Newgen Software reports Revenues from operations at Rs 1,244 cr in FY'24, up 28% YoY; Profit after Tax at Rs 252 cr, up 42% YoY

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Apr 30, 2024, 07:13 ET

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


Total Income (incl. Other Income)	PAT	New Logo Wins
Rs 1,292 Cr	Rs 252 Cr	51
(28% YoY growth)	(42% YoY growth)

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.

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.

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 21^st February 2024
Board has approved a Dividend of Rs 4 per equity share, adjusted for bonus issue of 1:1

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:

Investor Contact:

Runki Goswami

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Deepti Mehra Chugh

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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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SOURCE Newgen Software Technologies Ltd.