Protean eGov Technologies Q4 Net Profit Drops 39% YoY
The company’s revenue from operations also depicted a mixed pattern during the same period, recording a 4 per cent year-on-year dip to Rs 222 crore from Rs 232 crore
In the fourth quarter of fiscal year 2024, Protean eGov Technologies experienced a significant 39 per cent year-on-year decline in net profit, closing at Rs 19 crore, down from the prior year.
The company, renowned for its large-scale e-governance solutions, attributed the sharp decline primarily to increased depreciation from new investments and additional provisions for doubtful debts. However, in a turn reflecting some operational recovery, the net profit demonstrated a 27 per cent rise on a quarter-on-quarter (QoQ) basis.
The company’s revenue from operations also depicted a mixed pattern during the same period, recording a 4 per cent year-on-year dip to Rs 222 crore from Rs 232 crore. Sequentially, revenue saw an improvement, increasing by 9 per cent. Additionally, the adjusted Ebitda for the quarter fell both year-on-year and quarter-on-quarter by 8 per cent and 3 per cent respectively, ending the quarter at Rs 48 crore.
Despite the financial setbacks, Protean eGov continued to invest in growth, impacting both profitability and Ebitda margins, which contracted from 22.6 per cent in the previous fiscal year to 20.6 per cent in FY24. The company, however, saw substantial growth in its specialised segments; the Pension Services and Identity Services segments grew by 14 per cent and 62 per cent year-on-year respectively, reflecting strong market demand.
The board of Protean eGov Technologies recommended a substantial final dividend of 100 per cent on the face value of Rs 10 per equity share for FY24. This decision comes even as the company continues to broaden its portfolio, venturing into new markets with the introduction of services such as the Open Digital Ecosystem (ODE), Account Aggregator and AI-powered solutions.
Overall, FY24 closed with Protean eGov posting a consolidated revenue of Rs 882 crore, a 19 per cent increase year-on-year, driven by double-digit growth across its core business verticals.
