Protean e-Gov Technologies Ltd - Stock Valuation and Financial Performance

BSE: 544021 | NSE: | BPO/ITeS | Small Cap

Protean e-Gov Tech. Share Price

1,260.25 50.20 4.15%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Protean e-Gov Tech.

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Protean e-Gov Technologies stock performance -

mw4me loader
P/E Ratio (SA):
47.39
Market Cap:
5,097.3 Cr.
52-wk low:
775
52-wk high:
1,712

Is Protean e-Gov Technologies Ltd an attractive stock to invest in?

1. Is Protean e-Gov Technologies Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Protean e-Gov Technologies Ltd is a good quality company.

2. Is Protean e-Gov Technologies Ltd undervalued or overvalued?

The key valuation ratios of Protean e-Gov Technologies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Protean e-Gov Technologies Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Protean e-Gov Technologies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Protean e-Gov Tech.:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Protean e-Gov Technologies Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 30%28.2%27.1%28.9%26.2%20.2%17.2%12.6%15.6%13.1%-
Value Creation
Index
1.21.11.01.10.90.50.3-0.10.1-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 379408464616898756716603691742742
Sales YoY Gr.-7.7%13.9%32.7%45.7%-15.8%-5.3%-15.8%14.6%7.4%-
Adj EPS 16.418.322.330.433.931.230.322.22826.626.6
YoY Gr.-11.3%21.8%36.5%11.5%-8.1%-2.7%-26.9%26.3%-4.9%-
BVPS (₹) 59.770.394.1116.4142.2165.7187.2165.3194.8211.5341.8
Adj Net
Profit
65.773.18912213612512188.9113108108
Cash Flow from Ops. 74.277.67412598.512753.810094.5138-
Debt/CF from Ops. 0000000000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.8%-3.7%1.2%7.4%
Adj EPS 5.5%-4.7%-4.3%-4.9%
BVPS15.1%8.3%4.2%8.6%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
29.928.127.128.926.220.217.112.515.513.19.6
Op. Profit
Mgn %
2523.325.427.320.122.120.714.1181612.3
Net Profit
Mgn %
17.417.919.219.715.116.516.914.716.414.514.5
Debt to
Equity
0000000000-
Working Cap
Days
12111411812610613017722016315944
Cash Conv.
Cycle
4535233132314252373020

Recent Performance Summary

Sales growth is good in last 4 quarters at 12.08%

Return on Equity has declined versus last 3 years average to 9.60%

Sales growth has been subdued in last 3 years 1.18%

Net Profit has been subdued in last 3 years -4.25%

Latest Financials - Protean e-Gov Technologies Ltd.

Standalone Consolidated
TTM EPS (₹) 26.6 26.5
TTM Sales (₹ Cr.) 742 742
BVPS (₹.) 341.8 341
Reserves (₹ Cr.) 1,342 1,339
P/BV 3.69 3.70
PE 47.39 47.62
From the Market
52 Week Low / High (₹) 775.00 / 1712.00
All Time Low / High (₹) 775.00 / 1712.00
Market Cap (₹ Cr.) 5,097
Equity (₹ Cr.) 40.5
Face Value (₹) 10
Industry PE 65.8

Management X-Ray of Protean e-Gov Tech.:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Protean e-Gov Tech.

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales379408464616898756716603691742
Operating Expenses 285315346448717589568518567623
Manufacturing Costs240253272366609478457385419436
Material Costs0000000000
Employee Cost 284245516165697579121
Other Costs 18212931474643586966
Operating Profit 939211816818116714885124119
Operating Profit Margin (%) 24.6%22.6%25.4%27.3%20.1%22.1%20.6%14.1%18.0%16.0%
Other Income 15171922273538497941
Interest 0000002101
Depreciation 13356112027171718
Exceptional Items 0000000000
Profit Before Tax 95105133184197182157116186141
Tax 31344462615736234233
Profit After Tax 65718912213612412192144108
PAT Margin (%) 17.1%17.5%19.2%19.8%15.1%16.5%16.9%15.3%20.8%14.5%
Adjusted EPS (₹)16.217.822.330.433.931.130.323.035.626.6
Dividend Payout Ratio (%)34%34%29%21%19%21%33%191%28%38%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 239281376465569663749664786855
Share Capital 40404040404040404040
Reserves 199241336425529623709623746815
Minority Interest0000000000
Debt0000000000
Long Term Debt0000000000
Short Term Debt0000000000
Trade Payables203744657490899996132
Others Liabilities 4256411259797100928797
Total Liabilities 3013744626567408499388549691,084

Fixed Assets

Gross Block165171178188136296237248257270
Accumulated Depreciation1251281311370161174191193206
Net Fixed Assets4143475113613564576563
CWIP 028446551411
Investments 112154185237287373406288375540
Inventories0000000000
Trade Receivables738390173165182211198200209
Cash Equivalents 31405663525550112223128
Others Assets445375889499202198102134
Total Assets 3013744626567408499388549691,084

