Protean eGov Tech slides after Q3 PAT drops 46% YoY to Rs 15 cr

Protean eGov Technologies slipped 3.15% to Rs 1,392 after the company's consolidated net profit declined 46.47% to Rs 15.23 crore in Q3FY24 as compared with Rs 28.45 crore recorded in Q3 FY23.

Revenue from operations stood at Rs 203.86 crore during the quarter, registering growth of 15.95% as against with Rs 175.81 crore posted in Q3 FY23.

Profit before tax was at Rs 19.35 crore in Q2 FY24, tumbled 48.97% YoY.

EBITDA stood at Rs 31 crore in Q3 FY24, down 28% as compared with Rs 43 crore posted in corresponding quarter last year.

During the quarter, the company has recorded credit loss of Rs 7 crore in line with conservative accounting policies (receivable 25 crore recorded in ECL, offset by payable 18 crore in other income).

The company said that it has diversified from 3 to 7 lines of businesses with strategic investments in sector-specific resources and established centres of excellence for emerging technologies. These investments have started delivering positive results. These businesses have contributed Rs 23 crore during the current year as compared to Rs 13 crore during the corresponding period last year.

Suresh Sethi, managing director and chief executive officer, said, The performance is comprehensive, with substantial contributions across all our verticals. Our revenues across existing businesses have registered consistent growth. Tax Services have grown by 29% YoY, Pension Services have registered a stable growth of 14% YoY and Identity Services have grown by 68% YoY 9MFY24. This growth is a clear indication of our leading position across multiple domains and continued focus towards enabling a digital economy.

As part of our strategic diversification strategy into new lines of businesses, we have further expanded our ODE footprint and are contributing towards creation of Digital Public Infrastructure (DPI) in the space of Education and Skilling. Building further on our digital Identity stack, we have launched a comprehensive multi-sector API marketplace along with an AI-powered CKYC Solution to help regulated entities such as banks, Insurance companies and other financial service providers. These products and services further strengthen our B2B & B2C offerings and will enable us to provide higher value-added services to our existing and new customers.

We continue our strong engagement with the BFSI sector in the domestic markets and have established strategic partnerships in international geographies across Africa and Southeast Asia. Our lines of businesses are strongly aligned to Digital India, and we are seeing continued growth on the back of strong momentum across various related macro-economic factors.

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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