabilities Increase / (decrease) in trade payables Cash generated from operations Taxes paid (net of refund) Net cash flow from operating activities	693 (37) - (5) 642 (63) (7) 5 (300) 213	4,509	595 (97) (62) - 242 (64) (211) - 35	3,142
			(2) 36 31 (20) - 343 129 116 (37) (138)	5,650 458	8 (50) - (104) (1,537) 98 (33) 180 - -	3,580 (1,438)
				6,108 (536) 5,572		2,143 (676) 1,467
	B	Cash flow from investing activities Purchase of property, plant and equipment Disposal of property, plant & equipment Purchase of intangibles Payment of consideration for investment in subsidiary Proceeds from sale/ maturity of investments Proceeds from sale/ maturity of deposits Investment in deposits Purchase of current investments Interest received Net cash used in investing activities	(160) - (4) (4,562) 6,521 770 (1,121) (6,484) 65	(4,975)	(486) 3 - (1,632) (287) 1,100 (535) 1,157 262	(418)
	C	Cash flow from financing activities Cash flows from financing activities Proceeds from issue of share capital Repayment of borrowings Repayment of interest on lease liabilities Repayment of lease liabilities Interest paid on working capital Dividend Paid Net cash used in financing activities Net increase/ (decrease) in Cash and Cash Equivalents (A+B+C) Opening cash and cash equivalents Closing cash and cash equivalents	8 (1) (43) (295) (14) (243)	(588)	15 (4) (62) (204) (62) (723)	(1,040)
				9		9
				671		662
				680		671
	SN	Particulars	A 31 Mar	s at ch 20223	As 31 Mar	at ch 2022
	(i) (ii)	Cash and cash equivalents consists of Cash in hand Bank balances - in current accounts - in deposit accounts		1 559 120		1 670 -
				680		671
	Notes: 1 The above Statement of Cash Flows has been prepared under the indirect method as set out in Ind AS 7 : on "Statement of Cash Flows". 2 Prior period comparatives have been reclassified to conform with current year's presentation, where applicable. 2 Figures in brackets represent out flow of Cash and cash equivalents.

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• INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622

• Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 452001 IN

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

• Notes:

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12 May 2023 and were subjected to audit by the Statutory Auditor. 2 The figures for the quarter ended 31 March 2023 are the derived figures between audited figures in respect of full financial year and the unaudited published year to-date figures up to the third quarter of the financial year which were subjected to limited review.

• 3 The Board of Directors considered and approved final dividend @ 10% i.e Re. 1 per equity share ( face value of Rs. 10 per equity share) for the financial year 22-23. 4 Other income for the quarter and year ended 31 March 2023 includes amount of Rs 300 Lakhs being reversal of excess deferred consideration payable in respect of acquisition of InfoBeans Cloudtech Limited

• 5 The Company operates in one segment i.e. Information Technology services. Accordingly, no separate segment disclosures as required under "Ind AS-108 : Operating Segments" have been presented.

• 6 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

• 7 The comparative Ind AS financial information of the Company for the corresponding quarter and year ended March 31, 2022, included in these standalone Ind AS financial results, were audited by predecessor auditor who expressed unmodified opinion on that financial information vide their report issued on April 27, 2022.

• 8 Previous period figures have been regrouped / reclassified wherever necessary to conform to current period's classification 9 The above standalone results are available on the Company's website - https://www.infobeans.com/investors and on the stock exchange at https://www.nseindia.com and https://www.bseindia.com For and on Behalf of Board of Directors of InfoBeans Technologies Limited Digitally signed by Avinash

• Avinash Sethi Sethi Date: 2023.05.12 10:27:21 +05'30'

• Avinash Sethi

• Place : Indore Director & Chief Financial Officer Dated: 12 May 2023 DIN : 01548292

Ground Floor, Tower – C Unit 1 Panchshil Tech Park One, Loop Road, Near Don Bosco School, Yerwada Pune – 411 006, India Tel: +91 20 6603 6000

Charted Accountants

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Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of Infobeans Technologies Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and year to date consolidated financial results of Infobeans Technologies Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) for the quarter and year ended March 31, 2023 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. includes the results of the following entities

Infobeans Cloudtech Limited (erstwhile Eternus Solutions Private Limited) Infobeans Inc. Philosophie Group Inc. (now merged with Infobeans Inc.) Infobeans Technologies DMCC Infobeans Technologies Europe GmbH

• ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and

• iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive (loss)/income and other financial information of the Group for the quarter and year ended March 31, 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street, Block ‘B’, 3[rd] Floor, Kolkata-700 016

Charted Accountants

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Emphasis of Matter

We draw attention to Note 4, more fully described therein, of the Statement regarding certain errors in the consolidated financial information of previous year/earlier years which have been rectified during the current year by way of restatement of the comparative financial information in respect of deferred tax liability on business combination, performance incentive and recognition of right of use assets.

