In Monday’s trading session, the shares of one of the leading IT stocks specialized in digital governance, e-governance services, and IT infrastructure jumps upto 3 percent after iShares Cybersecurity and Tech ETF buys stake in it worth ~Rs. 90.23 crores.
Price action
With a market capitalization of 8,130.57 Crores on Monday, the shares of Protean eGov Technologies Limited is up by 3.15 percent making a high of Rs 2,068.70 compared to its previous closing price of Rs 2,005.55.
What Happened
Protean eGov Technologies Limited specializing in the business of developing citizen-centric and population-scale e-governance solutions rose following the bulk deal from iShares Cybersecurity and Tech ETF. iShares Cybersecurity and Tech ETF bought a 1.11 percent stake at an average price of Rs 1,999.11 per share, acquiring 451,389 shares valued at approximately Rs 90.23 crores.
About the company
Protean eGov Technologies Limited one of the leading IT stocks specialized delivering innovative solutions to government and public sector organizations by leveraging its deep technical expertise and robust infrastructure.
They offer a wide range of services, including digital identity, financial inclusion, and citizen-centric services, aimed at driving transparency, efficiency, and inclusivity in public administration.
Protean eGov Technologies plays a crucial role in advancing India’s digital transformation by supporting both national and regional government agencies to deliver secure, scalable, and sustainable solutions that empower citizens and streamline administrative operations.
Comprehensive Service Portfolio
Protean eGov Technologies Limited’s Service Portfolio revenue, Aadhaar Authentication saw an increase from Rs. 27.7 Crores to Rs. 47.5 Crores during FY23-24, Online PAN Verifications grew from Rs. 241.3 crores to Rs. 326.7 Crores in FY23-24, e-KYC Transactions experienced a significant increase from Rs. 24.6 Crores to Rs.50.9 Crores in FY23-24 and the e-Sign Transactions also grew from Rs. 10.1 Crores to Rs. 15.8 Crores in the same period.
Financials
The company’s revenue declined by 6 percent from Rs 248.37 crore to Rs 233.27 crore in Q2FY24-25. Meanwhile, Net profit fell from Rs 32.78 crores to Rs 28.04 crore during the same period.
Key Financial ratios
Protean eGov Technologies Limited has an Return on Equity (RoE) of 8.82 percent and a Return on Capital Employed (RoCE) of 11.31 percent. Furthermore, the company’s debt-to-equity ratio is 0.02.
Written by Sridhar J
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