Protean eGov Technologies Reports Q2 FY 2025 Earnings with 12% Revenue Growth QoQ

Protean eGov Technologies Limited has announced its financial results for the quarter and half-year ended September 30, 2024. 

Q2 FY 2025 Financial Highlights

The company achieved a consolidated revenue from operations of ₹220 crore for Q2 FY 2025, reflecting a 12% growth quarter-on-quarter (QoQ). Both tax services and pension services showed stable growth, contributing positively to the revenue figures.

The adjusted operating profit for the quarter rose by 21% QoQ, reaching ₹32 crore, resulting in an operating margin of 14.4%, compared to 13.3% in Q1 FY 2025. Profit After Tax (PAT) also experienced growth, increasing by 33% QoQ from ₹21 crore in Q1 FY 2025 to ₹28 crore in Q2 FY 2025. 

However, the normalised PAT after adjustments for Expected Credit Loss (ECL) was ₹26 crore in Q1 FY 2025, with a normalized PAT margin of 12.2%, slightly lower than the 12.0% reported in Q2 FY 2025. 

The company’s balance sheet remains robust, with over ₹750 crore in cash equivalents and marketable securities and zero debt as of September 30, 2024. 

Management Commentary

Commenting on the financial performance, the Managing Director and Chief Executive Officer, Mr Suresh Sethi, 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 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.”

He further added, “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.”

On October 31, 2024, Protean eGov share price opened at ₹1,891.05, touching the day’s low at ₹1,811.55, as of 12:12 PM on the BSE.

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