Newgen Software Technologies Ltd Share Price – NSE /  BSE

IT - Software, Small Cap

The board of Newgen Software Technologies at its meeting held on 30 July 2024 has approved the appointment of Sudhir Kumar Sethi (DIN: 00058105) as an Additional Director in the category of Non-Executive Independent Director on the Board of the Company, with effect from 30 July 2024, for a first term of five consecutive years, subject to the approval of the Members of the Company

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On year on year basis, the company's net profit and revenue jumped 57.52% and 25.05%, respectively in the quarter ended 30 June 2024.

The rise in the revenue was mainly driven by growth across all geographies.

During the quarter, Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and subscription license) were at Rs 201 crore. Revenue from the sale of products/license stood at Rs 45 crore and revenue from implementation and others were at Rs 68 crore.

Profit before tax stood at Rs 61.49 crore in Q1 FY25, up 67.96% YoY and down 52.34% QoQ.

EBITDA was at Rs 477 crore during the quarter (up 48.4% YoY). EBITDA margin improved to 15.1% in Q1 FY25 as compared to 12.8% registered in Q1 FY24.

Diwakar Nigam, chairman & managing director, Newgen Software Technologies, said, “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.”

Virender Jeet, CEO, Newgen Software, said, “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.”

Newgen Software Technologies is the leading provider of a 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.

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Net profit of Newgen Software Technologies rose 57.52% to Rs 47.57 crore in the quarter ended June 2024 as against Rs 30.20 crore during the previous quarter ended June 2023. Sales rose 25.05% to Rs 314.72 crore in the quarter ended June 2024 as against Rs 251.67 crore during the previous quarter ended June 2023.

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Newgen Software Technologies has received reaffirmation in credit rating of CRISIL A1 for debt facilities including Bank Guarantee (Rs 10 crore) and Export Packing Credit & Export Bills Negotiation/Foreign Bill Discounting (Rs 85 crore).

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