Conference Call with Newgen Software Technologies Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting & Software company Newgen Software Technologies announced Q3FY24 & 9MFY24 results: Q3FY24 Financial Highlights: Revenue from operations (consolidated) at Rs 324 crore as compared to Rs 255 crore in Q3FY23, up 27% Q3 YoY driven by strong growth in banking and financial services across geographies. Total annuity revenue streams (ATS/AMC, support, cloud/SaaS, and subscription license) at Rs 191 crore, with strong growth in Support revenues. Subscription revenues (ATS/AMC, cloud, and subscription license) were at Rs 96 crore. Revenue from implementation grew by 66% Q3 YoY to reach Rs 69 crore. Profit after tax at Rs 68 crore up 45% from Rs 47 crore in Q3FY23 9MFY24 Financial Highlights: Revenue from operations (consolidated) witnessed a strong growth at Rs 869 crore as compared to Rs 669 crore in 9MFY23 (up 30% YoY). Profit after tax stood at Rs 146 crore in the first nine months of the year, up 51% YoY compared to Rs 97 crore in 9MFY23. Net Cash from Operating activities at Rs 193 crore for 9MFY24. Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies, said, “In the nine months ending December 2023, Newgen has demonstrated strong growth in revenues led by India and EMEA. We are witnessing tremendous opportunities in the Lending and Trade Finance space. We have also maintained robust profitability and strong cash flow generation highlighting the financial strength and resilience of our operations. Through our investments in innovation, people, and customer-centric approach, we have been nurturing and expanding our existing customer relationships; along with adding 38 new logos in 9MFY24”. “We are extremely delighted with the response our products are getting from customers across different geographies. We continue to innovate and drive over products through AI-led capabilities. With the launch of NewgenONE Marvin, we are excited to bring generative AI capabilities to our customers. NewgenONE Marvin is set to further accelerate low code capabilities with faster and smarter application development, and automation of customer journeys as well as help in building better customer engagement frameworks.” said Virender Jeet, CEO, Newgen Software. Result PDF
Conference Call with Newgen Software Technologies Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.