Our opinion is not modified in respect of this matter.

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive (loss)/income and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective company.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Charted Accountants

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

The comparative financial information of the Group for the corresponding quarter and for the year ended March 31, 2022, included in these consolidated financial results, were audited by the predecessor auditor who expressed an unmodified opinion on those consolidated financial information on April 27, 2022.

Charted Accountants

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The Statement includes the results for the quarter ended March 31, 2023 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2023 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S R B C & CO LLP

Chartered Accountants ICAI Firm Registration Number: 324982E/E300003

Digitally signed by Paul Alvares Paul DN: cn=Paul Alvares, c=IN, o= Personal, email=paul.alvares@ srb.in Date: 2023.05.12 11:23:35 +05'30 Alvares '

per Paul Alvares Partner Membership No.: 105754

UDIN: 23105754BGQUOF2012 Place: Pune May 12, 2023

INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622 Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 45200 Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 073 Statement of audited consolidated financial results for the quarter and year ended 31			1 IN 1 - 7162000, 2102 March 2023
			(₹ In Lakhs except per share Data)
Particulars		Quarter Ended		Year	Ended
	31 March 2023	31 December 2022	31 March 2022	31 March 2023	31 March 2022
	(Audited) Refer Note 2	(Unaudited)	(Audited) (Restated) Refer Note 4	(Audited)	(Audited) (Restated) Refer Note 4
Income I Revenue from operations II Other income (Refer Note 6) III Total income (I+II) Expenses a) Employee benefits expense b) Finance costs c) Depreciation and amortisation expense d) Other expenses IV Total expenses V Profit before tax(III-IV) VI Tax expense Current tax Short provision in respect of earlier year Deferred tax Total tax expenses VII Profit for the period (V-VI) VIII Other comprehensive income Items that will not be reclassified to profit or loss in subsequent periods - Remeasurement of the defined benefit obligations - Income tax relating to above Items that will be reclassified to profit or loss in subsequent periods - Exchange differences in translating the financial statements of foreign operations IX Total other comprehensive income X Total comprehensive income for the period (VII + IX) XI Profit for the period attributable to - Owners of the Company - Non-controlling Interest XII Total other comprehensive income attributable to - Owners of the Company - Non-controlling Interest XIII Total comprehensive income attributable to - Owners of the Company - Non-controlling Interest XIV Paid-Up equity share capital (Face value of the Share is Rs.10 per share) XV XVI Earnings per share (of Rs 10/- each) (not annualised) (1) Basic (₹) (2) Diluted (₹) Reserves excluding revaluation reserves as per the balance sheet	9,195 487	9,770 440	9,139 335	38,532 1,352	27,141 1,757
	9,682	10,210	9,474	39,884	28,898
	7,077 188 787 1,029	6,797 186 761 1,154	5,698 249 692 1,006	26,907 781 3,014 4,521	17,474 461 1,797 3,093
	9,081	8,898	7,645	35,223	22,825
	601 215 (28) (60)	1,312 637 31 (291)	1,829 340 16 (129)	4,661 1,478 (39) (374)	6,073 893 - (318)
	127	377	227	1,065	575
	474	935	1,602	3,596	5,498
	(5) 2 (50)	(13) 4 186	(117) 34 88	(81) 24 447	(134) 39 213
	(53)	177	5	390	118
	421	1,112	1,607	3,986	5,616
	474 - (53) - 421 - 2,425.08 1.95 1.94	935 - 177 - 1,112 - 2,425.08 3.86 3.83	1,602 - 5 - 1,607 - 2,417.10 6.63 6.57	3,596 - 390 - 3,986 - 2,425.08 24,729 14.83 14.74	5,498 - 118 - 5,616 - 2,417.10 20,760 22.75 22.57

