Newgen Software Technologies Ltd share Price Today

IT Consulting & Software company Newgen Software Technologies announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Profit After Tax: Rs 105 crore, showcasing a 32% upwards change from Q4FY23.
• Operating Revenue: Reported at Rs 375 crore, a 23% rise from Q4FY23.
• Annuity Revenues: Rs 212 crore with substantial growth in support revenues.
• Product Sales Revenue: Increased by 24% YoY to Rs 74 crore.

FY24 Financial Highlights:

• Total Income: Rs 1,292 crore, marking a 28% YoY growth.
• Profit After Tax: Rs 252 crore, representing a significant 42% increase from FY23.
• Revenue from Operations: Reached Rs 1,244 crore, indicating a growth of 28% YoY.
• Annuity Revenue Streams: Accounted for Rs 750 crore which includes ATS/AMC, support, and cloud/SaaS and Subscription license.
• Product Sales Revenue: Amounted to Rs 222 crore.
• Implementation and Other Services: Generated Rs 272 crore.

Commenting on the Company’s performance, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies 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 crore in Q4FY24. Profit after tax crossed Rs 100 crore for the first time in a quarter.”

Virender Jeet, CEO, Newgen Software said, “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 FY24.” 

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