Suresh Kumar Sethi is the Managing Director and Chief Executive Officer of our Company. He holds a bachelor’s degree in engineering in electronics and electrical from Panjab University, Chandigarh. He holds a master’s degree in business administration from the University of Delhi. He has over three decades of experience in the financial services industry with financial services companies such as Citigroup, YES Bank and Vodafone M- Pesa across India, Kenya, UK, Argentina, and USA. Prior to this role, he was the managing director and chief executive officer of India Post Payments Bank. Jayesh Waman Sule is the Whole-time Director and Chief Operating Officer of our Company. He holds a bachelor’s degree in commerce from the University of Bombay. He is a member of the Institute of Chartered Accountants of India. He was previously associated with NSDL and has over two decades of experience in capital markets and IT-enabled services. Karan Omprakash Bhagat is a Non-Executive Director of our Company. He holds a bachelor’s degree in commerce from University of Calcutta and a post-graduate diploma in management from the Indian Institute of Management, Bangalore. Previously he was associated with Kotak Mahindra Bank Limited as a vice president. He is currently the managing director of 360 One WAM Limited.

A) Balance Sheet

Particular (In Cr)	Mar-21	Mar-22	Mar-23
Equity Share Capital	40.10	40.30	40.40
Reserves	627	748	817
Borrowings	0	0	0
Trade Payables	99	96	132
Other Liabilities	96	104	115
Total Liabilities	862	988	1104
Net Block	51	52	55
Capital Work in Progress	1	1	0
Investment	285	364	528
Other Assets	54	29	113
Total NC Assets	391	446	696
Receivables	208	200	209
Inventory	0	0	0
Cash & Bank	115	233	137
Other Assets	137	52	56
Face value	10	10	10

B) P&L Statement

Particular (In Cr)	Mar-21	Mar-22	Mar-23
Sales	603	691	742
Raw Material Cost	0	0	0
Change in Inventory	0	0	0
Employee Cost	75	79	123
Allowance for expected credit loss	29	30	17
Other Expenses	414	458	484
Other Income	49	79	42
Depreciation	17	17	18
EBITDA	85	124	118
EBITDA Margin	14.10%	17.95%	15.90%
Interest	0.9	0.5	0.9
Profit before tax	116	186	140
Tax	24	42	33
Net profit	92	144	107
NPM (%)	14.11%	18.70%	13.65%

C) Cash Flow Statement

Particular (In Cr)	Mar-21	Mar-22	Mar-23
Cash From Operating Activity
Profit From Operation	116	186	140
Receivable	-16	-33	-26
Inventory	0	0	0
Payable	10	-3	36
Other WC Items	8	10	26
Working Capital Changes	2	-26	36
Direct Taxes	32	48	42
Net Cash Inflow from Operating Activity	100	94	137
Cash from Investing Activity
Fixed assets purchased	-8	-17	-12
Fixed assets sold	0	132	0
Investments purchased	-40	-91	-221
Investment sold	165	11	55
Other investing items	-1	38	-104
Net cash inflow from investing activities	116	73	-282
Cash from Financing Activity
Repayment of borrowings	0	0	0
Interest paid fin	0	0	0
Dividends paid	-180	-36	-40
Other financing items	-3	2	-40
Net Cash Flow	32	133	-189

There are no listed companies in India that engage in a business similar to that of Company.

Review and Recommendation of Protean e-Governance IPO by IZ team is 4/10 Protean e-Governance is a company that stands at the forefront of implementing e-governance projects for the Government of India. Since its inception in 1995, Protean has been instrumental in developing the infrastructure for the National Securities Depository Limited (NSDL), enabling the storage of shares in Demat form. This foundational work has established them as the infrastructure developer for NSDL. As of June 30, 2023, Protean has effectively implemented and managed 19 projects across seven ministries and autonomous bodies, driving significant improvements in the public delivery of services. Some notable examples of their impactful work include: 1. Developing the infrastructure for the issuance of PAN cards in India. 2. Establishing the core IT structure for the Central Recordkeeping Agency (CRA) for the National Pension System (NPS). 3. Creating technology infrastructure as a CRA for the Atal Pension Yojana, which supports the universal social security system for all Indians, particularly those working in the unorganized sector. 4. Contributing to and supporting open digital building blocks, such as the Open Network for Digital Commerce (ONDC), which facilitates diverse use-cases across sectors including e-commerce, mobility, healthcare, agriculture, and education. Protean has been a key and early contributor to the open source community and protocols that power ONDC. Protean is a professionally managed entity, led by a seasoned senior management team whose deep expertise and broad industry experience have been pivotal in expanding operations and bringing innovation to their services. The company's shareholders comprise esteemed financial institutions like NSE Investments Limited, 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund), SUUTI, Citicorp Finance India Limited, and a cadre of public and private sector banks including the State Bank of India, Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank, HDFC Bank Limited, Axis Bank Limited, Deutsche Bank A.G., The Hong Kong and Shanghai Banking Corporation Limited, and Standard Chartered Bank, among others. However, Protean faces inherent risks, primarily due to its substantial reliance on government-awarded projects. This reliance exposes the company to the vagaries of doing business with government entities, which could have adverse effects on its business, operational results, and financial condition. From a financial perspective, the company has not shown growth in the last four years; the revenue stood at INR 756 crores in FY19 and saw a slight decline to INR 742 crores in FY23. The Profit After Tax (PAT) also dropped from INR 124 crores in FY19 to INR 107 crores in FY23. Regarding the valuation, the company is presenting a pure Offer for Sale (OFS), meaning it will not retain any capital raised. With approximately 4 crore outstanding shares and a PAT of INR 107 crores, the Earnings Per Share (EPS) stands at 26. The IPO price is pegged at INR 792, which brings the Price to Earnings (P/E) ratio to 30x, while the Return on Equity (ROE) is a modest 12% as of FY23. In summary, Protean e-Governance is a company heavily dependent on government projects, which poses a certain degree of risk. The lack of growth in the past four years and the valuation that does not appear particularly reasonable are factors that investors must weigh carefully.

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