Protean eGov Technologies Ltd business Update Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Vishal Mehta - Oaklane Capital - Analyst : Hello sir. I'm audible.

Question: Vishal Mehta - Oaklane Capital - Analyst : Congratulations, it's a great development. Just had two questions. One is, can you talk about how the revenue recognition for this project would be taking place? So it's a six-year project, will it be like RFP, majority will be recognized earlier and then we'll have some maintenance or it's a different format? And the second question is, sir, this talks about 188 centers today. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 9:00AM, PROO.NS - Protean eGov Technologies Ltd business Update Call So is there a scope for us to even grow that number and maybe Phase 2 will be another set of districts, which we will cover and then that could also be additional revenues that we can generate from future business? Thank you.

Question: Vishal Mehta - Oaklane Capital - Analyst : This scope covers 188 districts. So is there a potential that we may have more districts we can cover in additional years?

Question: Vishal Mehta - Oaklane Capital - Analyst : Great sir. thank you so much.

Question: Vishal Mehta - Oaklane Capital - Analyst : That's pretty encouraging. Thank you so much. All the best.

Question: Rohan Mandora - Equirus Securities - Analyst : Good afternoon, sir, and congrats on the contract win. Sir, as per the RFP, this was based on a discovered average rate per transaction model. On the back of the envelope calculation, it was coming at on a blended basis, you'll get roughly INR105 to INR106 per transaction. So I just want to confirm, is this calculation correct? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 9:00AM, PROO.NS - Protean eGov Technologies Ltd business Update Call

Question: Rohan Mandora - Equirus Securities - Analyst : Sure, sir. And sir, secondly, I just wanted to understand the flow of funds, the way it would work. So once an individual subscribes to a service, whatever money you collect with them will be parked with an escrow with UIDAI and they will pay you? Or how will the flow of funds work in this case?

Question: Rohan Mandora - Equirus Securities - Analyst : Sure. And sir, thirdly, what is the anticipated cost of running an Aadhaar Kendra?

Question: Rohan Mandora - Equirus Securities - Analyst : Right. Just one additional point here. The printing of Aadhaar card in case of new issuance or rectification, is covered under your scope? Or is it part of the UIDAI scope?

Question: Rohan Mandora - Equirus Securities - Analyst : Okay. The printing of -- printing. So if the request comes to you, you will be responsible for getting the printing of that. Thank you.

Question: Amit Chandra - HDFC Securities - Analyst : Thanks for the opportunity, congratulations on the contract win. So my question is, is there a minimum revenue commitment per center or minimum revenue commitment in terms of number of transactions that you will accrue in case there is no transactions or you are like below breakeven in some of these centers? And also in terms of like most of the government contracts, we have seen that there is an issue in terms of collections because here the money is going directly to the government and then it will accrue to us. So like what are the payment terms in terms of the revenue getting received from the government?

Question: Amit Chandra - HDFC Securities - Analyst : Okay. And what would the CapEx that would be required to set up these 188 centers at the district level? And are we going to use the existing infrastructure that we have for PAN for the Aadhaar enrollment? Or is it going to be exclusive Aadhaar centers?

Question: Amit Chandra - HDFC Securities - Analyst : Okay. And in terms of the minimum revenue commitment, out of this total order value if you can, just to give a sense, what would be the minimum revenue guarantee of the total order value if you can give that?

Question: Amit Chandra - HDFC Securities - Analyst : Okay, sir. Then one last question. Yeah, so my last question on the transaction prices. So the pricing is mostly fixed by -- is mostly fixed or we can also charge some premium in terms of value-added services for the services that we offer? Or is it a flat charge that is fixed by UIDAI?

Question: Amit Chandra - HDFC Securities - Analyst : Okay sir. Okay, thank you, sir. Best of luck.

Question: Kunal Bhatia - Dalal & Broacha Stock Broking Limited - Analyst : Yeah sir, thank you so much for the opportunity and, yes, congratulations on the order. Sir, so this a INR1,170 crores or INR1,370 crores including GST figure, which we have mentioned, is that the upward limit in terms of the overall revenue we could earn in the next six years? Because as you mentioned that it will be more of a transaction-based, so is there a minimum guarantee on that? You obviously mentioned that you can't give a figure, but is the INR1,370 crores, an upper limit to the overall number?

Question: Kunal Bhatia - Dalal & Broacha Stock Broking Limited - Analyst : Okay. And broadly, we would be having some sort of INR100 to INR105 per transaction on a ballpark number?

Question: Kunal Bhatia - Dalal & Broacha Stock Broking Limited - Analyst : Okay. Okay. And sir, you mentioned that we have to set up these 188 new centers. So the existing centers, which we have for our PAN card services, we won't be able to use any of those for these services of UIDAI --

Question: Kunal Bhatia - Dalal & Broacha Stock Broking Limited - Analyst : Okay, okay. But there is a possibility of getting a higher number on this, meaning we already have 188, which you mentioned approximately 60% to 70% of the overall opportunity. So there is a possibility of getting a higher number on this as well?

