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Ksolves India Limited — Annual Report 2024
May 2, 2024
59517_rns_2024-05-02_a0f1b2d8-72c3-4c49-a13e-503990ae111a.pdf
Annual Report
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Date: May 02, 2024
To
| Listing Compliance National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai – 400051 |
Listing Compliance The Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001. |
|---|---|
Subject : Outcome of the Meeting of the Board of Directors of Ksolves India Limited held on May 02, 2024
Ref : Reg. 30 and Reg.33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
BSE Scrip Code: 543599; NSE Symbol; KSOLVES; ISIN: INE0D6I01015
Dear Sir/Madam
Pursuant to the above-captioned subject, kindly note that the Board of Directors of the Company at its meeting held today on Thursday, May 02, 2024, have inter alia considered and approved the following:
-
Audited Financial Results of the Company for the quarter and financial year ended March 31, 2024.
-
Audited Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2024.
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Re-appointment of M/s AY & Company, Chartered accountants as the statutory auditors of the company for next five financial years i.e from FY 2024-25 till the conclusion of annual general meeting to be held for FY’29, subject to the approval of shareholders in the ensuing general meeting.
In respect of aforementioned approved items, please find enclosed herewith:
- Audited Standalone Financial results and Audited Consolidated Financial Results for the quarter and financial year ended March 31, 2024 along with the Independent Auditors’ Reports thereon; We would like to state that A Y & Co., statutory auditors of the Company, have issued audit reports with an unmodified opinion on the Statement.
The said meeting commenced at 4:30 p.m and concluded at 5:15 p.m.
Further, the Trading Window for dealing in its securities shall remain closed until May 07, 2024. The same is being duly communicated to all the Designated Persons.
The copy of above result and other enclosures is being also made available on the Company’s website i.e., www.ksolves.com
This is for your information and records.
For Ksolves India Limited
MANISHA KIDE Digitally signed by MANISHA KIDE Date: 2024.05.02 17:21:46 +05'30'
Manisha Kide
Company Secretary & Compliance Officer
==> picture [109 x 70] intentionally omitted <==
A Y & COMPANY
505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
Auditor’s report on Standalone Annual Financial Results of Ksolves India Limited for the quarter and year ended March 31, 2024 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors of Ksolves India Limited
Opinion
We have audited the accompanying statement of Standalone Annual Financial Results (“the Statement”) of Ksolves India Limited (hereinafter referred to as “the Company”) for the quarter and year ended March 31, 2024, 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 (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid year to date standalone annual financial results:
-
(i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended in this regard; and;
-
(ii) give a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Company for the year ended March 31, 2024.
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 (“the Act”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual 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 standalone annual financial results 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 we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone financial statements.
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A Y & COMPANY
505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act 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; 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error
In preparing the standalone annual financial results, the Management and 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 is responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are 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 these standalone annual financial results.
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 standalone annual financial results, 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.
-
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 Companies Act, 2013, we are also responsible for expressing our opinion through a separate report on the complete set of
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A Y & COMPANY 505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
financial statements on whether the company has adequate internal financial controls system 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 in the standalone annual financial results made by the Management and Board of Directors.
-
Conclude on the appropriateness of Management and 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 standalone annual 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 financial results, including the disclosures, and whether the standalone annual financial results represent 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 standalone annual financial results include the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year.
