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