Protean eGov shares are in focus today, as its stock has hit a 20 percent lower circuit following a very important update that it has received from the Income Tax Department for the PAN 2.0 Project.
With a market capitalization of Rs. 4,635 Crore, the stock of Protean eGov Technologies opened at Rs. 1199, down 16.08 percent from yesterday’s close, and after opening, it hit a lower circuit of 20 percent, falling to Rs. 1143.05.
What Happened
The company shared a very important update regarding its participation in the bidding process for the Income Tax Department’s (ITD) ambitious PAN 2.0 project. This project involves the complete revamp of the PAN system, including design, development, implementation, operations, and maintenance. Protean had submitted a bid in response to this RFP.
However, the company has been informed by the ITD that it has not been selected for the next round of the selection process. The company clarified that this development currently has limited or minimal impact on its existing PAN processing and issuance services
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About the Company
Established in 1995 and headquartered in Mumbai, Protean eGov Technologies Limited, formerly known as NSDL e-Governance Infrastructure Limited, is a leading Indian public technology company that specializes in building digital public infrastructure (DPI) and e-governance solutions.
Protean has partnered extensively with government bodies to create and operate large-scale technology platforms across key domains such as taxation, identity management, social security, education financing, and digital commerce.
Its core offerings include the management of the Tax Information Network (TIN), issuance of PAN cards, functioning as the Central Recordkeeping Agency (CRA) for the National Pension System (NPS), and acting as a registrar for Aadhaar enrolment and e-KYC services.
The company reported a 0.98 percent YoY decrease in revenue from Rs. 204 Crore in Q3FY24 to Rs. 202 Crore in Q3FY25. On a QoQ basis, the company reported a decrease of 8.18 percent in revenue from Rs. 220 Crore in the previous quarter.
Their Net profit saw an increase of 53.33 percent YoY from Rs. 15 Crore to Rs. 23 Crore for the same period. On a QoQ basis, the company reported a decrease of 17.85 percent in Net profit from Rs. 28 Crore in the previous quarter.
Written By Abhishek Das
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