For, M/S A Y & CO Chartered Accountants F.R.N: - 020829C Arpit Gupta Partner M.NO.-421544 UDIN - 24421544BKFPJN3363 Date: May 02, 2024 Place: Delhi
| KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Statement of Audited Standalone Financial Results for the Quarter & Year ended on March 31, 2024 Pur (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Statement of Audited Standalone Financial Results for the Quarter & Year ended on March 31, 2024 Pur (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Statement of Audited Standalone Financial Results for the Quarter & Year ended on March 31, 2024 Pur (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Statement of Audited Standalone Financial Results for the Quarter & Year ended on March 31, 2024 Pur (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
Delhi - 110030 India suant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
Delhi - 110030 India suant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
Delhi - 110030 India suant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
|---|---|---|---|---|---|---|
| Particulars | Quarter ended on 31/03/2024 |
Quarter ended on 31/12/2023 |
Quarter ended on 31/03/2023 |
Year to date figures for the previous year ended 31/03/2024 |
Year to date figures for the previous year ended 31/03/2023 |
|
| Audited | Unaudited | Audited | Audited | Audited | ||
| INCOME FROM OPERATIONS | ||||||
| I | Revenue from Operations | 3036.46 | 2814.95 | 2246.21 | 10807.34 | 7,711.65 |
| II | Other Income | 6.95 | 12.23 | 42.43 | 33.74 | 62.18 |
| III | Total Revenue(I+II) | 3043.41 | 2827.18 | 2288.64 | 10841.08 | 7773.83 |
| IV | EXPENSES | |||||
| Cost of Material Consumed | - | - | - | - | - | |
| Purchase of Stock in Trade | - | - | - | - | - | |
| Change in inventories of Finished Goods, Work-in-progress & Stock in Trade |
- | - | - | - | - | |
| Employee Benefit Expenses | 1241.88 | 1194.52 | 1010.67 | 4590.94 | 3439.22 | |
| Finance Cost | - | - | - | - | - | |
| Depreciation &Amortization Expense | 27.72 | 25.55 | 11.68 | 83.73 | 40.18 | |
| Other Expenses | 485.17 | 427.94 | 333.01 | 1577.08 | 995.12 | |
| Total expenses(IV) | 1754.77 | 1648.01 | 1355.36 | 6251.75 | 4474.52 | |
| V | Profit before Exceptional & Extraordinary Items and tax (III-IV) | 1288.64 | 1179.17 | 933.28 | 4589.33 | 3299.31 |
| VI | Exceptional Items | - | - | - | - | - |
| VII | Profit before Extraordinary Items and tax(V-VI) | 1288.64 | 1179.17 | 933.28 | 4589.33 | 3299.31 |
| VIII | ExtraordinaryItems | - | - | - | - | - |
| IX | Profit before tax (VII-VIII) | 1288.64 | 1179.17 | 933.28 | 4589.33 | 3299.31 |
| X | Tax Expenses | |||||
| 1 Current Tax | 331.65 | 299.37 | 227.01 | 1166.30 | 828.98 | |
| 2 Deferred Tax | (1.06) | (4.42) | -11.98 | 0.09 | (16.69) | |
| Total Tax Expenses(X) | 330.59 | 294.95 | 215.02 | 1166.39 | 812.28 | |
| XI | Profit/(Loss) for theperiod from continuing operations(IX-X) | 958.06 | 884.22 | 718.26 | 3422.95 | 2487.03 |
| XII | Profit/(Loss)from discontinuingoperation | - | - | - | - | - |
| XIII | Tax Expenses of discontinuingoperations | - | - | - | - | - |
| XIV | Profit/(Loss) from discontinuing operation after tax(XII-XIII) | - | - | - | - | - |
| XV | Profit(Loss) for the Period(XI+XIV) | 958.06 | 884.22 | 718.26 | 3422.95 | 2487.03 |
| XVI | Other Comprehensive Income | |||||
| Items that will not be reclassified toprofit or loss | ||||||
| - Remeasurement Gains/(Losses)on Defined Benefit Plans | 2.73 | -7.32 | -10.75 | -13.55 | -36.16 | |
| - Income Tax on above | -0.69 | 1.84 | 2.70 | 3.41 | 9.10 | |
| XVII | Total Other Comprehensive Income | 2.04 | -5.48 | -8.05 | -10.14 | -27.06 |
| XVIII | Total Comprehensive Income for theyear | 960.10 | 878.74 | 710.21 | 3412.81 | 2459.97 |
| XIX | Paid up Equity Share Capital | 1185.60 | 1185.60 | 1185.60 | 1185.60 | 1185.60 |
| XX | Reserves & Surplus | 1216.52 | 1819.00 | 1064.11 | 1216.52 | 1064.11 |
| XXI | Earningsper equityshare | |||||
| (1)Basic | 8.08 | 7.46 | 6.06 | 28.87 | 20.98 | |
| (2)Diluted | 8.08 | 7.46 | 6.06 | 28.87 | 20.98 | |
| Notes:- | ||||||
| 1. The above Standalone Audited Financial Results have been reviewed by the Audit C respective meetingheld on May02,2024 |
ommittee and approved by the | Board of Direc | tors of the Company at their | |||
