Integration delays with XUS and UCI
The strategic alliance with XUS and UCI has taken longer than expected, delaying revenue realization and margin improvement.
DEVIT / bear-case history
Track the concerns that keep returning.
Dev Information Technology · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Low margins from India market focus
Management acknowledged that focusing on India market has compressed margins, and the shift to higher-margin export business may take time.
Dependence on government contracts
A significant portion of India revenue comes from government contracts, which can be lumpy and have slow payment cycles.
Blockchain business not picking up
Management noted that blockchain business did not grow as expected due to market conditions, despite optimism.