Small-cap stock announces stock split in 2:1 ratio. Details here

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The board of directors of small-cap company Dev IT has recommended stock split,, which is subject to approval by shareholders and members at ensuing Annual General Meeting (AGM). The company board has recommended stock split in 2:1 ratio. If approved by the AGM, face value of Dev IT shares would change from existing 10 per equity share to 5 per equity share.

Dev IT informed about stock split recommendation in its exchange communication citing, “With reference to the captioned subject, we would like to inform you that the Board of Directors of Dev Information Technology Limited (the “Company”) in its Meeting held on Tuesday, 07th June, 2022 at 4:00 P.M. at the registered office of the company, inter alia, discussed and approved sub-division/split of existing equity share of the Company from 1 (one) equity share having face value of Rs. 10/- (Rupees Ten only) each fully paid-up into 2 (Two) equity shares having face value of Rs. 5/- (Rupees Five only) each fully paid-up, subject to regulatory/statutory approvals as may be required and the approval of the shareholders of the Company. The notice and date, time and venue of General meeting for the approval of shareholders for such resolution shall be decided by the Board in the ensuing meeting and will be intimated to the exchanges in due course of time.”

The record date for the sub-division of equity shares shall be decided by the board and will be intimated to the exchanges in due course.

Dev IT recently announced excellent results for the year ended 31 March 2022, as its revenue grew 18 per cent YoY from 84.85 crore in FY21 to 100.05 crore in FY22. Profit After Tax (PAT) saw massive improvement and turned positive at 1.87 crore in FY22. For the quarter ended 31 March 2022, the revenues saw a jump of 30.24 per cent YoY, from 24.63 crore in Q4FY21 to 32.08 crore in Q4FY22. PAT zoomed to 0.74 core in Q4FY22. Company is continuously driving for more product based sales revenue which will help improve margins.

Dev IT was recently in news as the company has signed MoU with Department of Science and Technology, Government of Gujarat. The MoU is an indication of investment intentions worth 100 crore in next 5 year by way of Dev IT investing in IT infrastructure, physical infrastructure, skilling-reskilling-upskilling of workforce in cloud plus data plus automation technologies, hiring of new workforce in coming years, etc. such supporting various activities for Dev IT’s futuristic business growth.

The small-cap company has been upgraded to Public Sector Partner Program (PSP) by Amazon Web Services (AWS). With this upgradation, DEVIT will get value addition to its Government clients and Public Sector along with creation of specialised solution on AWS platform. This will strengthen the service delivery of Dev IT.

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