Overview

• Protean eGov Technologies failed to qualify for the next stage of the Income Tax Department's PAN 2.0 modernization project, valued at Rs 1,440 crore.
• The company's stock dropped 31% over two trading sessions, reaching a 52-week low of Rs 981.10.
• Management stated that the setback will have limited impact on its ongoing PAN processing and issuance services under its existing mandate.
• Approximately 75% of PAN applications are still processed through physical distribution channels, where Protean retains dominance.
• The PAN 2.0 platform, focusing on digital transformation, is expected to take at least two years to become fully operational.