Is Protean eGov's loss LTIMindtree's gain? Check latest news on the PAN 2.0 project

Last seen, the stock was trading 0.79% higher at ₹5,057 levels.

The project was announced by the Union government last year.

The project that aims to make the permanent account number (PAN) a 'common business identifier' for all digital systems of government agencies was provided with a financial outlay of Rs 1,435 crore by the Cabinet Committee on Economic Affairs (CCEA), in November 2024, that is chaired by the prime minister.

The PTI report said the project has been awarded to successful bidder LTIMindtree Limited. The project is expected to 'go live,' or get operational, in 18 months, according to the sources.

The PAN 2.0 Project is envisaged to simplify the PAN/TAN processes for improved quality of service to the public, faster service delivery, and improved grievance redressal mechanisms by leveraging latest technologies.

The project will comprehensively handle issues and matters related to PAN and TAN, including allotment, updates/corrections, Aadhaar-PAN linking, re-issuance requests, online PAN validation, etc., as a one-stop platform.

What happened in May 2025?

It must be noted that in May 2025, Protean eGov Technologies, the technology company headquartered in Mumbai, had said that the Income Tax Department (ITD) did not shortlist it for the PAN 2.0 project.

Protean eGov Technologies said that the Income Tax Department had issued a Notice for Request for Proposals (RFP) inviting bids for the selection of a Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of its PAN 2.0 Project.

LTIMindtree Q1 FY26 Results

IT services company LTIMindtree reported a 1.5% decline in net profit to ₹1,135 crore for the June quarter (Q1 FY26), mainly on lower profit margins.

Its revenues grew 5.1% year-on-year to ₹9,142.6 crore, but the operating profit margin narrowed to 15% from 16.7% in the year-ago period.

The company continues to aspire to get the operating profit margin into the 17-18% target, which was shared at the time of the amalgamation, its MD and chief executive Debashis Chatterjee said, adding that it will take longer to reach the number.

Pointing to the 0.30% sequential widening in the number, Chatterjee said the operating profit margin will keep inching up as the year progresses but declined to specify a timeline by when the company will reach its aspirational goal.

A senior official explained that in the reporting quarter, higher visa and travel costs were among the factors that pulled down the margins and added that it will continue to depend on operational efficiencies to increase the number.