| 2. The Statutory Auditors of the Company have carried out the Statutory Audit of the a opnion on these Results |
bove financial results of the Company and hav | e expressed an unmodified | ||||
| 3. The Companyis onlyhavingone segment of business i.e. Information TechnologyS | ervices. | |||||
| 4. There are no investor complaints received/pendingas on March 31,2024 | ||||||
| 5. Previous year's/ period figures have been regrouped/ reclassified/ restated, wherever | necessary to confirm to classification of curre | nt year/period. |
For Ksolves India Limited
RATAN Digitally signed by RATAN KUMAR KUMAR SRIVASTAVA SRIVASTAVA Date: 2024.05.02 17:15:24 +05'30'
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
Place : Delhi Date : May 02, 2024
KSOLVES INDIA LIMITED
(Formerly Known as Ksolves India Private Limited)
CIN - L72900DL2014PLC269020
317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Delhi - 110030 India Website - www.ksolves.com; Email : [email protected]
Standalone Statement of Assets & Liabilities as on March 31, 2024
| (Amount in Lakhs) | (Amount in Lakhs) | |
|---|---|---|
| Particulars | As at 31st March 2024 |
As at 31st March 2023 |
| Audited | Audited | |
| I. ASSETS (1) Non-Current Assets (a) Property, Plant and Equipment (b) Intangible Assets (c) Financial Assets (i) Investments (ii) Other Financial Assets (d) Deferred tax Assets (Net) (e) Other Non Current Assets Total Non Current Assets (2) Current Assets (a) Inventories (b) Financial Assets (i) Trade Receivables (ii) Cash and Cash Equivalents (iii) Bank balance other then cash equivalents (iv) Other Financial Assets (c) Other Current Assets Total Current Assets Total Assets II. EQUITY AND LIABILITIES (1) Equity (a) Equity Share capital (b) Other Equity Total Equity (2) Liabilities (A) Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) Other Financial Liabilities (b) Provisions Total Non Current Liabilities (B) Current liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade Payables Total Outstanding dues of Micro Enterprises and Small Enterprises Total Outstanding dues of Creditors other than Micro Enterprises and Small Enterprises (ii) Other Financial Liabilities (b) Provisions (c) Other Current Liabilities Total Current Liabilities Total Equity and Liabilities |
233.21 60.36 49.02 52.65 - |
98.61 60.36 43.81 49.33 - |
| 395.24 | 252.11 | |
| 1,599.36 706.53 60.64 4.79 1,207.89 |
1,508.39 822.19 3.38 3.11 824.74 |
|
| 3,579.21 | 3,161.81 | |
| 3,974.45 | 3,413.92 | |
| 1,185.60 1,216.52 |
1,185.60 1,064.11 |
|
| 2,402.12 | 2,249.71 | |
| - - 205.25 |
- - 135.79 |
|
| 205.25 | 135.79 | |
| - 25.13 16.84 1,183.65 141.48 |
- 46.69 14.67 842.06 125.01 |
|
| 1,367.10 | 1,028.42 | |
| 3,974.45 | 3,413.92 |
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
RATAN Digitally signed by RATAN KUMAR KUMAR SRIVASTAVA SRIVASTAVA Date: 2024.05.02 17:15:53 +05'30'
Place : Delhi Date : May 02, 2024
KSOLVES INDIA LIMITED
(Formerly Known as Ksolves India Private Limited)
CIN - L72900DL2014PLC269020
317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Delhi - 110030 India Website - www.ksolves.com; Email : [email protected]
Standalone Statement of Cash Flows for Year Ended on March 31, 2024
| (Amount in Lakhs) | (Amount in Lakhs) | |
|---|---|---|
| **For the Year Ended on ** | ||
| 31-03-2024 | 31.03.2023 | |
| Cash flows from operating activities Profit before taxation Adjustments for: Depreciation Provision for Gratuity Investment Income Operating Profit Before Working Capital Changes Working capital changes: (Increase) / Decrease in Trade Receivables (Increase) / Decrease in Financial Assets/Other Current Assets Increase / (Decrease) in Trade Payables Increase / (Decrease) in Other Financial Liabilities Increase / (Decrease) in Other Current Liabilities/Other Financial Liabilities Cash generated from operations Payment/Adjustmen on Account of Tax Expenses Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment Increase in Other Financial Assets (Non Current) Investment income Net cash used in investing activities Cash flows from financing activities Payment of Dividend (Including Interim Dividend) Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end ofperiod |
4,589.33 83.73 60.00 (33.73) 4,699.32 (90.98) (442.10) (21.56) 2.18 16.47 |
