Protean eGov Technologies Ltd Share Price – BSE

IT - Software, Small Cap

Astron Paper & Board Mill Ltd, Universal Autofoundry Ltd, Maximus International Ltd and Honasa Consumer Ltd are among the other losers in the BSE's 'B' group today, 22 November 2024.

Protean eGov Technologies Ltd crashed 7.20% to Rs 1716.55 at 14:31 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 14.92 lakh shares were traded on the counter so far as against the average daily volumes of 1.45 lakh shares in the past one month.

Astron Paper & Board Mill Ltd tumbled 5.32% to Rs 19.05. The stock was the second biggest loser in 'B' group.On the BSE, 22426 shares were traded on the counter so far as against the average daily volumes of 67960 shares in the past one month.

Universal Autofoundry Ltd lost 5.18% to Rs 154.55. The stock was the third biggest loser in 'B' group.On the BSE, 9973 shares were traded on the counter so far as against the average daily volumes of 15911 shares in the past one month.

Maximus International Ltd slipped 4.98% to Rs 17.73. The stock was the fourth biggest loser in 'B' group.On the BSE, 91774 shares were traded on the counter so far as against the average daily volumes of 8.31 lakh shares in the past one month.

Honasa Consumer Ltd plummeted 4.97% to Rs 225.6. The stock was the fifth biggest loser in 'B' group.On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 61762 shares in the past one month.

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Through the OFS, NSE Investments proposes to sell up to 41,17,303 equity shares (representing 10.16% stake), with an option to sell an additional 10.16% stake or 41,17,302 equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 1,550, a 16.20% discount to the stock's closing price of Rs 1849.75 on Tuesday, 15 October 2024.

The total OFS size (base size + green shoe) stands at 82,34,605 shares, representing 20.3% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 1,276.36 crore.

NSE Investments held 20.31% stake in Protean eGov Technologies as of September 2024.

The OFS opened on Friday (22 November 2024) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Monday (23 November 2024).

As on 13:45 IST, the OFS received subscription for 33,49,300 shares. It was subscribed 90.386% on the base non-retail offer size of 37,05,572 shares and 45.193% on the total non-retail offer size (base size + green shoe) of 74,11,143 shares.

Protean eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology enabled solutions company conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

The company’s consolidated net profit declined 14.46% to Rs 28.04 crore on 6.75% fell in revenue from operations to Rs 219.70 crore in Q2 FY25 over Q2 FY24.

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Profit before tax (PBT) fell 13.19 % YOY to Rs 37.57 crore during the quarter.

Adjusted operating profit for the quarter grew by 21% YoY to Rs 32 crore with operating margin of 14.4% as againts 13.3% in Q1FY25.

Total expenses declined 4.58% YoY to Rs 195.70 crore during the quarter. Processing charges expenses was at Rs 91.66 crore (down 21.19% YoY).

Revenue from tax services declined 16% YoY to Rs 119 crore. The company witnessed significant gain in market share from 51.6% in Q2FY24 to 55.4% in Q2FY25 showcasing the company's strength in PAN business. Total no of PAN cards issued by Protean in Q2FY25 stood at 1.2 crore. Online PAN issuance surpassed offline issuance for the first time, accounting for 51% of total issuances.

Revenue from pension services business jumped 13% to Rs 70 crore during the quarter. More than 826 corporates have been on-boarded during the Quarter.

Revenue from Identity Services fell 16% YoY to Rs 24 crore in Q2 FY25. The company is strategically investing in building value-added services like eSignPro and RISE with Protean through its Data Stack vertical, layered on top of its core Identity services, in driving more B2B engagements and business opportunities.

Revenue from new business surged 98% to Rs 7 crore during the quarter. The company said that new businesses continue to show early momentum and it focuses on contributing towards multiple Open Digital Ecosystems (ODEs), is gaining traction, especially in the areas of ecommerce (ONDC) and Agriculture.

During the quarter, Protean launched two new products, Open Finance and Protean LIFE.

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 expand 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 eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology enabled solutions company conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

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The equity benchmarks traded with moderate losses in mid-morning trade. The Nifty traded near the 24,250 mark. Consumer durables shares extended losses for the second consecutive trading session. Trading could be volatile due to monthly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 372.90 points or 0.46% to 79,573.48. The Nifty 50 index fell 90.05 points or 0.37% to 24,250.80.

In the broader market, the S&P BSE Mid-Cap index fell 0.35% and the S&P BSE Small-Cap index rose 0.76%.

The market breadth was strong. On the BSE, 2,415 shares rose and 1,249 shares fell. A total of 136 shares were unchanged.

Both, BSE and NSE will conduct the Muhurat trading session on Friday, 1 November, from 6:00 pm to 7:00 pm. While markets remain closed during the day, this evening session allows investors to make token investments, following a long-standing custom of trading during Diwali.

Buzzing Index:

The Nifty Consumer Durables index fell 0.92% to 39,229.60. The index slipped 2.09% in two trading sessions.

Voltas (down 3.33%), Havells India (down 1.36%), Amber Enterprises India (down 1.23%), Titan Company (down 1.18%), Dixon Technologies (India) (down 0.93%), Kajaria Ceramics (down 0.8%), Whirlpool of India (down 0.43%), Kalyan Jewellers India (down 0.07%), Bata India (down 0.04%) edged lower.

On the other hand, Blue Star (up 2.16%) ,Rajesh Exports (up 2.09%) and Cera Sanitaryware (up 0.78%) added.

Stocks in Spotlight:

Protean eGov Technologies declined 3.72% after the company’s consolidated net profit declined 38% to Rs 28 crore on 11.8% increase in revenue from operations to Rs 220 crore in Q2 FY25 over Q2 FY24.

Automotive Axles slipped 4.09% after the company’s consolidated net profit declined 20% to Rs 36 crore on 15.24% fall in consolidated revenue 15.24% to Rs 495 crore in Q2 FY25 over Q2 FY24.

Global Markets:

The US Dow Jones index futures are currently down by 63 points, signaling a negative opening for US stocks today.

Most Asian stocks traded lower on Thursday as investors look to the Bank of Japan’s rate decision, as well as key business activity figures from China.

The BOJ held its benchmark policy rate at 0.25%, unchanged from the previous meeting. The bank released a two-line statement simply stating the decision, with no clues on the timing of its next rate hike.

In China, the country’s manufacturing purchasing managers index flipped into expansion territory for the first time since April, with the National Bureau of Statistics revealing the manufacturing PMI came in at 50.1.

In the US, stocks rallied on Wednesday, with the tech-heavy Nasdaq Composite reaching a new record high, driven by strong earnings from Alphabet. The Dow Jones Industrial Average gained 0.51%, the S&P 500 rose 0.29%, and the Nasdaq Composite climbed 0.24%.

Economic data released on Wednesday showed that the US economy grew at an annual rate of 2.8% in the third quarter, supported by consumer spending and government expenditure. However, this was a slowdown from the second quarter's 3% pace. Additionally, US private payrolls surged by 233,000 jobs in October, exceeding expectations.

Market participants are cautiously looking ahead to a crucial week, which includes the release of US non-farm payrolls data on Friday, the presidential election next Tuesday, and a Federal Reserve policy decision next Thursday. Gold prices continued to climb, reaching a new record high.

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