Dear Shareholders,
First and foremost, I extend my heartfelt congratulations to all of you
on our collective achievements over the past year. Last year was a period of growth and
innovation for DEV IT, guided by our theme, "Innovate, Elevate, Expand." Our
team worked tirelessly to broaden our horizons and deliver exceptional value to our
stakeholders.
As we embark on a new chapter this year, our theme, "Transform,
Secure, Lead," will be at the heart of our strategy. While we continue to strengthen
our core service offerings across the technology landscape, we are also taking concrete
steps to future-proof the company's growth and leadership through investments in new- age
technologies.
India's Growth Trajectory
Today, India is at the cusp of a major growth trajectory. We are just a
few years away from being the third- largest economy in the world, and our impact across
everything that matters in this world is growing manifold.
According to projections by major analysts, India is most likely to
overtake Germany and Japan and will become the third largest economy after China and the
US. In 25 years, at a size of US$26 trillion, our per capita GDP would be over US$15,000,
six times its current level. Much of this growth will be powered by embracing Digital
technology in everything we do.
Today, Indian IT & BPM Industry is approx. 245 billion Dollar
(i.e., Rs 20 Lacs Crore) and aiming to grow 9 to 12% Year-On-Year growth.
Indian IT/BPM industry is just not growing globally, but Domestic IT
Industry is also growing rapidly and going to achieve 54.4 billion US Dollar in current
year.
There is massive potential for technology to address many of our most
persistent development challenges, both in the private and public sectors. Whether it is
generating jobs, improving access to healthcare and education, increasing the degree of
formalization in the economy, public services delivery, or getting more women into the
workforce—technology will play a crucial role in solving these fundamental
challenges.
Considering these opportunities, DEV IT is strategically positioned to
expand our footprint both internationally and domestically. We plan to fuel overseas
business growth through direct engagement, including focused and strategy-oriented market
visits to the USA and Europe by key senior personnel as well as the directors. Moreover,
if a promising synergy is identified, DEV IT is open to exploring potential acquisitions
of relevant, operational overseas entities.
In consideration of the above facts, DEV IT has poised itself in both
marketplace places, India domestic market and Global marketplace. In accordance with the
reality that data-driven information is the new oil, our efforts in Cloud, Automation and
Data empowers our clients with real-time insights and predictive analytics. This in turn
further enables clients towards confidence oriented informed decision-making.
Our latest acquisition of M/s Dhyey Consulting Services Pvt Ltd was
aimed to strengthen DEV IT's Microsoft enterprise business solutions delivery and also
increase its market in Enterprise Applications area locally and globally, and our combined
expertise and offerings have gained remarkable tractions, as is evident by the number of
new projects launched in India and an expanding global client footprint. We continue to
deliver robust solutions powered by platforms like Microsoft Power platform and services
based on Microsoft Enterprise solutions, coupled with our 22 odd MSME-focused business
solutions . Notably, our agile D365 team is now offering Microsoft Co-Pilot AI
capabilities to enhance customer experience for MSME and Enterprise customers.
This strategic acquisition will also strengthen our Managed IT services
business further. Further, as we all know local and global data center market is growing
and DEV IT has expertise in managing Data Centre remotely, 24x7x365, will provide more
business opportunities in near future. Our Managed IT Services team, in conjunction with
our DevOps team, operates as an extended DevOps version, ensuring seamless application
modernization and helping MSMEs transition to a cloud-first approach by modernizing their
legacy applications and infrastructure.
As we know, having our own product adds to company's Intellectual
Property quotient, which will increase value of any company and same has been identified
early by DEV IT's management. Also, there is rapid growth in adopting digital technology
in MSME sector which will boost DEV IT's decision in having its own product, Talligence
and ByteSIGNER. Our proprietary product, Talligence, has also evolved significantly,
thanks to our AI-ML and data-driven BI-Analytics practice teams. Talligence is now being
embraced across Western and Southern India as a powerful, affordable, and user-friendly
solution for delivering world-class business intelligence and analytics to MSME owners.
While our ByteSIGNER, a productized solution, has garnered loyal client base which keeps
on growing organically in its own niche MSME business clientele base where bulk signing of
electronic documents and forms is a necessity.
In blockchain technology, for example, we are enhancing our
capabilities in smart contract development and decentralized finance. Our focus on digital
identity verification and enterprise blockchain solutions reflects our commitment to
building a secure and transparent digital ecosystem. In fact, block chain technology
enabled smart contracts solution being positioned by us has sizeable applicability in
public sector domain. I would like to gently remind all the Shareholders that DEV IT had
acquired one of the leading Block-chain consultancy company, Minddeft Technologies Pvt
Ltd.
We are also making significant strides in the realm of the Internet of
Things (IoT). We are leading the development of smart city solutions, resulting into
innovations for both public and private sector clients. By integrating AI and machine
learning with IoT data, we aim to foster innovative and predictive industries and create a
more connected, sustainable world.
In the area of cybersecurity, we have expanded our offerings to include
comprehensive network security,endpoint control, and vulnerability assessment services and
committed to invest more to strengthen and deepen more. Very soon, we will be having our
own Security Operations Center (SoC) services and incident management capabilities ensure
that our clients' digital assets remain well-protected in an increasingly complex threat
landscape.
Our strategic investment in DEVX remains strong, DEVX is currently
valued more than Rs 250 Crores wherein DEV IT is Co-Promoter and majority shareholder of
DEVX. As one of India's fastest-growing managed space service providers, DEVX currently
operates across 1.5 million square feet in 12 cities in India with 22 odd centers and has
a thriving practice in supporting startups and early-stage companies through initiatives
like Fund of Funds, co-working spaces, and hackathons. This successful strategic
investment by the company has contributed significantly to DEV IT's overall valuation and
in coming times this scenario has strong possibility of resulting into realize more
profits for its shareholder.
While we have made significant progress, we must also acknowledge the
challenges we face as an industry. Rapid technological advancements, evolving regulatory
requirements, and an ever-changing cybersecurity landscape demand agility and innovation.
Additionally, a global talent shortage, particularly in specialized fields such as
blockchain, AI and IoT, adds another layer of complexity. To address these challenges, we
are committed to strengthening partnerships, investing in our teams by fostering tie ups
with well-versed Universities as well as colleges, and staying at the forefront of
emerging technologies and regulations.
The global business environment is also evolving and influenced by
geopolitical uncertainties and shifts in market dynamics, especially in the Western world,
a significant consumer of technology solutions. To counterbalance these dynamics, we
maintain a strong focus on our domestic practice in both the public and private sectors
across Western India, from Goa to Punjab. This approach will help ensure steady revenue
growth, as witnessed in FY 23-24, into FY 24-25 and beyond, reinforcing our position as a
leading technology service provider.
Given the promising outlook for both the Indian and global economies,
we are excited about the future of the technology solutions delivery business. At DEV IT,
we are confident that our focus on transformation, security, and leadership will continue
to drive our success.
We at DEV IT would like to whole heartedly thank, dear shareholders,
for being an integral part of our journey and for your unwavering support as we continue
to innovate and grow as a holistically responsible Technology Business entity of India.
| Sincerely, |
| Pranav Pandya |
| Chairman |