DEV IT Acquires 100% Stake in Dhyey Consulting Services

Key Takeaways from the Acquisition

• DEV IT has acquired 100% of Dhyey Consulting Services, expanding its capabilities in ERP and CRM solutions.
• Dhyey Consulting brings expertise in Microsoft Dynamics 365 and Power Platform with over 300 implementations across various sectors.
• This acquisition allows DEV IT to strengthen its position in digital transformation and innovation with enhanced service offerings powered by AI/ML technologies.
• Clients can expect improved service delivery, reaffirming DEV IT's commitment to staying at the forefront of IT solutions globally.

Dhyey Consulting Services is a leader in Microsoft Dynamics 365 and Power Platforms; it has successfully implemented more than 300 implementations from various sectors like retail and manufacturing, including India-based Gujarat Urja Vikas Nigam Ltd. and Prince Pipes and Fittings Ltd., where he is working from Australia with Sognos Solutions PTY Ltd.

The acquisition is meant to strengthen DEV IT's service portfolio by assimilating Dhyey's knowledge and capabilities, especially in AI and machine learning-backed ERP and CRM solutions. This move would further increase DEV IT's leadership in digital transformation, thereby making it possible to deliver high-quality services globally and expand its technological capabilities.

Mr. Pranav Pandya, Founder & Chairman (DEV IT), commented, ‘By integrating Dhyey's expertise in Microsoft Dynamics 365, Power BI, and AI like CoPilot, we are confident that we can provide comprehensive solutions that empower businesses to operate more efficiently. We believe that the synergies created by this acquisition will lead to faster response times and even more improved service delivery.’

About Dev Information Technology Limited  

Dev Information Technology Limited (DEV IT), established in 1997 and listed on NSE & BSE, is an ISO-certified global IT services provider. It is a global IT services provider headquartered in Ahmedabad, with its units in India & Canada. DEV IT provides end-to-end IT services in the following streams: Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development. The proprietary products of the company include *Talligence*, a business analytics tool, and *ByteSIGNER*- a bulk document signing solution. DEV IT: Innovation, quality, and client satisfaction drive DEV IT in empowering businesses around the world to achieve their goals through innovation and cutting-edge technology. The company reported revenue of ₹165.12 Cr, EBITDA of ₹15.31 Cr, and PAT of ₹9.48 Cr during FY24.

Key Takeaways from Just Dial’s Financial Performance:

• Just Dial's net profit for the September quarter doubled to 154 crore, up from Rs 72 crore last year, driven by increased other income of Rs 113.6 crore.
• Revenue rose by 9.1% year-on-year to Rs 284.8 crore, with deferred revenue increasing by 10.1% to Rs 515.5 crore.
• EBITDA surged nearly 70% to Rs 79.8 crore, and the EBITDA margin expanded by 10 percentage points to 28%, attributed to revenue growth and reduced operating expenses.
• The platform attracted 198 million unique visitors, a 15.3% increase from last year, while active listings grew to 46.2 million, up 15% year-on-year.

The company's revenue grew by 9.1% year-on-year, reaching Rs 284.8 crore. Additionally, deferred revenue increased by 10.1% to Rs 515.5 crore. 

Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) rose nearly 70% from last year to Rs 79.8 crore, with the EBITDA margin expanding by 10 percentage points to 28%. Just Dial credited this margin growth to higher revenue and lower operating expenses, which fell by 4.3% year-on-year.

During the quarter, Just Dial attracted 198 million unique visitors, a 15.3% increase compared to the same quarter last year. The number of active listings reached 46.2 million, growing 15% from last year and 3% from the previous quarter.

About Just Dial Limited:

Justdial, India’s leading local search engine, offers a wide range of services beyond its initial role as a phone-based local directory established in 1996. Today, the platform features over 25 service categories, including options for bill payments, table bookings, cab hires, movie tickets, deals, flight bookings, event management, grocery orders, food delivery, and flower orders. In a fast-paced world where efficiency is key, Justdial’s services are easily accessible via its website, app, and WAP.

One of Justdial's latest innovations, JD Omni, is a comprehensive cloud-based business management solution designed for business owners. It provides essential tools for real-time sales tracking, inventory management, billing, customer retention, promotions, and employee management. With a presence in 11 cities and a workforce of over 10,000 employees, Justdial boasts 21 million business listings, solidifying its position as a one-stop shop that offers "Anything, Anytime, Anywhere."

Key Takeaways from Den Networks Financial Performance:

• Den Networks reported a consolidated net profit of Rs 52.05 crore for Q2 FY25, a 13.94% increase from Rs 45.68 crore in Q2 FY24.
• Revenue from operations fell 9.95% year-on-year to Rs 249.08 crore in Q2 FY25.
• Profit before tax rose by 7.70% to Rs 68.89 crore, while total expenses decreased by 5.21% to Rs 249.17 crore.
• EBITDA dropped 35% to Rs 28 crore, with an EBITDA margin declining to 11% from 16% a year earlier.