Statement of audited Consolidated Assets and Liabilities as at 31 March 2023 INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622 Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 452001 IN Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102
	(₹ In Lakhs)
Particulars	As at
	31 March 2023	31 March 2022
	(Audited)	(Audited) (Restated) Refer Note 4
Non-current assets (a) Property, plant and equipment (b) Goodwill (c) Right-of-use asset (d) Other intangible assets (e) Financial assets i) Investments ii) Other financial assets (f) Deferred tax assets (net) (g) Income tax assets (net) (h) Other non-current assets Total non-current assets Current assets (a) Financial assets i) Investments ii) Trade receivables iii) Cash and cash equivalents iv) Bank balances other than (iii) above v) Other financial assets (b) Other current assets Total current assets Total assets EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity Liabilities Non-current liabilities (a) Financial liabilities i) Lease liabilities ii) Other financial liabilities (b) Provisions (c) Deferred tax liability (net) Total non-current liabilities Current Liabilities (a) Financial liabilities i) Borrowings ii) Lease liabilities iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises iv) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities (net) Total current liabilities Total equity and liabilities (b) Total outstanding dues of creditors other than micro enterprises and small enterprises	1,442 5,149 3,300 11,760 - 351 1,737 - 8	1,375 5,093 2,793 13,056 3,264 270 1,741 108 9
	23,747	27,709
	6,960 6,423 3,333 1,121 137 583	287 6,756 4,109 2,068 106 617
	18,557	13,943
	42,304	41,652
	2,425 24,729	2,417 20,760
	27,154	23,177
	2,574 3,462 917 2,750	2,202 5,455 690 3,037
	9,703	11,384
	- 1,073 51 163 2,641 1,002 338 179	1 881 61 288 4,911 769 180 -
	5,447	7,091
	42,304	41,652

	INFOBEANS TECHNOLOGIES LI CIN - L72200MP2011PLC025 Registered Office -Crystal IT Park, STP-I 2nd Floor, Rin Website : www.infobeans.com, Email : investor.relations@infobean		MITED 622 g Road, Indore MP s.com, Contact N	452001 IN o. : 0731 - 7162000, 2102
	Statement of audited consolidated Cash Flows for t		he year ended 31	March 2023		(Rs. in Lakhs)
	Sr. No.	Particulars	For the 31 Ma	year ended rch 2023	For the y 31 Marc	ear ended h 2022
			(Au	dited)	(Aud	ited)
	A	Cash flow from operating activities Profit before tax Adjustments for: Add / (Less) Adjustment to reconcile profit before tax to net cash flows Depreciation and amortisation expense Liabilities no longer required written back Loss/(Gain) on sale of investments Profit on redemption of mutual funds and bond Provision for doubtful debt Loss on sale of property, plant and equipment (net) Finance costs Interest income on financial assets carried at amortised costs Subsidy income Employee stock option expenses Unrealised Forex (Gain)/loss Reduction in carrying value of deferred consideration (Refer Note 6) Operating profits before working capital changes Adjustments for changes in: Decrease / (increase) in other non current assets Decrease / (increase) in other current assets Decrease / (increase) in other financial assets Decrease / (increase) in trade receivables Increase / (Decrease) in non current liabilities Increase / (Decrease) in non current financial liabilities Increase / (Decrease) in other current liabilities Increase / (Decrease) in long-term provisions Increase / (Decrease) in short-term provisions Increase / (Decrease) in current financial liabilities Increase / (Decrease) in trade payables Cash generated from operations Taxes paid (net of refund) Net cash flow from operating activities	3,014 - (56) (93) 619 5 781 (178) - 224 (7) (300)	4,661	1,757 (459) (104) (115) 81 14 461 (320) (559) 35 195 -	6,073
			1 34 6 (244) - (352) 359 170 158 188 (202)	8,670 118	- (22) (405) (2,658) (95) 2,724 85 39 180 1,450 651	7,059 1,949
				8,788 (1,061) 7,727		9,008 (941) 8,067
	B	Cash flow from investing activities Purchase of property, plant and equipment Purchase of intangibles Proceeds from sale of property, plant and equipment Payment towards acquisition of subsidiary Proceeds from sale/ maturity of investments Investment in Mutual funds Redemption of deposits with maturity of more than 3 months but less than 12 months Short-term deposits placed with banks Interest received Net cash used in investing activities	(528) (4) - (4,562) 6,877 (10,217) 2,007 (1,121) 208	(7,340)	(605) - 18 (7,514) 6,109 (2,336) 1,100 (1,833) 307	(4,756)
	C	Cash flow from financing activities Proceeds from issue of share capital Proceeds of long term borrowings Repayment of long term borrowings Repayment of interest lease liabilities Repayment of lease liabilities Interest paid on working capital Dividend Paid Net cash flow used in financing activities Net increase/ (decrease) in Cash and Cash Equivalents (A+B+C) Opening cash and cash equivalents Effect of exchange difference on translation of foreign currency cash and cash equivalents Closing cash and cash equivalents	8 - (1) (182) (960) (14) (243)	(1,392)	15 5 - (281) (243) (281) (723)	(1,508)
				(1,005)		1,803
				4,109 229		2,270 37
				3,333		4,110
	SN	Particulars	31 Ma	As at rch 2023	As 31 Mar	at ch 2022
	(i) (ii)	Cash and cash equivalents consists of Cash in hand Bank balances - in current accounts - in deposit accounts		2 3,211 120		1 4,109 -
				3,333		4,110
	Notes: 1 The above Statement of Cash Flows has been prepared under the indirect method as set out i 2 Prior period comparatives have been reclassified to conform with current year's presentation, 2 Figures in brackets represent out flow of Cash and cash equivalents.		n Ind AS 7 : on "St where applicable.	atement of Cash Flows".