3,299.31 40.18 39.41 (62.17) 3,316.73 (614.80) (246.51) (7.51) 0.43 75.30 |
| 4,163.35 (828.80) |
2,523.64 (490.59) |
|
| 3,334.55 (218.33) (5.21) 33.73 (189.81) (3,260.40) |
2,033.05 (78.78) (26.79) 62.17 (43.40) (1,837.68) |
|
| (3,260.40) (115.67) 822.19 706.53 |
(1,837.68) 151.98 670.20 822.19 |
For Ksolves India Limited
RATAN Digitally signed by RATAN KUMAR KUMAR SRIVASTAVA Date: 2024.05.02 SRIVASTAVA 17:16:13 +05'30'
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
Place : Delhi Date : May 02, 2024
==> picture [109 x 70] intentionally omitted <==
A Y & COMPANY
505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
Auditor’s report on Consolidated Annual Financial Results of Ksolves India Limited for the quarter and year ended March 31, 2024 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors of Ksolves India Limited
Opinion
We have audited the accompanying statement of Consolidated Annual Financial Results (“the Statement”) of Ksolves India Limited (hereinafter referred to as Holding Company) & its subsidiaries (holding company and its subsidiaries together referred to as “the Group”) for the quarter and year ended March 31, 2024, attached herewith, being submitted by the Group 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 aforesaid year to date consolidated annual financial results:
- (i) Includes the financial results of following entity:-
| Name of Entity | Relationship |
|---|---|
| Kartik Solutions Private Limited | Wholly Owned Subsidiary |
| KsolvesLLC (IncorporatedinUSA) | Wholly Owned Subsidiary |
-
(ii) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended in this regard; and;
-
(iii) give a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Group for the year ended March 31, 2024.
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 (“the Act”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual 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 consolidated annual financial results 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
==> picture [109 x 70] intentionally omitted <==
A Y & COMPANY 505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated financial statements.
The Board of Directors & Management of Holding company are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act 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; safeguarding of the assets of the Group 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error
In preparing the consolidated annual financial results, the respective Board of Directors of the companies included in the group are responsible for assessing the Group’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 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 responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the Consolidated annual financial results as a whole are 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 these consolidated annual financial results.
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 consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
==> picture [109 x 70] intentionally omitted <==
A Y & COMPANY
505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
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.
-
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 Companies Act, 2013, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the group has adequate internal financial controls system 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 in the consolidated annual financial results made by the Management and Board of Directors.
-
Conclude on the appropriateness of Management and 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 Group’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 statements 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 financial results, including the disclosures, and whether the consolidated annual financial results 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 to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of holding company of which we are the independent auditors. For the subsidiary company included in the consolidated Financial Results, which is audited by other auditor, such other auditor remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
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.
