This recently listed stock has zoomed 74% since its flat debut in November

Shares of Protean eGov Technologies locked in upper circuit of 20 per cent at Rs 1,380 on the BSE on back of heavy volumes

Shares of Protean eGov Technologies were locked in the upper circuit of 20 per cent at Rs 1,380 on the BSE on Wednesday due to heavy volumes. The stock was trading at the highest level since its listing on November 13.

The average trading volumes on the counter jumped over three-fold with 1.2 million equity shares having changed hands on the BSE. There were pending buy orders for 137,900 shares on the exchange, data shows.

Protean eGov Technologies made a quiet stock market debut with its shares getting listed at par against its issue price of Rs 792 per share. Currently, the stock was up 74 per cent over its issue price. It hit a low of Rs 775 on listing day.

Protean eGOV Technologies is an information technology enabled solutions company developing nationally critical and population scale Greenfield technology solutions.

It collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. 

Some of the key projects implemented by Protean include PAN issuance and enabling the universal social security system.

Protean’s domain knowledge for various industries, enabling policy framework with public and private sector collaboration to foster innovation in NPS and APY subscribers, online pan verifications with significant headroom for steady growth with 50-60 mn PAN cards expected to be allotted annually till FY27 and NPS-APY subscribers expected to grow at CAGR of 16-17 per cent (FY22-FY27P) as growth strategy for the coming few years, according to analysts.

The management said the company is at a critical phase in India’s digital transformation journey, and Protean continues to be a key contributor in developing India’s Digital Public Infrastructure.

The company has been debt-free for over two decades supported by an asset-lite cash-generative business model.

For the July to September quarter (Q2FY24), Protean eGov Technologies had reported a 27.7 per cent year-on-year (YoY) jump in profit after tax at Rs 32.8 crore, and revenue grew 32.7 per cent YoY at Rs 235.7 crore.

Ebidta margin stood at 20.7 per cent, against 22.0 per cent in Q2FY23.

The company said Tax Services continued the momentum from the previous quarter and posted strong YoY growth of 33 per cent, while Pension Services grew by 26 per cent YoY with a steady growth in opening of Pension Accounts (NPS & APY).

Identity services saw the expansion with the growth of Digital India Initiatives and posted an impressive overall growth YoY and strong momentum with continued presence as a technology enabler for ONDC.

The company said it had strategic tie ups with two large multinational banks for providing buyer/ seller technology solutions Foray into another Open Digital Ecosystem for Education and Skilling (ONEST).

It continued to engage strongly with the BFSI sector in the domestic markets and established strategic partnerships in international geographies across Africa and Southeast Asia.

Meanwhile, Protean eGov Technologies today unveiled a new platform RISE with Protean (risewithprotean.io).

As per a McKinsey Digital survey, when executing API programs, tech leaders cite collaboration as their top challenge, particularly in the alignment of business priorities.

This challenge leads to longer lead times, security vulnerabilities, financial risks and erosion of trust for their businesses.

Rise with Protean aims to solve this by offering a one-stop trusted marketplace for businesses of any size, across  multiple sectors to discover digital building blocks in the form of APIs, Micro-Services and User Journeys all at one place, from the trusted brand of Protean.

This platform acts as a showcase of Protean’s multi-sectoral approach to enable use cases leveraging the combinatorial  power of DPI’s ranging from Digital Commerce (ONDC), Mobility (ONDC), Education & Skilling (ONEST) to Agri & Health, the company said in a press release.