The management of Newgen Software Technologies Ltd. announced results for the quarter ended June 30, 2024 at its Board Meeting held on July 18, 2024.
Key Highlights- Q1 FY’25 v/s Q1 FY’24
Revenues
Rs 315 Cr
(25% YoY growth)
Profit after Tax
Rs 48 Cr
(58% YoY growth)
New Logo Wins
13
Commenting on the Company’s performance, Mr. Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “As we start a new financial year, we are happy to close another robust performance quarter in terms of revenues and profits. The quarter registered 25% revenue growth driven by strong business across all regions. We had good additions in our client portfolio and added 13 new logos in Q1. New business from our existing customer base also contributed significantly to our revenue growth reaffirming our deep and long-term customer relationships and ability to deliver value to our customers.”
“Our solutions in trade, lending, and supply chain finance have been getting good traction and market acceptance, helping businesses grow and manage their operations more efficiently. During the quarter, we also launched our new product named - Newgen LumYn, a Gen AI-powered hyper-personalization platform designed specifically for the banking sector.” said Mr. Virender Jeet, CEO, Newgen Software.
Key Consolidated Financial Highlights (Q1 FY’25)
Revenue from operations (consolidated) witnessed a strong growth of 25% Q1 YoY, reaching Rs 315 crore as compared to Rs 252 crore in Q1 FY’24.
- Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and Subscription license) were at Rs 201 crores
- Revenue from the sale of products/license were at Rs 45 crores
- Revenue from Implementation and others were at Rs 68 crores
Profit after tax stood at Rs 48 crore during the quarter, up 58% YoY compared to Rs 30 crore in Q1 FY’24.
Key Business Highlights (Q1 FY’25)
- 13 new customer logo additions during the quarter.
- Newgen recognized in Gartner® Market Guide for State and Local Government Grant
- Management Solutions
- Company has been reaffirmed the short-term rating of CRISIL A1 for its debt instruments.
- Launch of new product named Newgen LumYn - a Gen AI-powered hyper-personalization platform designed specifically for the banking sector
*https://newgensoft.com/company/press-releases/newgen-gartner-market-guide-state-local-government-grant-management/
About Newgen
Newgen is the leading provider of AI enabled unified digital transformation platform with native process automation, content services, and communication management 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