IT Consulting & Software company Protean eGov Technologies announced Q2FY25 results Financial Highlights: Consolidated revenue from operations for Q2FY25 stood at Rs 220 crore, with a growth of 12% QoQ. Tax services and pension services continued to demonstrate stable growth. Adj. Operating Profit for the quarter grew by 21% QoQ to Rs 32 crore with operating margin of 14.4% vs 13.3% in Q1FY25. PAT grew by 33% QoQ from Rs 21 crore in Q1FY25 to Rs 28 crore in Q2FY25. However, the normalized PAT post adjustment of ECL was Rs 26 crore in Q1FY25 with normalised PAT Margin of 12.2% vs 12.0% in Q2FY25. The Balance sheet continues to remain strong with more than 750 crore of cash equivalents & marketable securities and zero debt as on Q2FY25. Business Highlights: Tax Services: The segment revenue grew by 22% QoQ, mainly due to the launch of certain govt. schemes post-elections. The company witnessed a significant gain in market share from 51.6% in Q2FY24 to 55.4% in Q2FY25 showcasing Protean’s strength in PAN business. Total no of PAN cards issued by Protean in Q2FY25 stood at 1.2 crore. Pension Services: The segment continues to demonstrate robust growth, growing 7% QoQ. During the quarter, 3.6 million new subscribers were onboarded, reflecting a growth of 40% QoQ. More than 826 corporates have been on-boarded during the Quarter. NPS Vatsalya: The pension scheme for minors launched by the Government of India in mid-September 2024 got off to a good start with more than 25,000 accounts opened with Protean. New Businesses: Continue to show early momentum and the company’s focus on contributing towards multiple Open Digital Ecosystems (ODEs), is gaining traction, especially in the areas of e-commerce (ONDC) and Agriculture. Our suite of digital services, built as a vertical integration on top of the foundational identity DPI, is also growing steadily, complementing India’s digital growth story. Suresh Sethi, Managing Director and Chief Executive Officer, Protean eGov Technologies, said: “With another good quarter, Protean continues to drive robust growth in alignment with Digital India's vision, evidenced by steady performance across key business segments. The digital landscape in India has witnessed notable developments in recent months, especially in the financial and identity sectors, where DPIs are creating new avenues for citizens and enterprises alike. We continue to expand our multi-sectoral reach, innovating in ODEs across e-commerce, mobility & transport, open finance, agriculture, health, education, and sustainability. The recent launch of our open finance stack within ONDC is one such initiative, enabling seamless last-mile access to financial services. Another key initiative, Protean LIFE, aims to bridge the gap between seekers and providers by streamlining the discovery, engagement, and management of sustainability initiatives from inception to completion. Protean’s recognition as the Best Digital Public Infrastructure company at the Global Fintech Fest 2024 reflects our commitment to high-impact, scalable solutions that are strengthening a digitally enabled future across the globe. We continue to leverage our unique expertise in e-governance and digital services, remaining agile and responsive to new opportunities in India’s evolving digital landscape as well as other parts of the world. With a strong foundation, we remain confident of delivering value to our stakeholders while strongly contributing towards India’s digital transformation”. Result PDF
IT Consulting & Software company Protean eGov Technologies announced Q1FY25 results: Protean reported consolidated revenue from operations of Rs 197 crore for Q1FY25, a decline of 11% YoY. This was primarily due to overall lower PAN card issuances in the Q1FY25 largely attributable to election activity. However, Pension and Identity services continued to demonstrate strong double-digit growth. EBITDA stood at Rs 45 crore in Q1FY25 with EBITDA margin of 21.1% vs 20.4% in Q1FY24 an increase of 64 bps YoY. This was contributed largely on account of increase in online pan issuance and continued focus on overall cost efficiencies. PAT stood at Rs 21 crore with PAT margin of 9.8% vs 13.8% in Q1FY24, a reduction of 404 bps YoY due to Rs 11 crore of provision for doubtful debt. Adjusting for the provisioning, PAT margin stands at 14.9% in Q1FY25, an improvement of 76 bps YoY. The balance sheet continues to remain strong with more than Rs 700 crore of cash equivalents & marketable securities and zero debt as on 30th June 24. Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “Protean has been consistently delivering robust growth and we remain strongly optimistic of Protean’s business strategy, strongly aligned with the Digital India vision. We will continue to add value to enterprises, consumers, and governments through our unique combination of technology and expertise in e-governance. Highly favourable tailwinds have emerged for us from the union budget 2024 – 25 and we are in the best position to embrace these developments and make the best use of our expertise in this space to support the digital transformation of India and develop Digital Public Infrastructure across sectors. Aligned with India’s visionary DPI framework built on open standards and protocols, Protean continues to expand its multisectoral reach towards eCommerce and Transport (ONDC), Education and Skilling (ONEST), Agriculture (Agristack) & Health. Protean received the mandate to build the Central Agristack from the Government of India in 2023. This aligns with the Government’s nationwide thrust to emphasize productivity and resilience in Agriculture by enabling DPI coverage for farmers, conducting extensive crop surveys, and providing access to credit facilities. Further, the budget showcased the strong intent of the government in driving the pension penetration in the country. As the leading Central Recordkeeping Agency (CRA) for NPS and APY, we see this as a huge opportunity for market expansion to include 40 crore minors and promote savings from an early stage. We remain committed to leading India's digital transformation with cutting-edge DPI interventions". Result PDF
IT Consulting & Software company Protean eGov Technologies announced FY24 results: Financial Highlights: Protean delivered consolidated revenue from operations of Rs 882 crore for FY24, growing by 19% YoY on the back of double digit revenue growth across core business verticals. Adjusted EBITDA stood at Rs 196 crore in FY24, up by 11% YoY with EBITDA margin of 20.6% vs 22.6% in FY23. The dip is mainly due to continuous investment in new business lines in line with the company’s future growth strategy. The new businesses are demonstrating early momentum. PAT stood at Rs 97 crore in FY24 down by 9% YoY with PAT margin of 10.2%. Decline in profits was mainly due to increase in depreciation on account of new investments and provision for doubtful debt. The balance sheet continues to remain strong with more than Rs 700 crore of cash equivalents & marketable securities and zero debt as on 31st March 24. Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “We are proud to report yet another year of resilient performance and steady growth powered by double digit growth across core business verticals. This is a clear indicator of the continued opportunity and headroom for growth across various business verticals. Protean continues to be one of the cornerstones of Digital India evolution - right from creating population scale e-governance platforms to contributing towards multisector Open Digital Ecosystems across ecommerce, mobility, agriculture, education & health aligned with India’s visionary DPI framework. We continue to see early momentum across various new business verticals especially ODE’s, on account of gaining network adoption.” Result PDF