Protean eGov Technologies (544021) Q4 23/24 earnings summary

Executive summary

• FY24 revenue from operations rose 19% YoY to ₹882 crore, with double-digit growth across core business verticals; adjusted EBITDA increased 11% to ₹196 crore.

• PAT fell 9% YoY to ₹97 crore; Q4 revenue declined 4% to ₹222 crore and PAT declined 39% to ₹19 crore.

Financial highlights

• FY24 total income was ₹950 crore, including ₹68 crore of other income; PBT was ₹128 crore and tax expense ₹31 crore.

• FY24 adjusted EBITDA was ₹196 crore versus ₹177 crore in FY23; adjusted EBITDA excludes provision for doubtful debt.

• Q4 FY24 adjusted EBITDA was ₹48 crore, down 8% YoY; PBT was ₹24 crore, down 43%, and PAT was ₹19 crore, down 39%.

• Employee benefits expense rose to ₹175 crore in FY24 from ₹123 crore; allowance for expected credit loss increased to ₹39 crore from ₹18 crore.

Outlook and guidance

• Management cited significant growth headroom from ongoing digital public infrastructure development and nationwide digitalization.

• ODE network adoption showed early momentum; the footprint expanded during FY24 into Mobility, Agriculture, Education and Health.