Question: Kunal Bhatia - Dalal & Broacha Stock Broking Limited - Analyst : Okay, sir, got it. Thank you so much, sir.

Question: Ashish Pareek - MK Investment Managers Limited - Analyst : Hello, yeah, thank you, sir. I just had a question. So earlier, what the RFP has come out and you have won the contract. So who was handling it earlier. Was it done by UIDAI alone? Or was it outsourced and then the newer mandate has come to us? I just want to understand that part.

Question: Ashish Pareek - MK Investment Managers Limited - Analyst : Okay. So this is exclusive for us or multiple parties will be there and then whoever will get the transaction, will get the income that sort of thing?

Question: Ashish Pareek - MK Investment Managers Limited - Analyst : Okay. Other parties will also operate in this project?

Question: Darshil Pandya - Fintrust Capital - Analyst : Am I audible, sir?

Question: Darshil Pandya - Fintrust Capital - Analyst : Yeah. Sir, firstly, a word of appreciation for the management, as you know, they have been continuously coming on the con calls even after the season gets over to give the business update, so really good from your side. Second -- first question would be on, BLS International has also got order today around INR2,065 crores for the same thing that we are supposed to do. So wanted to understand how -- is the second part is BLS and are there any other party on this?

Question: Darshil Pandya - Fintrust Capital - Analyst : Got it. So sir, any -- just to understand how many districts have been totally today covered and how much are pending? Do we have that number with us?

Question: Darshil Pandya - Fintrust Capital - Analyst : Total is 471 you are saying.

Question: Darshil Pandya - Fintrust Capital - Analyst : Okay. Total 471 and we have got 188. The rest is with BLS.

Question: Darshil Pandya - Fintrust Capital - Analyst : Got it. Understood. And sir, last question would be, we have any update of the last call that we had with regards to the PAN 2.0? Any update from the income tax department? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 9:00AM, PROO.NS - Protean eGov Technologies Ltd business Update Call

Question: Darshil Pandya - Fintrust Capital - Analyst : I'll do that. Thank you so much.

Question: Mayur Gathani - Ohm Portfolio Equi Research Private Limited - Analyst : And thank you for the opportunity, Sir, I just wanted to check, so in short, there will be four players totally, right?

Question: Mayur Gathani - Ohm Portfolio Equi Research Private Limited - Analyst : Okay. So what about Karvy and Idemia that you mentioned? They are not there anymore?

Question: Mayur Gathani - Ohm Portfolio Equi Research Private Limited - Analyst : Okay. And even if I walk into a post office, they have allowed this Aadhaar modifications or Aadhaar applications, so that continues?

Question: Mayur Gathani - Ohm Portfolio Equi Research Private Limited - Analyst : And certain banks also have this mandate.

Question: Mayur Gathani - Ohm Portfolio Equi Research Private Limited - Analyst : Okay. So any issuance, any changes, anything et cetera, you can go to these places as well, along with the post office and the banks? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 9:00AM, PROO.NS - Protean eGov Technologies Ltd business Update Call

Question: Vishal Mehta - Oaklane Capital - Analyst : Okay, thank you.

Question: Karan Bhatelia - MAIQ Capital - Analyst : Thank you, sir, and congratulations for the order. Sir, I wanted to understand what are the transactional terms with UIDAI? Like we are talking about, let's say, INR100, INR105. So the amount we will get on a monthly basis, so is the entire amount or you get -- UIDAI will take some cut and then you'll get the net per transaction?

Question: Karan Bhatelia - MAIQ Capital - Analyst : Got it. And sir, for 188 districts, like what sort of area are we targeting like any top three districts or something, like state, whatever you can just give a geographical --

Question: Karan Bhatelia - MAIQ Capital - Analyst : Majorly in the eastern part of India?

Question: Karan Bhatelia - MAIQ Capital - Analyst : Any like top three or something like that?

Question: Vishal Mehta - Oaklane Capital - Analyst : Oh good. Thank you.

Question: Prem Luniya - Astute Investment Management - Analyst : Hello sir. Congratulations on the results -- congratulations on the new update. So just wanted to understand, sir, of course, you cannot share the EBITDA number, but I wanted to understand on the blended level for the company, would it be accretive? Or how should we look at it? And it will contribute to -- by the Q4 or Q3? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 9:00AM, PROO.NS - Protean eGov Technologies Ltd business Update Call

Question: Prem Luniya - Astute Investment Management - Analyst : So that is what I wanted to understand because now we'll have to do an OpEx and have a direct cost as well?

Question: Prem Luniya - Astute Investment Management - Analyst : Yeah. Sure. Thank you so much. Congratulations.