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Hot Pursuit News

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(09 Feb 2024, 12:24)

Protean eGov Tech slides after Q3 PAT drops 46% YoY to Rs 15 cr

Protean eGov Technologies slipped 3.15% to Rs 1,392 after the company’s consolidated net profit declined 46.47% to Rs 15.23 crore in Q3FY24 as compared with Rs 28.45 crore recorded in Q3 FY23.

Revenue from operations stood at Rs 203.86 crore during the quarter, registering growth of 15.95% as against with Rs 175.81 crore posted in Q3 FY23.

Profit before tax was at Rs 19.35 crore in Q2 FY24, tumbled 48.97% YoY.

EBITDA stood at Rs 31 crore in Q3 FY24, down 28% as compared with Rs 43 crore posted in corresponding quarter last year.

During the quarter, the company has recorded credit loss of Rs 7 crore in line with conservative accounting policies (receivable 25 crore recorded in ECL, offset by payable 18 crore in other income).

The company said that it has diversified from 3 to 7 lines of businesses with strategic investments in sector-specific resources and established centres of excellence for emerging technologies. These investments have started delivering positiv...

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