Achieves Remarkable 36% Revenue Growth in H1FY24, Surpassing INR 4,500 Mn Milestone
Protean eGov Technologies Ltd (BSE: 544021), a leading player in the e-Governance industry announced its audited financial results for the second quarter ending September 30, 2023.
| Particulars (INR Mn) | Q2 FY24 | Q2 FY23 | YoY | Q1 FY24 | QoQ | H1FY24 | H1FY23 | YoY | |
| Revenue from Operations | 2,357 | 1,777 | 32.7% | 2204 | 6.9% | 4,561 | 3,344 | 36.4% | |
| EBITDA | 488 | 391 | 24.7% | 466 | 4.6% | 954 | 705 | 35.4% | |
| EBITDA Margin (%) | 20.7% | 22.0% | -132 | 21.2% | -46 | 20.9% | 21.1% | -15 | |
| PAT | 328 | 257 | 27.7% | 322 | 1.8% | 650 | 470 | 38.3% | |
| PAT Margin (%) | 13.9% | 14.5% | -55 | 14.6% | -71 | 14.2% | 14.0% | 20 |
Commenting on the results, Mr. Suresh Sethi, Managing Director and Chief Executive Officer, said: “First and foremost, I would like to extend my heartfelt gratitude on the successful IPO and the overwhelmingly positive reception we have experienced. I am confident that this marks the beginning of a prosperous and rewarding journey for all our valued investors.
Turning our attention to our recent performance, I am thrilled to present our Q2 and H1 FY24 results. Our company has achieved an impressive revenue growth of 36% for H1FY24, reaching INR 4561 Mn, with tax services driving this notable expansion. This underscores the robustness of our business model and the effectiveness of our strategies.
Our EBITDA margins continue to demonstrate resilience, standing at a commendable 21%. Furthermore, our net profits have witnessed a substantial YoY growth of 39% during the same period, reflecting the efficiency and efficacy of our operations.
One achievement that we take immense pride in is our status as a debt-free company. This accomplishment not only speaks to our financial prudence but also positions us favourably in terms of stability and long-term sustainability.”
KeKey Highlights:
- Revenues from operations for Q2FY24 at INR 2,357 Mn; YoY growth of 33%; H1FY24 INR 4,561 Mn, growth of 36%
- EBITDA for the quarter grown by 25% YoY to INR 488 Mn and grew by 35% YoY for H1FY24 to INR 954 Mn
- PAT for Q2FY24 was at INR 328 Mn, YoY growth of 28% and for H1FY24 it was INR 650 Mn, YoY growth of 38%
- Tax Services led the growth during the quarter. PAN cards sent to printer grew by 52% YoY.
- Net Cash and equivalents of approximately INR 1,250 Mn
About Protean eGov Technologies Ltd
Protean eGov Technologies Limited (formerly known as NSDL e-Governance Infrastructure Limited) has been a pioneer and market leader in universal, citizen-centric, and population-scale e-governance solutions since its inception 28 years ago.
Digital Public Infrastructure: Protean has played a pivotal role in modernizing the direct tax infrastructure, introducing online tax payment and tax collection, and incubating and implementing the Tax Information Network (TIN), which brings together over 68,000 facilitation centers (PAN and TIN). Protean conceptualized, designed, and implemented the infrastructure for the Central Recordkeeping Agency and operates as the central recordkeeping agency for the National Pension System & Atal Pension Yojna.
Regulatory Tech: Protean’s authentication services (eKYC, Aadhar Authentication, eSign) enable governments, businesses, startups, and developers to utilize a unique digital infrastructure for their digital customer journeys. Protean has also recently launched its Account Aggregator services through ‘Protean SurakshAA,’ an individual consent-led financial data sharing Account Aggregator platform that empowers users with credit services.
Open Networks / ‘ODEs: Protean is actively contributing to and supporting open digital building blocks, including the Open Network For Digital Commerce (“ONDC”), which accelerates commerce for network participants and payment gateways through its products. The company is recognized for building a network for corporate scholarships, grants, and education loans through Protean Vidyasaarathi & Vidya Lakshmi.
Protean has also recently entered the Indian market with Protean Cloud Services, an AI-powered private cloud offering for business enterprises. Additionally, Protean InfoSec Services Limited provides cybersecurity consulting, advisory, and assessment services in IT security.
