PROTEAN EGOV TECH 2024-25 Annual Report Analysis

Thu, 28 Aug

PROTEAN EGOV TECH has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

PROTEAN EGOV TECH Income Statement Analysis

• Operating income during the year fell 4.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 20.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 8.4% in FY25 as against 10.1% in FY24.
• Depreciation charges increased by 1.2% and finance costs increased by 40.1% YoY, respectively.
• Other income grew by 15.2% YoY.
• Net profit for the year declined by 5.0% YoY.
• Net profit margins during the year declined from 11.0% in FY24 to 11.0% in FY25.

PROTEAN EGOV TECH Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	8,820	8,407	-4.7%
Other income	Rs m	676	778	15.2%
Total Revenues	Rs m	9,496	9,185	-3.3%
Gross profit	Rs m	894	708	-20.9%
Depreciation	Rs m	275	278	1.2%
Interest	Rs m	17	23	40.1%
Profit before tax	Rs m	1,279	1,184	-7.4%
Tax	Rs m	306	260	-15.0%
Profit after tax	Rs m	973	925	-5.0%
Gross profit margin	%	10.1	8.4
Effective tax rate	%	23.9	21.9
Net profit margin	%	11.0	11.0

3 Tiny Giants: Small Caps Running Their Own Kingdoms

PROTEAN EGOV TECH Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 2 billion as compared to Rs 2 billion in FY24, thereby witnessing an increase of 1.0%.
• Current assets rose 8% and stood at Rs 5 billion, while fixed assets rose 13% and stood at Rs 8 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 13 billion as against Rs 12 billion during FY24, thereby witnessing a growth of 11%.

PROTEAN EGOV TECH Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	9,118	9,720	6.6
Current Liabilities	Rs m	2,238	2,259	1.0
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	11,638	12,928	11.1
Current assets	Rs m	4,368	4,710	7.8
Fixed Assets	Rs m	7,270	8,218	13.0
Total Assets	Rs m	11,638	12,928	11.1

PROTEAN EGOV TECH Cash Flow Statement Analysis

• PROTEAN EGOV TECH's cash flow from operating activities (CFO) during FY25 stood at Rs 2 billion, an improvement of 234.9% on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -422 million, an improvement of 11% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -81 million from the Rs 288 million net cash flows seen during FY24.

PROTEAN EGOV TECH Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	575	1,927	234.9%
Cash Flow from Investing Activities	Rs m	187	-1,586	-
Cash Flow from Financing Activities	Rs m	-475	-422	-
Net Cash Flow	Rs m	288	-81	-

Current Valuations for PROTEAN EGOV TECH

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 22.8, an decline from the EPS of Rs 24.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 883.1, stands at 37.6 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 4.3 times.
• The company's price to cash flow (P/CF) ratio stood at 53.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	218.1	207.3
TTM Earnings per share	Rs	24.1	22.8
Diluted earnings per share	Rs	24.0	22.8
Price to Cash Flow	x	32.7	53.2
TTM P/E ratio	x	41.9	37.6
Price / Book Value ratio	x	5.5	6.6
Market Cap	Rs m	50,295	63,965
Dividends per share (Unadj.)	Rs	10.0	10.0

Ratio Analysis for PROTEAN EGOV TECH

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.1x during FY25, from 2.0x during FY24. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 51.6x during FY25, from 77.6x during FY24. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 9.5% during FY25, from 10.7% during FY25. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 12.4% during FY25, from 14.2% during FY24. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 7.3% during FY25, from 8.5% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	2.0	2.1
Debtors’ Days	Days	8	6
Interest coverage	x	77.6	51.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	8.5	7.3
Return on equity	%	10.7	9.5
Return on capital employed	%	14.2	12.4

To see how PROTEAN EGOV TECH has performed over the last 5 years, please visit here.

PROTEAN EGOV TECH Share Price Performance

Over the last one year, PROTEAN EGOV TECH share price has moved down from Rs 2,100.6 to Rs 883.1, registering a loss of Rs 1,217.5 or around 58.0%.

Meanwhile, the S&P BSE IT Index is trading at Rs 35,357.4 (down 0.6%). Over the last one year it has moved down from 43,218.6 to 35,357.4, a loss of 7,861 points (down 18.2%).

Overall, the S&P BSE SENSEX is down 1.1% over the year.

(To know more, check out historical annual results for PROTEAN EGOV TECH and quarterly results for PROTEAN EGOV TECH)