Protean e-gov Q1’FY25 concall highlights

PAN Card Issuance

• Gained market share from 50% to 54% in Q1FY25
• Online issuance is better from a margin perspective better as paperwork & storage not involved and a lot of traction in online issuance seen as the split in online & offline split is 50-50 – positive for ebitda margin
• Fresh PAN issuance is: ~70%; remaining re-issue or re-print. Fresh issuance charge is higher, any change request is same too only re-print is a bit lower.
• Charges are per application fee + TDS returns are on no. of records

Pension services

• Huge headroom as pension penetration v.low (6%) vs. USA which has ~80% and even if we compare in India itself, Jan dhan A/cs opened are ~50Cr+ and Pension a/cs opened are only 7Cr+
• Pricing structure: A/c opening charges, AMC charges & transaction charges (no transaction charges for APY)

Identity Services

• DD growth in identity services business due to increase in digital payments & lending
• E-sign pro: all about enabling paperless journey, ability to sign docs digitally
  • Will play a role in opening of any new account & any loans/contract signing
  • Entire ecosystem of digital lending & onboarding is the opportunity here
  • E-sign pro gets built into the application of the customer (ex: if it’s a bank which is the customer of protean then E-sign pro will be embedded into that bank’s application)
  • E-stamping – a very prospective add-on to e-sign due to the require for stamping in loan agreements documents which can be now done digitally.
  • Largely going to be transactional model of revenues (per transaction charge)
• PROTEAN X: enabling individuals and organizations to create, verify and store credentials using blockchain-based technology

ODE’s/DPIs (Open Digital Ecosystems/Digital Public Infra)

ONDC

• Currently providing gateway & registry services
• Cost of infra incurred by Protean is reimbursed by ONDC, over period of time there will be a transaction basis but as of now ONDC like to believe they don’t want to have network charges although there will be an inflection point will be decided by ONDC itself
• Assuming around 8-10bps as a transactional charge (still WIP – projected assumption based on other platforms)
• Onboarded a few customers to provide buyer/seller technology app for them (SaaS model in play)

ONEST (Education & Skilling)

• Protean was already invested in Ed-tech through their earlier avenue like Vidyalakshmi which helped in providing education loans & scholarships.
• So already had presence and now transitioning the whole education part into a DPI and like ONDC revenues are from reimbursement

Agristack

• Work done to build data sharing protocols amongst governments & different associations
• In the process to get 13 state govts onboarded to enable data exchange
• Again, reimbursed for work; looking forward to multiple use cases & revenues

Further govt policies and support can greatly influence the Open platforms

Others

• Cloud & Infosec: huge demand, moving into new sectors; brings a lot of value to cos.
  • Made in India cloud, govt is quite interested in this and moreover it’s a green cloud (powered by sustainable energy)
• International market:
  • Focus largely driven by taking India’s DPI approach & replicating product capability build in India to other countries
  • Actively engaging w/12 countries; 18 active opportunities; Shortlisted into 2 projects
  • All projects recd thru Govt RFPs
• Decline seen in new business segment YoY: due to one-off carry over in last yr
• Adj. EBITDA bridge: largely the difference is ECL loss & Other income is also included in reported nos.
• Other exp is largely legal fees & some are onetime expenses
• Actively seeking inorganic opportunities for support in go-to market strategy and tech-based firm

Hello ValuePickr Community,

I’m excited to share Screener Specter, a Chrome extension I’ve developed to enhance our experience on Screener.in. This tool provides real-time data, adds a forensic summary to company pages, and simplifies complex financial metrics, making stock analysis easier and more insightful.

I’d love your feedback and suggestions to improve Screener Specter. Your insights can help make it even more valuable for our community.

Hello ValuePickr Community,

I’m excited to introduce you to Screener Specter, a Chrome extension I’ve been working on. As a fellow investment enthusiast, I wanted to create a tool that could enhance our experience on Screener.in by providing additional insights and real-time data without the hassle of manual exports or spreadsheets.

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Looking forward to your thoughts and feedback!

Two more tenders are out
This one is c. 600-700kms odd

This one is 270 kms