Dev IT Reports Robust Growth with 390% YoY Rise in Q2 FY25 PAT

Key Takeaways from the Financial Performance

• DevIT achieved a substantial 390% YoY increase in consolidated PAT, reaching ₹8.07 crore in Q2 FY25.
• New contracts include a ₹2 crore order for Kaushal Darpan, a ₹5 crore contract for RAJKISAN SATHI, and a ₹97 lakh IT services agreement with GSFC.
• DevIT received the "IT as a Service" award at the MSP India Summit and played a key role in launching the SWIT system for IFSCA, underscoring its industry impact and government trust.

With a notable rise in EBITDA by 329% to ₹11.23 crore, total income for the quarter was ₹48.24 crore, a 69% YoY increase, reflecting DevIT’s focus on innovative IT solutions and operational efficiency.

This quarter, DevIT also secured several strategic contracts, including a ₹2 crore order for the Kaushal Darpan portal and a ₹5 crore contract for the RAJKISAN SATHI portal from RajCOMP. Additionally, DevIT received a ₹97 lakh managed IT services contract from GSFC. 

In recognition of its impact, the company was awarded the "IT as a Service" accolade at the MSP India Summit 2024. With ongoing contributions to prominent projects, such as the recently launched Single Window IT System (SWIT) for IFSCA, DevIT is poised for continued growth.

Speaking on the financial performance, Mr. Pranav Pandya, Founder & Chairman, commented, “We are pleased to announce our financial performance for Q2 FY25, demonstrating our commitment to innovation and quality. The significant growth we achieved this quarter is a testament to our team’s commitment to innovation and excellence in delivering value-driven solutions to our clients. The impressive increase in our EBITDA and PAT reflects our operational efficiency and strategic growth across multiple service lines. This quarter’s successes, from securing valuable contracts like Kaushal Darpan and RAJKISAN SATHI to receiving the prestigious MSP India Summit award, reinforce our commitment to driving digital transformation in the industries we serve. Our recent contributions to high-profile government projects, such as SWIT for IFSCA, showcase the trust our clients place in us to deliver advanced solutions that drive efficiency at a national scale.”

About Dev Information Technology Limited  

Dev Information Technology Limited was founded in 1997 as an IT services company with expertise in Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services. With analytics platform Talligence and digital signing solution ByteSigner, DevIT is enabling the world through effective digital transformation. Headquartered in Ahmedabad, the company has offices in India and Canada. DevIT enjoys a diverse range of sectors and holds innovation along with quality and customer-centric solutions at the core of its focus. The FY24 revenue was ₹165.12 crore, EBITDA ₹15.31 crore, and PAT ₹9.48 crore.

Key Takeaways from Airtel’s Penalty: 

• Bharti Airtel faces a Rs 10.66 crore penalty under the CGST Act for the 2017-18 financial year.  
• The company disagrees with the order and will take necessary actions.  
• No material effect on the company's financial or operational activities.  
• Airtel reaffirms its commitment to resolving the issue and ensuring compliance.

The order, issued under Section 74 of the Central Goods and Services Tax Act, 2017, imposes a penalty of Rs 10.66 crore for alleged inadequate payment of tax liabilities for the financial year 2017-18.

The company has stated that it does not agree with the order and will take appropriate actions to address the matter. Bharti Airtel also noted that, while the penalty has been imposed, there is no material impact on its financial or operational activities.

Bharti Airtel remains committed to addressing the issue and ensuring compliance with all regulatory requirements.

About Bharti Airtel Limited:

Bharti Airtel Limited is a leading global telecommunications provider, headquartered in New Delhi, India. With a presence across 17 countries in Asia and Africa, Airtel ranks among the top three mobile service providers worldwide, serving over 490 million customers. The company offers a wide range of services, including mobile (2G, 3G, 4G, and upcoming 5G), home broadband, digital TV, and business ICT solutions. Airtel operates an extensive network of submarine cables and satellite systems spanning over 365,000 RKMs across 50 countries and five continents, driving innovation in digital service delivery and ensuring superior service quality for its customers.

Key Takeaways from LTIMindtree’s Expansion:

• LTIMindtree opens a 6,500-square-foot facility in Houston, Texas.  
• Centre for digital transformation, AI solutions, and ESG initiatives.  
• Strengthening ties with clients in the energy and oil & gas sectors.  
• Hosting workshops, upskilling opportunities, and design thinking sessions.