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 747874125991275410095138
PBT 95105133184197182157116186141
Adjustment 4-5-11-13-13-21215-174
Changes in Working Capital 119-85-216-661-2635
Tax Paid -36-31-39-52-65-59-50-32-48-43
Cash Flow From Investing Activity -42-49-51-62-78-103-1311275-283
Capex -8-7-20-46-48-27-12-9113-23
Net Investments -54-54-25-51-51-100-2692-55-294
Others 1911-635212426291734
Cash Flow From Financing Activity -26-26-29-31-31-31-39-183-34-44
Net Proceeds from Shares 0000000481
Net Proceeds from Borrowing 0000000000
Interest Paid 0000000000
Dividend Paid -22-22-24-26-26-26-26-180-36-40
Others -4-4-5-5-5-5-13-7-5-5
Net Cash Flow 63-531-11-7229136-189
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)29.4427.4327.0728.9226.220.2117.1713.0919.8413.11
ROCE (%)43.5140.6240.3543.6938.0829.4422.3816.4325.5317.23
Asset Turnover Ratio1.321.211.111.11.290.950.80.670.760.72
PAT to CFO Conversion(x)1.141.10.831.020.731.020.451.090.661.28
Working Capital Days
Receivable Days807068786984100124105101
Inventory Days0000000000
Payable Days0000000000

Protean e-Gov Technologies Ltd Stock News

Protean e-Gov Technologies Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Protean e-Gov Tech. on 12-Apr-2024 16:59 is ₹1,260.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 16:59 the market cap of Protean e-Gov Tech. stood at ₹5,097.3.
The latest P/E ratio of Protean e-Gov Tech. as of 12-Apr-2024 16:59 is 47.39.
The latest P/B ratio of Protean e-Gov Tech. as of 12-Apr-2024 16:59 is 3.69.
The 52-week high of Protean e-Gov Tech. is ₹1,712 and the 52-week low is ₹775.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Protean e-Gov Tech. is ₹741.7 ( Cr.) .

About Protean e-Gov Technologies Ltd

The company was originally incorporated as ‘National Securities Depository Limited’ on December 27, 1995 as a public limited company under the Companies Act, 1956, and was granted the certificate of incorporation by the Registrar of Companies, Maharashtra at Mumbai (RoC). The company was issued a certificate for commencement of business dated February 8, 1996 by the RoC. Pursuant to the scheme of arrangement between the Company and NSDL Depository Limited under Section 391 to 394 of Companies Act, 1956 (Scheme of Arrangement), the name of the company was changed from ‘National Securities Depository Limited’ to ‘NSDL e-Governance Infrastructure Limited’ and a fresh certificate of incorporation was issued on December 19, 2012 by the RoC. The name of the company was changed from ‘NSDL eGovernance Infrastructure Limited’ to ‘Protean eGov Technologies Limited’ pursuant to a shareholders’ resolution dated October 28, 2021, to represent the full gamut of products and service offerings of the company in the space of information technology solutions and extension into new markets, sectors and geographies, and a fresh certificate of incorporation was granted by the RoC on December 8, 2021.

The company is one of the key IT-enabled solutions companies in India engaged in conceptualizing, developing and executing 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. It was originally setup as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. It has been the chief architect and implementer for some of the most critical and large scale technology infrastructure projects in India. Its solutions have led to identification of bottlenecks in government services, increased transparency and efficiency, redefined delivery of public services and led to a reduction in service delivery costs. It was among the leading Indian companies in the e-governance sector in terms of profitability, operating income, operating profit and operating profit margin in Fiscal 2023. It is a professionally managed company and is led by an experienced senior management team whose expertise and industry experience have helped it grow its operations and innovate its services.

The company has over the years successfully adapted to technology advancements through continuous investments in new technologies and capabilities and by developing sophisticated technology architecture. It has domain knowledge for various industries that allows it to develop functionalities that address specific requirements of end-users, businesses and public entities. While executing large and complex projects, it leverages its comprehensive program management expertise. Its clients benefit from its delivery model, significant experience across various technologies, industry knowledge, project management expertise and proprietary software engineering tools developed in-house. The company has embraced an impact weighted framework to guide all business decisions with a focus on Environment, Social and Governance (ESG) framework and committed to build a value system guiding it to contribute towards a sustainable and responsible future. It understands its responsibility towards the society at large and therefore, its business model focuses on the foundation of social capitalism. It is also cognizant of other important sustainability aspects and endeavour to continuously enhance its operations towards factors influencing ESG. An independent agency has been conducting comprehensive impact diagnostic assessment on an independent basis in the past few years and it has taken all reasonable efforts to incorporate their audit findings into its strategic planning process. The assessment by an independent agency helps it identify opportunities to improve further towards global and national sustainability goals.

Business area of the company

The company is engaged in the business of developing citizen-centric and population-scale e-governance solutions. It has played a vital role in developing national infrastructure for capital market development in India. 

