Protean eGov Technologies Limited released its financial results for Q2 FY25, reporting a year-on-year (YoY) decrease in revenue and profit. The company’s revenue from operations for the quarter stood at ₹220 crore, marking a 7% decline from ₹236 crore in Q2 FY24. However, sequentially, the revenue saw a 12% quarter-on-quarter (QoQ) increase from ₹197 crore in Q1 FY25.
In terms of profit, the company’s profit after tax for Q2 FY25 was ₹28 crore, down 14% from ₹33 crore in the same quarter last year. On a positive note, profit after tax grew 33% QoQ from ₹21 crore in the previous quarter.
Segment-wise Performance
- Tax Services: Revenue from tax services reached ₹119 crore, down 16% YoY from ₹142 crore but up 22% QoQ from ₹98 crore.
- Pension Services: This segment reported a YoY revenue increase of 13%, reaching ₹70 crore in Q2 FY25, compared to ₹62 crore in Q2 FY24. QoQ, it grew by 7%.
- Identity Services: Revenue in identity services dropped by 14% QoQ and 16% YoY to ₹24 crore from ₹28 crore last year.
- New Business: This segment showed robust growth, with revenue climbing to ₹7 crore, a 94% YoY increase from ₹4 crore and a 25% QoQ increase from ₹6 crore.
Half-Year Performance
For the first half of FY25, Protean eGov’s total revenue stood at ₹416 crore, down 9% from ₹456 crore in H1 FY24. Profit after tax for H1 FY25 was ₹49 crore, a 24% decrease from ₹65 crore in the previous year.
This performance reflects Protean eGov’s focus on diversifying its revenue streams while navigating the challenges in its core tax and identity services segments.
Commenting on the results, Mr. Suresh Sethi, Managing Director and Chief Executive Officer, 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 the recent months, especially in the financial and identity sectors, where DPIs are creating new avenues for citizens and enterprises alike. We continue to e xpand our multi-sectoral reach, innovating in ODEs across e-commerce, mobility & transport, open finance, agriculture, health, education and sustainability. 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. Protean’s recognition as the Best Digital Public Infrastructure company at the Global Fintech Fest 2024 reflects our commitment to high-impact, scalable solutions that are strengthening a digitally enabled future across the globe. We continue to leverage our unique expertise in e-governance and digital services, remaining agile and responsive to new opportunities in India’s evolving digital landscape as well other parts of the world. With a strong foundation, we remain confident of delivering value to our stakeholders while strongly contributing towards India’s digital transformation”
