Protean eGov Tech bags order worth ₹100 cr from Bima Sugam Marketplace

Protean will serve as the Technology Solution Provider for Bima Sugam, handling full development, integration, and maintenance of the digital insurance marketplace

Protean eGov Technologies has secured a work order worth approximately ₹100 crore from the Bima Sugam India Federation (BSIF) through the request for proposal (RFP) process.

 

As per the terms outlined in the work order, Protean will act as the Technology Solution Provider for the complete development, implementation, support, and maintenance of the Bima Sugam Marketplace. The scope also includes platform integrations and adherence to marketplace protocols.

 

Protean is a public technology firm known for its role in designing, implementing, and managing large-scale digital infrastructure projects for various government entities.

 

“This engagement further strengthens Protean’s role as a trusted technology partner in India’s Digital Public Infrastructure (DPI) journey, building on our legacy of enabling critical citizen-centric digital systems at national scale,” the company said in an exchange filing.

 

 

Q4 financial results

 

In the fourth quarter of FY25, the company reported a consolidated net profit of ₹20 crore, marking a 6 per cent year-on-year increase. Revenue from operations remained steady at ₹222 crore during the same period.

 

For the full financial year, Protean posted consolidated revenue from operations of ₹841 crore, reflecting a 5 per cent decline year-on-year. EBITDA for FY25 stood at ₹149 crore, down from ₹157 crore in FY24. The EBITDA margin was recorded at 16.3 per cent.

 

Promoter divestments and stake sales

 

In November, NSE Investments, classified as a non-promoter, proposed to sell 4,117,303 shares through an offer-for-sale (OFS), representing a 10.16 per cent base offer stake. The OFS was scheduled for 22–25 November, with the floor price set at ₹1,550 per share.

 

On 8 August 2024, Standard Chartered Bank exited its 3.09 per cent stake in Protean through an open market transaction. According to BSE bulk deal data, it sold 1.2 million shares at an average price of ₹1,799.79 per share, totalling ₹224.97 crore.

 

Earlier, on 21 May 2024, HDFC Bank sold its entire 3.20 per cent holding in Protean. The bank offloaded 1,294,326 shares at an average price of ₹1,160.15 per share, generating a transaction value of ₹150.16 crore.