Protean eGov Technologies Ltd share Price Today

IT Consulting & Software company Protean eGov Technologies announced FY24 results:

Financial Highlights:

• Protean delivered consolidated revenue from operations of Rs 882 crore for FY24, growing by 19% YoY on the back of double digit revenue growth across core business verticals.
• Adjusted EBITDA stood at Rs 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 Rs 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 Rs 700 crore of cash equivalents & marketable securities and zero debt as on 31st March 24.

Commenting on the results, Suresh Sethi, Managing Director and Chief Executive Officer, said: “We are proud to report yet another year of resilient performance and steady growth powered by double digit growth across core business verticals. This is a clear indicator of the continued opportunity and headroom for growth across various business verticals. Protean continues to be one of the cornerstones of Digital India evolution - right from creating population scale e-governance platforms to contributing towards multisector Open Digital Ecosystems across ecommerce, mobility, agriculture, education & health aligned with India’s visionary DPI framework. We continue to see early momentum across various new business verticals especially ODE’s, on account of gaining network adoption.”

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