What an eventful and path breaking Year it was for DEV IT! A healthy acquisition addingup to software overseas projects market foot print increase in Europe besides NorthAmerica a turnover for FY 16-17 about 25.79% more than what we clocked in FY 15-16 andfinally to top it all the monumental decision of going Public which DEV IT achieved withhuge success thanks to IPO investor community showing immense faith in DEV IT IPOofferings that created a record while gett'ng listed on NSE Emerge platform.
At the time of bell ringing ceremony on April 17 2017 the day of DEV IT IPO in myaddress as a Chairman I had categorically stated that DEV IT is a company embedded withtraditional value-laced ethics of conducting business which is the mantra of scoring veryhigh on the index of retaining clients with year on year extended service contracts. Atthe same time being in dynamic technology business DEV IT always has agile and nimbleapproach of delivering business commitments to meet the demands of servicing ongoingtechnology advancements across the globe.
This judicious balancing act between traditional ethics-based business practise withcontinuous pre-emptive improvisation of business delivery based on technology advancementsis probably the USP and culture that is running among the entire Team DEV IT.
I would humbly like to thank our clients family elders patrons business colleaguesprofessional colleagues and above all my entire Team DEV IT (whom I lovingly address asDEV ITians) for directly or indirectly inculcating the said USP and culture in ourcompany's ethos. I sincerely believe that it is this very USP and culture that has enabledour successful journey from a Private Limited company to being listed as Limited companyon NSE Emerge SME Platform.
With this I would also like to thank the new set of investors who are now part of DEVIT family as shareholders for showing their immense faith in the company and itsmanagement and confidence in its future potential. I would like to take this opportunityto welcome them also in our fold where we will be surely taking exciting journey of growthtogether helping and supporting each other in symbiotic manner. In fact I would like toinform them very gladly that the growth oriented and positive financial results herebybeing submitted will further strengthen their faith toward decision of investing in DEVIT.
All in all at DEV IT we believe that while due diligence on regular financial numbersis a good habit cultivated and it will surely remain as focus of DEV IT Management. At thesame time being an IT company financial number achieving spree will not be the only maingrowth criteria. For the natural growth progression DEV IT will surely require long termthrust by investing towards modern business upliftment index pertaining to IT Industry intoday's world such as to ensure creative thinking based solutions development innovationresearch labs idea accelerator facilities and or amiable M&A. Initiation of suchactions would surely result in establishing DEV IT as an enduring IT player i.e. an ITcompany which is here to stay as a shining star of Global IT business landscape. Hence insuch scenario the symbiotic nature of cooperative and patient approach full of faith fromshareholders will be very much required towards different afore stated forays ofactivities initiated by DEV IT. Here is where I feel the words of Mr Warren Buffet veryaptly rings a bell "Price is what you pay. Value is what you get".
Information Technology as we all know is now interwoven with human life's basic needs.Hence two aspects of IT Service Industry required mainly would be upkeep and maintenanceof IT Infrastructure as well as Application Software Development to fulfil those needs.Both these aspects are necessary to ease and help people at large since virtually theycomplement the very existence of Human Beings as decision making tools in this new worldorder of Digital Human Era. Therefore it is evident that a focussed IT company like DEVIT in coming decade will have immense chances of exciting opportunities for carving outnew paths of envisaging and delivering IT solutions and services.
This does require sizeable amount of creative unbound thinking and on the flyinnovation in variety of business services that DEV IT is rendering. We will unleash manybusiness activities based on creative thought process that may at time succeed and willadd up immensely to business growth. While at times such actions may also yield desiredresults of lesser degrees. In any case all of this will add up to the treasure full ofexperiences and learning which in turn will help us to come up in future with maturebusiness rendering practises. This is where synergetic support from shareholders andinvestors will surely act as a catalyst of growth ensuring win-win situation for all.
It is well known fact that India is the world's largest sourcing destination for theinformation technology (IT) industry accounting for approximately 67 percent of the US$124-130 billion market. The industry employs about 10 million workforces. Moreimportantly the industry has led the economic transformation of the country and alteredthe perception of India in the global economy. The IT industry has also createdsignificant demand in the Indian education sector especially for engineering and computerscience. The Indian IT sector while is also expected to register yearly growth of 12-13 %and thereby triple its current annual revenue to reach US$ 350 billion by FY 2025. Indiaranks third among global start-up ecosystems with more than 4200 start-ups. This are someof the exciting figures from reputed sources reports available on Internet.
