Protean eGov Tech tanks after exclusion from PAN 2.0 project bidding process

In an exchange filing, the company disclosed that the Income Tax Department (ITD) has issued a Request for Proposal (RFP) inviting bids for the selection of a Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of its upgraded PAN infrastructure.

Protean, which currently handles PAN issuance and processing services under an existing mandate with the ITD, had submitted a proposal to participate in the PAN 2.0 project. The company clarified that the new initiative appears to be a technology revamp and is expected to have limited or minimal impact on its ongoing operations.

However, the company was informed by the ITD that it has not been considered favourably for the next stage of the selection process, triggering a sharp sell-off in its stock.

Protean eGov Technologies is an IT solutions company engaged in developing digital public infrastructure and citizen-centric e-governance solutions.

On a consolidated basis, Protean eGov Technologies' net profit rose 50.56% to Rs 22.93 crore while revenue from operations shed 0.76% to Rs 202.31 crore in Q3 FY25 over Q3 FY24.