Awards, accreditations and recognitions

  • 2018: Certificate for conforming to ISO 9001:2015 issued by Intertek Certification Limited.
  • 2018: Winner of ‘Golden Peacock Innovation Management Award - 2018’ awarded by Institute of Directors, India.
  • 2019: Certificate of conformity with IT Service Management System Standard ISO/IEC 20000 – 1:2011 issued by DNV GL Business Assurance UK Limited.
  • 2019: Certificate of conformity to Information Security Management System Standard ISO/IEC 27001:2013 issued by DNV GL Business Assurance UK Limited.
  • 2020: Certificate of conformity with Business Continuity Management System Standard ISO 22301:2012 issued by DNV GL Business Assurance UK Limited.
  • 2021: Best IT Company in Western India - Worldwide Achievers Business Leaders Awards 2021.
  • 2021: India’s Best Company of the Year Award 2021 by Berskshire Media LLC, USA in IT enabled e-Governance services category,
  • 2022: Winner at the 13th Aegis Graham Bell Awards in the category of Innovation in Digital Infra.
  • 2022: Winner of Golden Peacock Business Excellence Award 2022 instituted by Institute of Directors, India.

Major events and milestones

  • 2004: Launch of Online Tax Accounting System.
  • 2004: Launch of Tax Information Network.
  • 2005: Launch of PAN card services.
  • 2007: Entered into a Memorandum of Understanding with the Income Tax Department for establishing an internet-based service for verification of PAN by authorised entities July 16, 2007.
  • 2008: Launch of Central Recordkeeping Agency System.
  • 2009: Launch of New Pension System (NPS) to all citizens except government employees covered by NPS.
  • 2009: Executed an agreement dated October 8, 2010 effective from April 1, 2009 with the Income Tax Department for extension of services pertaining to TIN which was valid for a period of three years. 
  • 2011: Selected by GOI for its Goods and Services Tax Common Integrated Portal, Pilot project.
  • 2011: Appointed as Registrar for Unique Identification Authority of India.
  • 2011: Launch of Central Recordkeeping Agency - National Pension System corporate sector model.
  • 2012: Release of ‘Corporate Module though ‘Point of Presence’ was released in the CRA system.
  • 2014: Implementation of National Judicial Reference System on behalf of Income Tax Department.
  • 2014: Launch of e-KYC services for ICICI Prudential Life Insurance customer.
  • 2015: Launch of “Vidya Lakshmi Electronic Platform” - an online platform for students to avail education loan.
  • 2015: Agreement dated June 8, 2015 with CtrlS Datacentres Limited (CtrlS) for hosting and maintaining NJRS Infrastructure which was valid till June 8, 2020. 
  • 2016: Appointed as the implementation agency by “Central Board of Film Certification” for hosting and maintaining Central Board of Film Certification web based application and website at datacentre and disaster recovery centre.
  • 2017: Executed an agreement dated September 22, 2017 with Goods and Services Tax Network (GSTN) to act as GST Suvidha Provider and provide its services to the taxpayers which is valid till September 22, 2025.
  • 2017: Shortlisted as GST Suvidha Provider by GSTN for implementing GST across the country.
  • 2017: Processed over 12 million requests for Aadhaar authentication in a single day.
  • 2017:  Processed approximately 2 million requests for e-KYC transactions in a single day.
  • 2018: Launch of “Vidya Kaushal” - facilitate skill development loans to students pursuing courses run by NSDC approved training partners.
  • 2018: Launched the iKar application for Android and iOS users.
  • 2018: Awarded the contract for providing system integrator services for design, development, implementation and maintenance of Revenue Management System for Department of Telecommunications.
  • 2018: Constructed a Modified Data Centre facility at Bangalore.
  • 2019: Executed an agreement dated June 13, 2019 with Income Tax Department to continue the business process of receipt of PAN applications and issuance of PAN cards which was valid till September 30, 2019.
  • 2020: Incorporated its Subsidiary Protean Account Aggregator Limited (formerly known as NSDL e-Governance Account Aggregator Limited) which is engaged in the business of an account aggregator.
  • 2021: Incorporated its Subsidiary, Protean InfoSec Services Limited (formerly known as NSDL e-Governance Infosec Services Limited) in the business of providing information security/ cyber security
  • 2021: Crossed 100 million e-Sign transactions in Fiscal 2021.
  • 2021: NPS - CRA crossed overall subscriber base of over 40 million.
  • 2022: Launched Protean Cloud Technology an AI-powered private cloud offering.
  • 2022: Invested 100 million in Open Network for Digital Commerce.
  • 2022: Entered into partnerships with distribution networks such as Nearby Technologies Private Limited and Fino Payments Bank Limited.
  • 2023: Renewed agreement with Income Tax Department to continue the business process of receipt of PAN applications and issuance of PAN cards, on September 11, 2023 which is valid till March 31, 2024.
  • 2023: NPS - CRA crossed overall subscriber base of over 64 million. 


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