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