==> picture [109 x 70] intentionally omitted <==
A Y & COMPANY 505, Fifth Floor, ARG Corporate Park Gopal Bari, Ajmer Road, Jaipur (Raj.) TEL NO. - +91-9649687300 Email: [email protected]
Other Matter
The Consolidated Financial Results includes financial results of subsidiaries whose financial statements/results reflects total assets of Rs. 35.60 Lakhs as at March 31, 2024, total Revenue of Rs. 16.39 Lakhs & 64.61 Lakhs, total net profit/(loss) after tax (18.28) lakhs & (7.51) Lakhs, total comprehensive income (18.28) lakhs & (7.51) Lakhs for the quarter and year ended on March 31, 2024 respectively as considered in consolidated financial results which have been audited by their respective independent auditors or by the management. The financial results of subsidiary company incorporated in India has been audited by other independent auditor & of incorporated in USA is certified by the management itself since the law of that country doesn’t required the Independent Audit. The independent auditors’ reports or management certification on financial statements/ Financial Results/financial information of subsidiary companies have been furnished to us and-our-opinion on the consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors/management certifications & procedures performed by us are as stated in paragraph above. Our opinion, in so far as it relates to the affairs of such subsidiaries, is based solely on report of such auditors/management. Our opinion is not modified in respect of this matter.
Our report on the consolidated financial results is not modified in respect of the above matters with respect to our reliance on the work done and the report & financial certified by the management of holding company
The consolidated annual financial results include the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures of the full financial year and unaudited year to date figures up to the third quarter of the current financial year.
For, M/S A Y & Company Chartered Accountants F.R.N: - 020829C
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Arpit Gupta Partner M.NO.-421544 UDIN -24421544BKFPJQ4263 Date: May 02, 2024 Place: Delhi
| KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New D Statement of Audited Consolidated Financial Results for the Quarter & Year ended on March 31, 2024 Purs Regulation, 2015 (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New D Statement of Audited Consolidated Financial Results for the Quarter & Year ended on March 31, 2024 Purs Regulation, 2015 (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New D Statement of Audited Consolidated Financial Results for the Quarter & Year ended on March 31, 2024 Purs Regulation, 2015 (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
KSOLVES INDIA LIMITED CIN - L72900DL2014PLC269020 317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New D Statement of Audited Consolidated Financial Results for the Quarter & Year ended on March 31, 2024 Purs Regulation, 2015 (Formerly Known as Ksolves India Private Limited) Website - www.ksolves.com; Email : [email protected] |
elhi - 110030 India uant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
elhi - 110030 India uant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
elhi - 110030 India uant to regulation 33 of SEBI (LODR) (Amount in Lakhs) |
|---|---|---|---|---|---|---|
| Particulars | Quarter ended on 31/03/2024 |
Quarter ended on 31/12/2023 |
Quarter ended on 31/03/2023 |
Year to date figures for the previous year ended 31/03/2024 |
Year to date figures for the previous year ended 31/03/2023 |
|
| Audited | Unaudited | Audited | Audited | Audited | ||
| INCOME FROM OPERATIONS | ||||||
| I | Revenue from Operations | 3044.64 | 2841.92 | 2274.47 | 10863.73 | 7,831.16 |
| II | Other Income | 4.87 | 12.24 | 42.52 | 33.85 | 62.57 |