Profit before tax rose by 7.70% to Rs 68.89 crore in Q2 FY25, up from Rs 63.96 crore in the same quarter last year. Total expenses decreased by 5.21% YoY to Rs 249.17 crore for the quarter ending September 30, 2024. 

EBITDA fell 35% to Rs 28 crore compared to Rs 43 crore in the same quarter of the previous year, resulting in an EBITDA margin decline to 11% in Q2 FY25, down from 16% in Q2 FY24. 

In terms of revenue breakdown, the company's cable distribution network generated Rs 237.42 crore, a drop of 11.42% YoY, while the broadband business saw revenue rise to Rs 11.65 crore, up 36.25% YoY. 

Cash and cash equivalents, as of September 30, 2024, amounted to Rs 3,050 crore, compared to Rs 3,009 crore on September 30, 2023.

About Den Networks Limited:

DEN Networks is a leading mass media and entertainment company in India, committed to enhancing the digital TV experience for its customers. With a mission to "orchestrate a visual symphony," DEN provides unmatched entertainment through cable TV, broadband services, and over-the-top (OTT) content. The company serves over 13 million households across 13 key states and 433 cities, boasting the largest subscriber base among cable providers in India. DEN integrates technology and current consumer trends to elevate viewing experiences, continually adopting innovations to cater to its customers' active lifestyles.

Founded in 2007 by industry veteran Sameer Manchanda, DEN Networks has established a strong presence in strategically important Hindi-speaking markets. The company operates a robust fiber optic network and has invested in DOCSIS 3.0 technology to deliver broadband speeds of up to 100 Mbps in various cities. Notably, DEN was the first multi-system operator (MSO) to launch an app for OTT and video-on-demand entertainment, and it became the first cable TV company to go public within three years of operations. With a diverse management team dedicated to customer satisfaction, DEN Networks continues to set itself apart in the competitive media landscape.

Key Takeaways from the Inaugration

• Maharashtra's first integrated Cyber Command & Control Centre launched, aimed at bolstering cybersecurity.
• It is equipped with AI-based tools, advanced digital forensics, and blockchain technologies.
• The centre will support 50 district cyber police stations and handle citizen and enterprise complaints.
• Aims to raise awareness, improve cybercrime investigations, and protect critical infrastructure.

Inaugurated by Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, the facility is located in Mahape and aims to fast-track cybercrime investigations, improve conviction rates, build capacity within the police force, and raise awareness among citizens about cybercrimes. 

The Maharashtra Cyber Command & Control Centre boasts cutting-edge infrastructure at Mahape, integrating over 50 global forensic technologies, 17 threat intelligence tools, and 13 cybersecurity systems that leverage AI and blockchain. Staffed by more than 150 cybercrime forensics, investigation, and technology experts, the centre is equipped to support 50 district cyber police stations across the state, ensuring robust cybersecurity and efficient crime management. This integration enhances both investigative efficiency and proactive threat detection, offering world-class protection for citizens and critical infrastructure.

The centre will offer a one-stop solution for grievance management through various channels, including a dedicated helpline (14407), a web portal, and a mobile app, operational from October 15.

This project, executed by L&T Technology Services in collaboration with KPMG Assurance and Consulting Services LLP, features advanced digital forensic tools, AI-driven threat intelligence systems, and a Security Operations Center. The centre will also coordinate with CERT-MH to handle incidents related to critical infrastructure and national security. 

Commenting on the inauguration, Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, said, “Maharashtra has set a benchmark to provide a world class platform to tackle Cyber Crimes with global cutting edge technologies and highly skilled cyber experts. This ensures the timely resolution of cyber crimes and assures digital safety for citizens, enterprises and critical infrastructure.” 

“L&T Technology Services is delighted to collaborate with the Maharashtra State Cyber Department on this groundbreaking project executed in a record time leveraging our experience in setting up and managing 25+ Smart & Safe Cities command centers and Security Operation Centers,” Mr. Amit Chadha, CEO and Managing Director of L&T Technology Services, added.

About Larsen & Toubro Limited:

Larsen & Toubro Limited is one of India's biggest and most respected private sector companies that focuses on EPC projects, high-tech manufacturing, and services. For more than 80 years, with a strong customer-orientated approach and an unwavering commitment to world-class quality, L&T has unmatched experience in the areas of technology, engineering, construction, and manufacturing and all its core business areas.

With operations spread over more than 50 countries, L&T has been customer-centric for over eight years, which was instrumental in the company taking over and sustaining its leadership positions in key business streams.