This expansion marks a significant step in the company’s strategy to strengthen its presence in the United States and foster closer collaboration with clients, particularly in the energy and oil & gas sectors.

The new facility will serve as a hub for innovation, supporting LTIMindtree’s clients with digital transformation, AI solutions, and environmental, social, and governance (ESG) initiatives. It will also offer training and upskilling opportunities for both LTIMindtree and its clients’ teams, focused on next-generation technologies.

The ceremony was attended by several prominent figures, including Brad Mushinski, Director of Constituent Services for Houston City Council, and DC. Manjunath, Consul General of India in Houston.

The facility will host joint innovation workshops and design thinking sessions, as well as work on solutions to drive digital transformation and innovation across various industries.

About LTIMindtree 

LTIMindtree is a global technology consulting and digital solutions firm that helps businesses across various industries reimagine their business models, accelerate innovation, and maximise growth by leveraging digital technologies. As a digital transformation partner to over 700 clients, LTIMindtree combines deep domain expertise with cutting-edge technology to drive competitive differentiation, enhance customer experiences, and deliver superior business outcomes in an increasingly interconnected world. With a workforce of more than 84,000 skilled and entrepreneurial professionals across over 30 countries, LTIMindtree, a company within the Larsen & Toubro Group, addresses the most complex business challenges and delivers large-scale transformation.

Key Takeaways from the Announcement

• Ramco maintains its Leader position in the 2024 APAC MCP Solutions PEAK Matrix®, demonstrating sustained impact and capability in the payroll sector.
• The newly launched Ramco Payce solution enhances efficiency and automates payroll workflows, improving the user experience.
• Serving over 500 clients with operations in 150+ countries, Ramco's payroll system integrates seamlessly with leading HCM providers.

This is the third consecutive year Ramco has achieved this distinction, underscoring its commitment to delivering innovative payroll solutions that address complex multi-country payroll needs in the Asia-Pacific region. Ramco’s new Ramco Payce solution enhances this offering by automating workflows, improving efficiency, and simplifying HR processes.

Commenting on the announcement, Priyanka Mitra, Vice President, Everest Group, said, “In recent years, the payroll market has been witnessing a shift toward a more technology-enabled ecosystem to cater to evolving needs of buyers. Ramco exemplifies this trend with its technology-first approach, evident through the launch of its Payce platform, which leverages nextgen technologies to minimise manual intervention across the payroll value chain, improving payroll processing efficiency and user experience. Additionally, its strong footprint in the APAC region and its recent partnerships aimed at extending its geographical reach and capabilities further has solidified its position as a Leader on the Everest Group’s APAC Multi-country Payroll (MCP) Solutions PEAK Matrix® Assessment."

The Everest Group’s assessment evaluated 28 MCP providers based on their market success and service capabilities, noting Ramco’s extensive reach in APAC and its advanced payroll functionalities as key strengths. Ramco Global Payroll, trusted by over 500 clients worldwide, offers comprehensive payroll solutions across 150+ countries. The platform integrates with top HCM systems and delivers a digital payroll solution, available both on-cloud and as a managed service. With new features, such as self-service reporting, serverless payroll, and a Quick Implementation Toolkit, Ramco’s payroll platform enables faster and smoother deployments, supported by cutting-edge technologies like AI, machine learning, and robotic process automation for a touchless payroll experience.

Speaking on the recognition, Rohit Mathur, SVP & SBU Head – Global Payroll & HR, Ramco Systems, commented, “At Ramco, we are committed to helping organisations achieve payroll transformation with our innovative solutions and exceptional services. Ramco Payce, launched earlier this year, is the latest iteration of this commitment, offering a modern, user-centric, and lightning-fast payroll processing solution. With advanced capabilities like on-demand reporting, no-code rule building, and actionable payroll workspaces, Ramco Payce is empowering organisations to optimise their payroll operations, enhance employee efficiency, and generate insights for decision-making and growth. Being recognised as a Leader by Everest Group further validates our strategic direction and our impact in the market.” 

About Ramco Systems:  

Ramco Systems is a global enterprise software provider, innovating in cloud and mobile-based solutions for over 25 years. Serving over 1,000 clients worldwide, Ramco specialises in Global Payroll, Aviation Aerospace & Defence, and ERP solutions. Known for its forward-thinking approach, Ramco employs AI, ML, RPA, and blockchain to help organisations achieve digital transformation and business efficiency across diverse industries.