Profit in a quarter exceeds Rs 100 crores for the first time.
NOIDA, India, April 30, 2024 /PRNewswire/ -- The management
of Newgen Software Technologies Ltd. announced results for the year
and quarter ended March 31, 2024 at
its Board Meeting held on April 30,
2024.
Key Highlights- FY'24 v/s FY'23
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Total Income
(incl. Other Income)
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PAT
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New Logo
Wins
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Rs 1,292
Cr
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Rs 252 Cr
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51
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(28% YoY
growth)
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(42% YoY
growth)
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Commenting on the Company's performance, Mr. Diwakar Nigam, Chairman & Managing Director,
Newgen Software Technologies Ltd. said, "We are delighted to close
another good growth year in terms of revenues and profits with
strong growth in India and EMEA
markets. Our large customer base has been increasing, leading to
strong growth in revenue per customer. For the quarter, we have
registered our highest ever quarterly revenue at Rs 375 crores
in Q4. Profit after tax crossed Rs 100
crores for the first time in a quarter."
"Our commitment to innovation and delivering value to our
customers remains steadfast. During the year, we worked constantly
on refining and expanding the capabilities of our platforms and
solutions. We have successfully rolled out several new versions,
with enhanced features, improved design and deployment journeys,
enhanced AI/ML capabilities, improved security, and user-centric
upgrades. We have increased revenues from existing customers as
well as added 51 new logos in FY'24," said Mr. Virender Jeet,
CEO, Newgen Software.
Key Consolidated
Financial Highlights (FY'24)
Revenue from
operations (consolidated) witnessed a strong growth of 28% YoY,
reaching Rs 1,244 crore as compared to Rs 974 crore in
FY'23.
- Annuity revenue streams (ATS/AMC, support,
and cloud/SaaS and Subscription license) were at Rs 750 crores
- Revenue from the sale of products/license
were at Rs 222 crores
- Revenue from Implementation and others were
at Rs 272 crores
Profit after tax
stood at Rs 252 crore during the year, up 42% YoY compared to
Rs 177 crore in FY'23.
Net Cash from
Operating activities at Rs 281 crores for the
period.
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Key Consolidated
Financial Highlights (Q4 FY'24)
Revenue from
operations (consolidated) at Rs 375 crores as compared to Rs
305 crores in Q4 FY'23, up 23% Q4 YoY driven by strong growth in
EMEA and India region.
- Total annuity revenue streams (ATS/AMC,
support, cloud/SaaS and subscription license) at Rs 212 crores,
with strong growth in Support revenues.
- Revenue from products grew by 24% Q4 YoY to
reach Rs 74 crores.
Profit after
tax at Rs 105 crores up 32% from Rs 80 crores in Q4
FY'23.
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Key Business
Highlights (Q4 FY'24)
- Growing large customer base - 65
customers with over Rs 5 crores billing during the year compared to
51 in FY'23.
- 51 new customer logo addition during
the year; 11 new customer logos addition in the
quarter.
- Recognized in Forrester's Property &
Casualty Claims Management Systems Landscape on 21st February 2024
- Board has approved a Dividend of Rs 4 per
equity share, adjusted for bonus issue of 1:1
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About Newgen
Newgen is the leading provider of a unified digital
transformation platform with native process
automation, content services, communication management,
and AI/ML capabilities. Globally, successful enterprises
rely on Newgen's industry-recognized low code application platform
to develop and deploy complex, content-driven, and
customer-engaging business applications on the cloud. From
onboarding to service requests, lending to underwriting, and for
many more use cases across industries, Newgen unlocks simple with
speed and agility.
For more details, visit www.newgensoft.com
Media
Contact:
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Investor
Contact:
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Runki
Goswami
runki.goswami@newgensoft.com
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Deepti Mehra
Chugh
deepti.chugh@newgensoft.com
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Disclaimer
This press release may contain certain forward-looking
statements concerning Newgen Software Technologies' future business
prospects and business profitability, which are subject to a number
of risks and uncertainties and the actual results could materially
differ from those in such forward looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in
earnings, our ability to manage growth and new business
opportunities, competition (both domestic and international),
economic growth in India and the
target countries for business, ability to attract and retain highly
skilled professionals, time and cost over runs on projects, our
ability to manage our international operations, government
policies, interest and other fiscal costs generally prevailing in
the economy. Past performance may not be indicative of future
performance. The company does not undertake to make any
announcement in case any of these forward-looking statements become
materially incorrect in future or update any forward looking
statements made from time to time by or on behalf of the
company.
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