Protean eGov Technologies Q4 FY25 Results: Profit Grows 5.75% Despite Margin Pressures
Protean eGov Technologies Ltd, a prominent digital infrastructure player powering India’s e-governance initiatives, has released its Q4 FY25 consolidated financial results. The company showed modest top-line performance but reported steady profit growth, demonstrating its operational efficiency in a challenging macro environment.
🔍 Quarterly Results Snapshot (March 2025)
| Metric | Q4 FY25 (Mar 2025) | Q4 FY24 (Mar 2024) | YoY Change |
|---|---|---|---|
| Net Sales | ₹222.15 Cr | ₹222.08 Cr | +0.03% |
| Net Profit | ₹20.40 Cr | ₹19.29 Cr | +5.75% |
| EBITDA | ₹34.43 Cr | ₹34.93 Cr | -1.43% |
| EPS (Earnings Per Share) | ₹5.04 | ₹4.77 | +5.66% |
| Operating Profit Margin | 8% | 10% | -200 bps |
The Q4 numbers reveal that while revenue growth was stagnant, the company managed to improve its bottom line through disciplined cost control and higher other income contributions.
📈 Financial Trend – Last 5 Quarters
| Quarter | Sales (₹ Cr) | Operating Profit (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| Mar 2025 | 222 | 18 | 20 | 5.04 |
| Dec 2024 | 202 | 16 | 23 | 5.66 |
| Sep 2024 | 220 | 32 | 28 | 6.92 |
| Jun 2024 | 197 | 15 | 21 | 5.21 |
| Mar 2024 | 222 | 22 | 19 | 4.77 |
As seen, sales have remained steady over the past year, fluctuating between ₹197 to ₹222 crore. However, operating profits and EPS have varied significantly, indicating cost structure volatility. The highest EPS was recorded in Sep 2024 at ₹6.92, while the latest quarter’s EPS remains strong at ₹5.04.
💹 Operating Margins Under Watch
Operating Profit Margin (OPM) fell to 8% in Q4 FY25 compared to 10% a year ago and 14% in Sep 2024. This could be due to elevated operational costs or higher resource spends in key government digital projects. Margins are expected to improve once these projects stabilize and economies of scale kick in.
💸 Revenue Quality and Other Income
Other income was a key contributor this quarter, rising to ₹16.54 crore from ₹13 crore YoY. This non-core income has been instrumental in maintaining net profit levels despite lower EBITDA and margin compression.
📌 Stock Price and Investor View
Protean eGov Technologies’ share closed at ₹871.85 on the NSE as of June 20, 2025. Despite margin headwinds, the company’s strong track record of consistent earnings, participation in India’s digital transformation, and high institutional interest makes it a compelling stock to watch.
📢 Analyst View & Conclusion
Protean eGov Technologies Ltd is uniquely placed in the Indian digital infrastructure ecosystem. From handling Aadhaar services to managing PAN cards and other government platforms, the company has a non-replicable niche. The March 2025 quarter shows healthy profit growth even in a low-growth revenue environment, reflecting operational strength and prudent financial controls.
That said, future performance will largely depend on the company’s ability to maintain or improve its margins and generate consistent operating cash flows. Investors seeking exposure to government-backed digital initiatives may consider Protean eGov a steady compounder in the long term.
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