| III | Total Revenue(I+II) | 3049.51 | 2854.16 | 2316.99 | 10897.58 | 7893.73 |
| IV | EXPENSES | |||||
| Cost of Material Consumed | - | - | - | - | - | |
| Purchase of Stock in Trade |
- | - | - | - | - | |
| ~~Change in inventories of Finished Goods, Work-in-progress & Stock in~~ Trade |
- | - | - | - | - | |
| Employee Benefit Expenses | 1241.88 | 1194.52 | 1010.67 | 4590.94 | 3464.28 | |
| Finance Cost | - | - | - | - | - | |
| Depreciation &Amortization Expense | 28.39 | 26.33 | 12.86 | 86.59 | 54.73 | |
| Other Expenses | 507.85 | 445.30 | 335.10 | 1633.35 | 1081.16 | |
| Total expenses(IV) | 1778.12 | 1666.15 | 1358.63 | 6310.88 | 4600.17 | |
| V | Profit before Exceptional & Extraordinary Items and tax (III-IV) | 1271.39 | 1188.01 | 958.36 | 4586.70 | 3293.56 |
| VI | Exceptional Items | - | - | - | - | - |
| VII | Profit before Extraordinary Items and tax (V-VI) | 1271.39 | 1188.01 | 958.36 | 4586.70 | 3293.56 |
| VIII | ExtraordinaryItems | - | - | - | - | - |
| IX | Profit before tax (VII-VIII) | 1271.39 | 1188.01 | 958.36 | 4586.70 | 3293.56 |
| X | Tax Expenses | |||||
| 1 Current Tax | 331.97 | 299.37 | 235.06 | 1170.95 | 836.99 | |
| 2 Deferred Tax | (0.90) | (4.95) | -10.33 | (0.20) | (15.46) | |
| 2 Income Tax of Earlier Years | 0.55 | - | 0.00 | 0.55 | - | |
| Total Tax Expenses(X) | 331.07 | 294.42 | 224.72 | 1171.29 | 821.52 | |
| XI | Profit/(Loss) for theperiod from continuing operations(IX-X) | 940.32 | 893.59 | 733.64 | 3415.41 | 2472.04 |
| XII | Profit/(Loss)from discontinuingoperation | - | - | - | - | - |
| XIII | Tax Expenses of discontinuingoperations | - | - | - | - | - |
| XIV | Profit/(Loss) from discontinuing operation after tax(XII-XIII) | - | - | - | - | - |
| XV | Profit(Loss) for the Period(XI+XIV) | 940.32 | 893.59 | 733.64 | 3415.41 | 2472.04 |
| XVI | Other Comprehensive Income | |||||
| Items that will not be reclassified toprofit or loss | ||||||
| - Remeasurement Gains/(Losses)on Defined Benefit Plans | 2.73 | -7.32 | -10.75 | -13.55 | -36.16 | |
| - Income Tax on above | -0.69 | 1.84 | 2.70 | 3.41 | 9.10 | |
| XVII | Total Other Comprehensive Income | 2.04 | -5.48 | -8.05 | -10.14 | -27.06 |
| XVIII | Total Comprehensive Income for theyear | 942.36 | 888.11 | 725.59 | 3405.27 | 2444.98 |
| XIX | Paid up Equity Share Capital | 1185.60 | 1185.60 | 1185.60 | 1185.60 | 1185.60 |
| XX | Reserves & Surplus | 1197.62 | 1818.39 | 1052.75 | 1197.62 | 1052.75 |
| XXI | Earningsper equityshare | |||||
| (1)Basic | 7.93 | 7.54 | 6.19 | 28.81 | 20.85 | |
| (2)Diluted | 7.93 | 7.54 | 6.19 | 28.81 | 20.85 | |
| Notes:- | ||||||
| 1. The above Consolidated Audited Financial Results have been reviewed by the Audit Co respective meetingheld on May02,2024 |
mmittee and approved by the B | oard of Directo | rs of the Company at their | |||
| 2. The Statutory Auditors of the Company have carried out the Statutory Audit of the abo on these Results |
ve financial results of the Company and have expressed an unmodified opnion | |||||
| 3. The Companyis onlyhavingone segment of business i.e. Information TechnologyServ | ices. | |||||
| 4. There are no investor complaints received/pendingas on March 31,2024 | ||||||
| 5. Previous year's/ period figures have been regrouped/ reclassified/ restated, wherever ne | cessary to confirm to classification of current year/period. |
For Ksolves India Limited
RATAN Digitally signed by RATAN KUMAR KUMAR SRIVASTAVA SRIVASTAVA Date: 2024.05.02 17:16:52 +05'30'
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
Place : Delhi
Date : May 02, 2024
KSOLVES INDIA LIMITED
(Formerly Known as Ksolves India Private Limited)
CIN - L72900DL2014PLC269020
317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Delhi - 110030 India Website - www.ksolves.com; Email : [email protected]
Consolidated Statement of Assets & Liabilities as on March 31, 2024
| (Amount in Lakhs) | ||
|---|---|---|