Thus the expectation from IT Industry is very high within our country thanks tocurrent government impetus for going digital besides expectation from global businessesand commerce. This can be addressed only when Company shows courage to seize suchopportunities arising on horizon and aligns with it vide help of its equally courageousteam of personnel. This very alignment drive has readied Team DEV IT to render services byway of consulting leading to development of solutions and ultimately implementing themwith ongoing Support Service facilitates. Therefore DEV IT is steadily emerging verystrongly among SMEs in western India along with Overseas (North America and Europe) as onestop shop for virtually all their IT needs pertaining to services of IT Consulting ITInfrastructure Management ERP Implementation Consulting Mobility solutions Web BasedSolutions Digital Marketing Document Management and Digitisation Virtual and AugmentedReality etc.
DEV IT since its inception has been very active player predominantly in e-Governancesector carrying out Consulting Developing Implementing and Service Support activitypassionately and enthusiastically backed by dedicated team of domain experienced personnelsuch that last mile citizen connects as envisaged by government is ensured. The passionbehind e-Governance activity has realised many award winning replicable solutions for DEVIT thanks to its successful implementation among Western Region of India. This very domainexpertise acquired since almost two decades gives DEV IT an advantage to whole heartedlyparticipate in business opportunities being made available thanks to Smart City Projectsand Digitization Projects. This is the main thrust area of current government to invest inits use of Information Technology as its efforts towards ensuring ease ofciti'zenservices.
As I had stated in my speech during Bell Ringing Ceremony the Logo of DEV IT has been"thought" torch-bearer of company culture. Just like four arrows goes inwards inthe same manner "coming together from all sides" becomes the guiding principleof growth for DEV IT. This is the reason why DEV IT right from word go has been at theforefront of Collaboration with likeminded business partners and or business associationwith help of relationship networking or while playing role of mentoring for promising ITbusinesses in nascent stage or classic start-ups. This very guiding principle has resultedin past towards multiple likeminded IT business entities locally and overseas willinglygoing for open arm merger of their business and operations successfully in DEV IT.
To provide a healthy base for the activities of mentoring research and developmentDEV IT has already floated DEV/abs for incubating disruptive and or creative solutionideas. It will give support and accelerate such successful ideas to next level where animplementation ready solution or solutions for clients are realised. DEV IT in a way hasbeen encouraged by current government initiative to help and mentor the local start up ecosystem by providing them friendly business accelerator platform to take progressive stepahead and gain out of experience of DEV IT as a hand holding entity.
At DEV IT we sincerely believe in words of Mr Peter Lynch "It is easy to forgetsometimes that a share is not a lottery ticket it is part ownership of a business".That's what we consider you all the shareholders as our business partners along withpersonnel of DEV IT. After all the centre theme of DEV IT's culture has always been"People First Business Always". Thereby encouraging and building sense ofownership among Millennial Personnel of DEV IT as well as Clients engaged with DEV IT. Themanagement is sure that this dictum brings in ever needed freshness by way of yieldingnewer perspective towards business growth in today's era of digital world.
On behalf of DEV IT I would proudly state that it has probably one of the lowestattrition rates as far as personnel movement out of the company is concerned thanks tohumane and reasonable approach being kept at forefront before impressing businessexigencies. This approach along with personnel engagement activities ensures sense ofownership largely across most of the personnel of DEV IT. With Business Up- liftment Indexas stated above being designed and articulated such that active participation of personnelis encouraged. The same gives surety that Personnel Upliftment occurs simultaneously thereby increasing sense of ownership within DEV ITians. Genuine efforts from us towards ourpersonnel are aimed to ensure that they grow in pervasive manner and stay on with DEV IT.As a result various projects handled and various solutions that were developed by TeamDEV IT have won numerous accolades year on year in past heralding DEV IT as a force toreckon with recognised by many reputed organisations such as IT Business Associations andreputed IT Media Houses. It gives me immense pleasure in the above stated backdrop toplace before you the 20th Annual Report for the Financial Year 2016-17.
I would also like to propose hearty vote of thanks to all the Directors Key ManagerialPersonnel Shareholders Customers Bankers and "DEV ITians" for their continuedsupport faith and trust in the company which I am sure will continue to be there in thetimes to come.
At the fulcrum of our on going tryst with business learnings I would like to assure youthat the words of 21st century visionary Mr. Alvin Toffler is embedded in our thoughtprocess of "The illiterate of the 21st century will not be those who cannot read andwrite but those who cannot learn unlearn and relearn" thereby ensuring ourcommitment towards continuous efforts of positive business growth.
With Warm Regards
PRANAV N. PANDYA
DEV INFORMATION TECHNOLOGY LIMITED.