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Protean eGov drops after Q2 PAT slumps 14% YoY to Rs 28 cr
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(12:01, 31 Oct 2024)
Profit before tax (PBT) fell 13.19 % YOY to Rs 37.57 crore during the quarter.

Adjusted operating profit for the quarter grew by 21% YoY to Rs 32 crore with operating margin of 14.4% as againts 13.3% in Q1FY25.

Total expenses declined 4.58% YoY to Rs 195.70 crore during the quarter. Processing charges expenses was at Rs 91.66 crore (down 21.19% YoY).

Revenue from tax services declined 16% YoY to Rs 119 crore. The company witnessed significant gain in market share from 51.6% in Q2FY24 to 55.4% in Q2FY25 showcasing the company's strength in PAN business. Total no of PAN cards issued by Protean in Q2FY25 stood at 1.2 crore. Online PAN issuance surpassed offline issuance for the first time, accounting for 51% of total issuances.

Revenue from pension services business jumped 13% to Rs 70 crore during the quarter. More than 826 corporates have been on-boarded during the Quarter.

Revenue from Identity Services fell 16% YoY to Rs 24 crore in Q2 FY25. The company is strategically investing in building value-added services like eSignPro and RISE with Protean through its Data Stack vertical, layered on top of its core Identity services, in driving more B2B engagements and business opportunities.

Revenue from new business surged 98% to Rs 7 crore during the quarter. The company said that new businesses continue to show early momentum and it focuses on contributing towards multiple Open Digital Ecosystems (ODEs), is gaining traction, especially in the areas of ecommerce (ONDC) and Agriculture.

During the quarter, Protean launched two new products, Open Finance and Protean LIFE.

Suresh Sethi, managing director and chief executive officer, said, 'With another good quarter, Protean continues to drive robust growth in alignment with Digital India vision, evidenced by steady performance across key business segments. The digital landscape in India has witnessed notable developments in the 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 eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology enabled solutions company conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

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