| Particulars | As at 31st March 2024 |
As at 31st March 2023 |
| Audited | Audited | |
| I. ASSETS (1) Non-Current Assets (a) Property, Plant and Equipment (b) Intangible Assets (c) Financial Assets (i) Investments (ii) Other Financial Assets (d) Deferred tax Assets (Net) (e) Other Non Current Assets Total Non Current Assets (2) Current Assets (a) Inventories (b) Financial Assets (i) Trade Receivables (ii) Cash and Cash Equivalents (iii) Bank balance other then cash equivalents (iv) Other Financial Assets (c) Other Current Assets Total Current Assets Total Assets II. EQUITY AND LIABILITIES (1) Equity (a) Equity Share capital (b) Other Equity Total Equity (2) Liabilities (A) Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) Other Financial Liabilities (b) Provisions Total Non Current Liabilities (B) Current liabilities (a) Financial Liabilities (i) Borrowings (ii) Trade Payables Total Outstanding dues of Micro Enterprises and Small Enterprises Total Outstanding dues of Creditors other than Micro Enterprises and Small Enterprises (ii) Other Financial Liabilities (b) Provisions (c) Other Current Liabilities Total Current Liabilities Total Equity and Liabilities |
236.04 5.99 - 49.02 54.05 - |
104.30 5.99 - 43.81 50.44 - |
| 345.10 | 204.54 | |
| 1,605.35 731.28 60.64 4.79 1,208.49 |
1,513.01 857.31 3.38 3.11 827.44 |
|
| 3,610.56 | 3,204.25 | |
| 3,955.66 | 3,408.79 | |
| 1,185.60 1,197.62 |
1,185.60 1,052.75 |
|
| 2,383.22 | 2,238.35 | |
| - - 205.25 |
- - 135.79 |
|
| 205.25 | 135.79 | |
| - 25.13 16.94 1,183.65 141.48 |
- 46.67 14.67 848.18 125.11 |
|
| 1,367.20 | 1,034.63 | |
| 3,955.66 | 3,408.79 |
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
RATAN Digitally signed KUMAR by RATAN KUMAR SRIVASTA SRIVASTAVA Date: 2024.05.02 VA 17:17:18 +05'30'
Place : Delhi Date : May 02, 2024
KSOLVES INDIA LIMITED
(Formerly Known as Ksolves India Private Limited)
CIN - L72900DL2014PLC269020
317/276, Second floor, Lane no.3, Mehrauli Road, Saidulajab, Saket, South Delhi, New Delhi - 110030 India Website - www.ksolves.com; Email : [email protected]
Consolidated Statement of Cash Flows for Year Ended on March 31, 2024
| (Amount in Lakhs) | (Amount in Lakhs) | |
|---|---|---|
| Particulars | **For the Year Ended on ** | |
| 31-03-2024 | 31.03.2023 | |
| Cash flows from operating activities Profit before taxation Adjustments for: Depreciation Provision for Gratuity Investment Income Operating Profit before Working Capital Changes Working capital changes: (Increase) / Decrease in Trade Receivables (Increase) / Decrease in Financial Assets/Other Current Assets Increase / (Decrease) in Trade Payables Increase / (Decrease) in Other Financial Liabilities Increase / (Decrease) in Other Current Liabilities/Other Financial Liabilities Cash generated from operations Payment/Adjustmen on Account of Tax Expenses Net cash from operating activities Cash flows from investing activities Purchase of property, plant and equipment Increase in Other Financial Assets (Non Current) Investment income Increase in Non Current Investments Net cash used in investing activities Cash flows from financing activities Payment of Dividend (including Interim Dividend) Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end ofperiod |
4,586.70 86.59 60.00 (33.85) 4,699.44 (92.34) (440.01) (21.55) 2.27 16.37 |
3,293.56 54.73 39.41 (62.56) 3,325.14 (587.31) (230.35) (10.14) 0.32 75.17 |
| 4,164.19 (840.13) |
2,572.83 (501.88) |
|
| 3,324.06 (218.33) (5.21) 33.85 - |
2,070.95 (58.23) (26.79) 62.56 - |
|
| (189.69) (3,260.40) |
(22.46) (1,880.68) |
|
| (3,260.40) (126.03) 857.31 731.28 |
(1,880.68) 167.81 689.50 857.31 |
For Ksolves India Limited
RATAN Digitally signed by RATAN KUMAR KUMAR SRIVASTAV SRIVASTAVA Date: 2024.05.02 A 17:17:45 +05'30'
Ratan Kumar Srivastava Chairman Cum Managing Director DIN : 05329338
Place : Delhi Date : May 02, 2024