On a consolidated basis, Protean eGov Technologies's net profit slipped 18.22% to Rs 22.93 crore in Q3 FY25 as against Rs 28.04 crore in Q2 FY25. Revenue from operations fell 7.91% to Rs 202.31 crore in Q3 FY25 over Q2 FY25. PBT declined 24.08% to Rs 28.52 crore in Q3 FY25 over Q2 FY25.
On a year-on-year basis, the company's consolidated net profit rose 4% while revenue from operations shed 1% in Q3 FY25. PBT climbed 47.39% YoY.
Adjusted operating profit for the quarter stood at Rs 21 crore with an operating margin of 10.3%.
Revenue from tax services grew by 3% YoY, primarily driven by an increase in market share, which rose from 52.1% in Q3 FY24 to 59.2% in Q3 FY25, demonstrating Protean's strength in the PAN business. In Q3 FY25, Protean issued a total of 1.05 crore PAN cards, with online PAN issuance continuing to outpace offline, accounting for 52% of total issuances.
Pension Services delivered another strong quarter, with a robust 12% YoY growth. During the quarter, 3.05 million new subscribers were onboarded across over 600 corporates.
Revenue from Identity Services fell 17% YoY to Rs 24 crore in Q3 FY25. The company is investing in building value-added products like eSignPro and RISE with Protean under the data stack business and targeting strategic orders from Private and government sectors.
Revenue from new business tumbled 49% to Rs 7 crore during the quarter. The company said that new businesses continue to show early momentum, and it focuses on contributing towards multiple Open Digital Ecosystems (ODEs), which is gaining traction, especially in the areas of e-commerce (ONDC) and agriculture.
Suresh Sethi, MD and CEO, stated, Protean continues to maintain its leadership in the digital public infrastructure space, delivering another resilient quarter. Our tax and pension services have shown steady growth, with pension services recording a strong 12% YoY increase. The positive response to initiatives like NPS Vatsalya reflects our ongoing commitment to enhancing financial inclusion.
This quarter, we achieved significant milestones, including securing the prestigious CKYCRR 2.0 mandate and powering India's first ONDC-enabled e-commerce service integrated on Prasar Bharti's OTT platform, WAVES. These accomplishments highlight our expertise in leveraging emerging technologies to execute large-scale, impactful projects.
Looking ahead, Protean remains well-positioned to drive sustainable growth, foster strong partnerships, and capitalize on emerging opportunities in open digital ecosystems. We remain committed to delivering long-term value to our stakeholders while supporting India's journey toward a digitally inclusive future.
Meanwhile, the board approved the appointment of Gopa Kumar T N, Executive Vice President (EVP), as the Chief Executive Officer (CEO) of the wholly-owned subsidiary, Protean International DMCC, Dubai, UAE, effective from 1st February 2025.
Protean eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology-enabled solutions company conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.
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