Protean eGov Technologies Achieves Robust Growth in Q2FY24: A Financial Overview

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Protean eGov Technologies Achieves Robust Growth in Q2FY24: A Financial Overview
Credit: © Reuters.

By Aayush Khanna

Protean eGov Technologies Ltd, a key player in the e-Governance sector, has unveiled its financial performance for the second quarter and half-year ending 30 September 2023, showcasing remarkable achievements and substantial growth.

In Q2 FY24, the company reported revenues from operations totaling INR 2,357 million, marking a significant year-on-year growth of 33%. The growth momentum extended to the first half of FY24, with revenues reaching INR 4,561 million, reflecting a commendable growth rate of 36%.

The company's EBITDA for the quarter displayed robust performance, witnessing a 25% year-on-year increase to INR 488 million. The first half of FY24 continued this positive trend, with EBITDA growing by 35% year-on-year to INR 954 million.

Protean eGov Technologies demonstrated a strong foothold in various service segments. Tax Services sustained its momentum from the previous quarter, achieving a substantial year-on-year growth of 33%. Pension Services displayed a commendable 26% year-on-year growth, driven by a steady rise in the opening of Pension Accounts (NPS & APY). Identity services experienced expansion, aligning with the growth of Digital India Initiatives, resulting in impressive overall year-on-year growth.

The company further solidified its position as a technology enabler for the Open Network for Digital Commerce (ONDC) and forged strategic partnerships with two large multinational banks for providing buyer/seller technology solutions. Additionally, Protean eGov Technologies made a significant foray into another Open Digital Ecosystem for Education and Skilling (ONEST).

Engaging extensively with the BFSI sector in domestic markets and establishing strategic partnerships in international geographies across Africa and Southeast Asia, the company showcased its commitment to global expansion.

Profit After Tax (PAT) for Q2 FY24 stood at INR 328 million, reflecting a robust year-on-year growth of 28%. For the first half of FY24, PAT reached INR 650 million, exhibiting a substantial year-on-year growth of 38%. The company also maintained a strong financial position with net cash, cash equivalents, and liquid investments amounting to approximately INR 6,500 million. The financial results underscore Protean eGov Technologies' resilience and strategic prowess in navigating the dynamic landscape of e-Governance.

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