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NSE Aug 10, 2022 12:34 PM
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Newgen Software Technologies Announced Q1FY23 Result :

  • Newgen Software Reports Revenue of Rs 188 cr in Q1 FY’23, up 18% YoY With artificial intelligence and data science powered NewgenONE and cloud-first approach, the company is well-poised for accelerated digital initiatives.
  • Revenues Rs 188 Cr (18% Q1 YoY growth)
  • Subscription Revenues Rs 71 Cr (33% Q1 YoY growth)
  • Annuity Revenues Rs 131 Cr (25% Q1 YoY growth)
  • Revenue from operations (consolidated) witnessed strong growth reaching Rs 188 crores as compared to Rs 160 crores in Q1 FY’22 (up 18% YoY).
    • Subscription revenues (ATS/AMC and cloud) were at Rs 71 crores, up 33% YoY. Annuity revenue streams (ATS/AMC, support, and cloud/SaaS) were at Rs 131 crores
    • Revenue from the sale of products/license was at Rs 14 crores
  • Profit after tax stood at Rs 19 crores as compared to Rs 22 crores in Q1 FY’22. This was impacted due to the normalization of cost base on account of increased employee and travel costs.

Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “FY’23 has started on a strong note with revenue growth of 18% Q1 YoY with cloud and subscription revenues growing at 33% Q1 YoY. Given the seasonal nature of our business, Q1 is a lean quarter for us. On the cost front, there has been an impact of elevated employee costs and gradually normalizing travel expenses, however, Q1 margins are not a reflection of the year margins. We strongly believe that we have a resilient business model in place, with our products having significant leverage across both sides of the market opportunity - revenue enhancement and cost optimization.

“We continue to work on our long term cloud roadmap. We have enhanced NewgenONE with a cloud-native, multi-persona artificial intelligence and data science platform. Our platform is further enriched with intelligent document classification and extraction, integrated process, robotic process automation and easy application deployment capabilities.” said Virender Jeet, CEO, Newgen Software.

 

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