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Newgen Software Technologies Ltd Q2 FY24 consolidated net profit higher at Rs. 47.78 crores
Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “We continue to build upon the business momentum with four consecutive high growth quarters now. We witnessed a strong Q2 performance with 30% YoY revenue growth and margin expansion compared to same quarter last year.
We have been making deeper penetration through our Digital Lending Platform in the banking sector and have received high value orders during the quarter as market activity picks up in this segment across different geographies. We are becoming a preferred and trusted platform in the banking ecosystem for accelerating their business. We are further working on expanding our market footprint through opening of new offices.
“Using Newgen’s Low Code Platform based on a modern architecture of microservices and AI/ML, we continue to innovate for customers making our solutions more efficient, productive, and collaborative.” said Virender Jeet, CEO, Newgen Software.
Key Consolidated Financial Highlights (Q2 FY’24)
Revenue from operations (consolidated) at Rs 293 crores as compared to Rs 226 crores in Q2 FY’23, up 30% Q2 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 179 crores, with strong growth in Support revenues. Subscription revenues (ATS/AMC, cloud and subscription license) were at Rs 90 crores.
- Revenue from implementation grew by 82% Q2 YoY to reach Rs 62 crores.
Profit after tax at Rs 48 crores up 59% from Rs 30 crores in Q2 FY’23.
Net Cash from Operating activities at Rs 146 crores for the six-month period ending September 30, 2023.
Key Business Highlights (Q2 FY’24)
- Honoured with the prestigious Mahatma Award for Social Good and Impact towards Quality Education
- Key Customer Orders
- Significant milestone achieved with the recently announced order of Rs 68 crores from a leading public sector bank in India for development and management of their complete Digital Business Platform. This is the largest order in terms of value for Newgen so far
- Working with one of the largest banks in India for their Agri-Lending Solution
- Fortified relationships and expanded business with existing customers in EMEA region especially in Saudi Arabia. Undertaking a large project for a specialized finance company under Central Bank of Saudi Arabia for Digital Lending
- Executing a digital transformation project for Business Banking Loan originations for a leading private sector bank in Egypt
- Added a significant new logo in Americas region - a leading global analytics and technology provider to the insurance industry, for our Content Management offering on cloud
- 14 new customer logo additions in the quarter
- Established new offices in New York (United States of America) and Riyadh (Kingdom of Saudi Arabia) to expand footprint in the US and Middle East market
- Newgen and Coforge Ltd., a global digital services and solutions provider, elevated their partnership to deliver transformative insurance lifecycle management solutions
- Newgen’s Accounts Payable solution recognized in the Gartner “Market Guide for Accounts Payable Invoice Automation 2023 Report.
- CRISIL reaffirmed the short-term rating of CRISIL A1 for debt instruments/facilities of the Company.