Newgen Software: Revenues at Rs 252 cr, up 34% Q1 YoY; Profit after Tax at Rs 30 cr, up 57% Q1 YoY

July 20, 2023 Mansi Praharaj Uncategorized 0

New Delhi, India  July 20, 2023: The management of Newgen Software Technologies Ltd. announced results for the quarter ended June 30, 2023, at its Board Meeting held on July 19, 2023.

Key Highlights- Q1 FY’24 

Total Income

Rs  264 Cr

(33% Q1 YoY growth)
Profit after Tax

Rs 30 Cr

(57% Q1 YoY growth)
New Logo Wins 

13

Speaking about the results, Diwakar Nigam, Chairman & Managing Director, of Newgen Software Technologies Ltd. said – “Continuing the strong momentum, Q1 witnessed robust growth across all geographies. The Company witnessed the highest quarterly YoY revenue growth rate.

We are witnessing immense opportunities for digital journeys across the financial services sector as well as new requirements for automation at scale. The launch of the recent version of the NewgenONE platform further shows our commitment towards this direction. We are embedding AI and generative AI capabilities in our platforms, redefining the future enterprise automations.”

“During the quarter, we witnessed strong bookings from both – existing and new customers. We are working on building a long-term sustainable organization creating robust partner ecosysytems, long-term customer relationships, dependable supply chains, and a diverse employee base,” said Virender Jeet, CEO, of Newgen Software.

Key Consolidated Financial Highlights (Q1 FY’24) 

Revenue from operations (consolidated) at Rs 251.7 crores as compared to Rs 187.9 crores in  Q1 FY’23, up 34% Q1 YoY.

·  Subscription revenues (ATS/AMC, cloud, and subscription license) were at Rs 88.6 crores, up 24% Q1 YoY. Total annuity revenue streams (ATS/AMC, support, cloud/SaaS, and subscription license) at Rs 167.8 crores, contributing 67% to revenues

·  Stronger license growth quarter – Revenue from the sale of products/license were at Rs 42.1 crores, up 1.9 times Q1 YoY

Profit after tax at Rs 30.2 crores up 57% from Rs 19.2 crores in Q1 FY’23.

Net Cash from Operating activities at Rs 57.0 crores.

 

Key Business Highlights (Q1 FY’24)

· 13 new customer logo additions in the quarter

·  Key customer orders include:

  •    Providing Digital account opening solution for a privately held bank in the Americas region
  •   Providing Lending Origination and Management Solution to a leading diversified business group in Saudi Arabia operating across 7 core sectors
  •   Selected for Trade and Supply Chain Finance Solution to a leading financial institution in the UAE market

·   Broad-based growth across all regions. APAC market witnessed a growth of 46%. EMEA,  US, and India markets witnessed a growth of 38%, 36%, and 25% respectively