- 22 May 2025
- ICICIdirect Research
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PROTEAN REPORTED MODEST SET OF Q4 RESULT
PROTEAN - 944 Change: -9.30 (-0.98 %)News: Protean reported modest set of Q4 result. It reported revenue of ₹222 crore which remained flat on yearly basis however sequentially increased by 10%. EBITDA reported at ₹34 crore which remained flat sequentially and declined marginally by 1% YoY. EBITDA margins recorded at 14.4% which declined by 43 bps YoY / 122 bps QoQ. PAT reported at ₹20 crore which declined sequentially by 11% however increased by 6% YoY. Segmentally, Tax services reported revenue of ₹107 crore (+8% QoQ/ -4% YoY), Pension services at ₹75 crore (+5% QoQ/+10% YoY), identity services at ₹24 crore (+2% QoQ/-24%YoY) and other services reported at ₹15 crore (+115% QoQ/+68% YoY).
View: Going ahead, pension services is expected to grow at steady pace while identity and other services to be growth drivers. Projects like CERSAI's 'CKYCRR 2.0' and contribution from new aged businesses esp. ONDC related expected over longer term. PAN business to continue steady performance for couple of years. However, with Protean not getting PAN 2.0 project has created business outlook uncertainty. Management currently does not anticipate major adverse impact as project is for IT infrastructure while Protean is on processing application and distribution side. More details on PAN 2.0 project to be watched out going ahead if it impacts processing and distribution part of PAN issuance in anyway.
Impact: Neutral