Protean eGov Technologies secured a ₹100 crore order from Bima Sugam India Federation. Despite a 35.75% fall since listing, the strategic deal highlights its role in India’s digital infrastructure.
The share price of Protean eGov surged by 6.32% in the early morning to hit the day’s high. As of 11:08 AM IST, the stock was trading at ₹985.75, up by 3.62%. The company has secured a significant order, which has led to the stock price on Tuesday. However, over the last 3 months, the stock has declined by 26.72%, and since its listing, it has fallen by 35.75%.
Protean eGov Technologies Limited has announced the receipt of a significant strategic work
order valued at approximately ₹100 crore from the Bima Sugam India Federation (BSIF). The order was awarded on June 9, 2025, following a competitive Request for Proposal (RFP) process.
BSIF is a not-for-profit organisation spearheaded by key stakeholders within the Indian insurance ecosystem. It is responsible for governing Bima Sugam, an ambitious digital public platform envisioned as a unified, nation-scale marketplace for insurance products and services. Protean eGov Technologies will serve as the Technology Solution Provider for this crucial initiative. Their responsibilities will encompass end-to-end development, implementation, support, and maintenance of the Bima Sugam Marketplace, including platform integrations and marketplace protocols.
This engagement further solidifies Protean's position as a trusted technology partner in India's Digital Public Infrastructure (DPI) journey, leveraging their extensive experience in enabling critical citizen-centric digital systems on a national scale. The contract is domestic in nature and is expected to be executed over a period of 72 months from the date of contract execution.
In the quarter ending March 2025, the company's revenue from operations remained unchanged at ₹222 crore compared to the same quarter in the previous year. However, profit after tax rose slightly to ₹20 crore from ₹19 crore, reflecting a year-on-year growth of 5.26%.
On an annual basis for the financial year ending March 2025, the revenue from operations declined to ₹841 crore from ₹882 crore in the previous year, marking a 4.65% drop. Similarly, the profit after tax saw a decline of 5.15%, falling to ₹92 crore from ₹97 crore in the previous fiscal.
Protean eGov Technologies operates as a leading player in India's Digital Public Infrastructure (DPI) landscape. The company specialises in the design, development, and implementation of technology solutions for various e-governance initiatives. Their work involves creating and managing large-scale digital platforms that facilitate citizen services and enable broader digital transformation within the country. This includes their role in establishing and maintaining critical digital systems that support national-level programs and services, as exemplified by the recent Bima Sugam contract.
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Disclaimer: The article is for informational purposes only and not investment advice.
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