The shares of the IT-enabled solutions provider gained up to 5 percent after the company’s Plutus Wealth Management LLP bought 5 lakh shares in the company at an average price of Rs 1,220 per share.
With a market capitalization of Rs 5,148.46 crore, the shares of Protean eGov Technologies Ltd were trading at Rs 1,273.00 apiece, increasing around 4 percent as compared to the previous closing price of Rs 1225.15 per share.
According to the bulk deal, IIFL Special Opportunities Fund Series 7 sold 10 lakh equity shares in the company at an average price of Rs 1,221.92 apiece, valued at Rs 122.19 crore via open market transactions. However, Plutus Wealth Management LLP bought 5 lakh shares in Protean at an average price of Rs 1,220 per share.
Looking into Protean eGov Technologies Ltd’s performance, revenue increased by 15 percent from Rs 176 crore in Q3FY23 to Rs 203 Crore in Q3FY24. During the same time frame, net profit decreased by 48 percent from Rs 29 crore to Rs 15 crore.
The company’s profitability measures show an incline in return on equity (RoE) from 13.83 percent in FY 21-22 to 18.24 percent in FY 21-22, while, during the same period return on capital employed (RoCE) increased from 16.88 percent to 22.87 percent. In contrast, the net profit margin (NPM) was 20.82 percent in fiscal year 21-22.
In the company’s recent shareholding pattern, domestic Institutional Investors own 40.97 percent while Retail shareholders own a 49.28 percent stake in the company, and Foreign Institutional Investors own a 9.74 percent stake.
Protean eGov Technologies has completed 19 projects in diverse fields, including tax administration, pension schemes, and digital literacy. Its important programs include TIN, PAN, NPS, and the Atal Pension Yojana. As a pioneer in its area, the firm continues to set the standard for offering universal, citizen-centric, and population-scale e-governance solutions.
Protean eGov Technologies is a renowned IT-enabled solutions provider in India, founded in 1995. The firm specializes in creating, developing, and implementing innovative and nationally significant technological solutions for e-governance.
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing
