Protean eGov Technologies Q4FY24 results
Protean eGov Technologies Ltd (BSE: 544021), a pioneer and market leader in building Digital Public Infrastructure, announced its financial results for the fourth quarter and financial year ending March 31, 2024.
Consolidated Financial Highlights
Key Financial Highlights – FY24
* Protean delivered consolidated revenue from operations of INR 882 crore for FY24, growing by 19% YoY on the back of double digit revenue growth across core business verticals.
* Adjusted EBITDA stood at INR 196 crore in FY24, up by 11% YoY with EBITDA margin of 20.6% vs 22.6% in FY23. The dip is mainly due to continuous investment in new business lines in line with the company’s future growth strategy. The new businesses are demonstrating early momentum.
* PAT stood at INR 97 crore in FY24 down by 9% YoY with PAT margin of 10.2%. Decline in profits was mainly due to increase in depreciation on account of new investments and provision for doubtful debt.
* The balance sheet continues to remain strong with more than INR 700 crore of cash equivalents & marketable securities and zero debt as on 31st March 24.
Key Business Highlights:
* Tax Services – Tax Services business posted healthy revenue growth of 12% YoY during the year on the back of 25% growth in the no. of PAN cards issued - over 5 crore PAN cards issued during FY24 versus 4 crore in FY23. During the quarter, the business de-grew by 21% YoY due to high base of Q4FY23 on the back of government push for mandatory linking of PAN with Aadhaar.
* Pension Services - Grew at steady rate of 14% YoY during FY24. As on date, the company services more than 16,000 corporates and continues to be the sole service provider for all Central & State Governments.
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