NewsEarningsDev Information Technology Reports ₹92.64 Crore Consolidated Income in H1, Secures Multiple Government ContractsDev Information Technology Reports ₹92.64 Crore Consolidated Income in H1, Secures Multiple Government Contracts
Dev Information Technology Limited announced its H1 FY24 results, reporting a 10.32% year-over-year increase in consolidated total income to ₹92.64 crore. The company secured multiple government and enterprise contracts worth over ₹4 crore. Notable projects include orders from Alivus Lifesciences, Gujarat Informatics Limited, and RajCOMP Info Services. Dev IT's subsidiary, Dev Accelerator Limited, completed a public issue of ₹143.35 crore. The company continues to focus on AI, cybersecurity, and blockchain technologies for growth.
*this image is generated using AI for illustrative purposes only.
Dev Information Technology Limited , a global IT services company, has announced its financial results for the second quarter and first half of the fiscal year, showcasing robust growth and significant contract wins.
Financial Performance
The company reported a consolidated total income of ₹92.64 crore for H1, marking a 10.32% year-over-year increase. This figure includes an exceptional gain of ₹92.36 crore. The financial highlights for H1 are as follows:
| Particulars (₹ Cr) | H1 | H1 Previous Year | YoY Change |
|---|---|---|---|
| Total Income | 92.64 | 83.97 | 10.32% |
| EBITDA | 7.85 | 17.29 | (54.62%) |
| Net Profit* | 74.06 | 11.83 | 526.10% |
| Diluted EPS (₹) | 13.12 | 2.11 | 521.80% |
*Includes exceptional gain of ₹92.36 crore
Key Business Highlights
Contract Wins
Dev IT secured multiple government and enterprise contracts worth over ₹4 crore, including:
- ₹4.4 crore order from Alivus Lifesciences for Microsoft licensing and enterprise software deployment
- ₹65 lakh order from Gujarat Informatics Limited for Microsoft Office deployment at the Chief Minister's Office
- ₹71 lakh order from Guj Info Petro Limited for e-Governance applications upgrade
RajCOMP Info Services Projects
The company was awarded several key projects:
- ₹1.16 crore for "Raj Sewa Dwaar" middleware implementation
- ₹1.02 crore for "Raj Feb" IT/ITeS services enhancing labour law enforcement
- ₹1.06 crore for upgrading government portals using Adobe Experience Manager
National Informatics Centre Services
Dev IT secured orders including:
- ₹1.29 crore for developing an Integrated Financial Management System
- ₹40 lakh for CM OTS 2025 module development in Rajasthan
Strategic Developments
- Subsidiary Public Issue: Dev Accelerator Limited, a subsidiary of Dev IT, completed a public issue of ₹143.35 crore to support growth plans and balance sheet efficiency.
- Technology Focus: The company is investing in AI, cybersecurity, and blockchain to build proprietary IPs and scalable platforms.
- ABCD Framework: Dev IT continues to advance its 'ABCD' framework focusing on AI/BI, Blockchain, Cybersecurity, and Datacenter technologies.
Management Commentary
Pranav Pandya, Founder & Chairman, stated, "During Q2, we witnessed encouraging traction across our key business areas. Our focus remains on technology-led expansion, investing in AI, cybersecurity, and blockchain to build proprietary IPs and scalable platforms."
He added, "With a healthy order book, diversified clients, and a clear growth roadmap, we remain optimistic about sustaining momentum and delivering long-term value."
Dev Information Technology Limited continues to strengthen its position in India's expanding digital ecosystem, focusing on innovation and value creation through its subsidiaries and strategic investments in emerging technologies.