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INFOBEANS TECHNOLOGIES LIMITED CIN - L72200MP2011PLC025622

Registered Office -Crystal IT Park, STP-I 2nd Floor, Ring Road, Indore MP 452001 IN Website : www.infobeans.com, Email : investor.relations@infobeans.com, Contact No. : 0731 - 7162000, 2102

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12 May 2023 and were subjected to audit by the Statutory Auditor.

2 The figures for the quarter ended 31 March 2023 are the derived figures between audited figures in respect of full financial year and the unaudited published year to-date figures up to the third quarter of the financial year which were subjected to limited review.

3 The Board of Directors considered and approved final dividend @ 10% i.e. Re. 1 per equity share ( face value of Rs. 10 per equity share) for the financial year 22-23.

4 During the current year, the Group identified certain errors in respect of earlier period/year pertaining to incorrect accounting of (i) deferred tax liability in respect of business combinations and the corresponding effect on intangible assets/goodwill (ii) performance incentive for the year ended March 31, 2022 and (iii) right of use asset under Ind AS 116 by an overseas subsidiary. This resulted in (overstatement) / understatement of certain line items in the consolidated statement of profit and loss and consolidated balance sheet for the comparative periods as below:

w:	w:	w:
(Rs. in Lakhs)
Particulars	For the quarter ended 31 March 2022	For the year ended 31 March 2022
Consolidated statement of profit and loss Employee benefits expense Depreciation and amortisation expense Income tax expense Profit/(loss) for the period Impact on EPS: (1) Basic (₹) (2) Diluted (₹)	175 (228) 16 37 0.15 0.14	175 (230) 63 (8) (0.06) (0.05)
		As at 31 March 2022
Consolidated statement of assets and liabilities Right-of-use asset Goodwill Other Intangible assets Other equity Lease liabilities Deferred tax liabilities Other current liabilities		380 3,286 (4,061) 123 273 (966) 175

In accordance with Ind AS 8 – “Accounting Policies, Changes in Accounting Estimates and Errors” the Group has corrected the above by restating each of the line items as applicable in the comparative financial information for the quarter and year ended March 31, 2022. Auditors have included an Emphasis of matter paragraph in this regard in their audit report for the current quarter/year.

5 On November 30, 2021, the Group acquired "Infobeans Cloudtech Limited (erstwhile Eterna's Solutions Private Limited)", mainly engaged in supply of IT services under Salesforce platform. The Group allocated the purchase consideration of Rs. 15,953.02 Lakhs to the assets and liabilities (including intangible assets viz. Customer Relationships and Salesforce Platform and Technology Platforms which were not recognized in acquiree's books) based on their acquisition date fair values. The consideration in excess of fair values of the assets and liabilities acquired has been allocated to Goodwill.

6 Other income for the quarter and year ended 31 March 2023 includes amount of Rs 300 Lakhs being reversal of excess deferred consideration payable in respect of acquisition of InfoBeans Cloudtech Limited

7 The Group operates in one segment i.e. Information Technology services. Accordingly, no separate segment disclosures as required under "Ind AS-108 : Operating Segments" have been presented. 8 The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

9 The comparative Ind AS financial information of the Group for the corresponding quarter and year ended March 31, 2022, included in these consolidated Ind AS financial results, were audited by predecessor auditor who expressed unmodified opinion on that financial information vide their report issued on April 27, 2022.

10 Previous period figures have been regrouped / reclassified wherever necessary to conform to current period's classification.

11 The above consolidated results are available on the Company's website - https://www.infobeans.com/investors and on the stock exchange at https://www.nseindia.com and https://www.bseindia.com

For and on Behalf of Board of Directors of InfoBeans Technologies Limited Digitally signed by Avinash Avinash Sethi Sethi Date: 2023.05.12 10:30:28 +05'30' Avinash Sethi Place : Indore Director & Chief Financial Officer Dated: 12 May 2023 DIN : 01548292