Newgen Software Q4 profit rises 32% to Rs 105 crore

Tech firm Newgen Software Technologies on Tuesday posted a 31.67 per cent increase in consolidated net profit (attributable to shareholders of the company) to Rs 105.26 crore for the fourth quarter ended March 2024.

The company had reported a net profit of Rs 79.94 crore in the year-ago period.Revenue from operations, driven by strong growth in Europe, Middle East, and Africa (EMEA) and India region, rose 23.01 per cent year-on year to Rs 375.26 crore, as against Rs 305.05 crore in Q4FY23, according to a BSE filing.

The largest share of revenue was brought in by the banking vertical (73 per cent), followed by insurance (8 per cent), and Govt/PSUs (5 per cent). For the full FY24, the company's profit stood at Rs 251.60 crore, a 42.13 per cent ascent from the previous fiscal's Rs 177.01 crore.Revenue for the year was 27.70 per cent higher at Rs 1,243.82 crore.

"We are delighted to close another good growth year in terms of revenue and profit with strong growth in India and EMEA markets. Our large customer base has been increasing, leading to strong growth in revenue per customer," said Diwakar Nigam, Chairman and Managing Director, Newgen Software Technologies.

Profit after tax stood at Rs 252 crore during the year, up 42 per cent YoY compared to Rs 177 crore in FY23. The company approved a final dividend of Rs 4 per equity share i.e. 40 per cent on a face value of Rs 10 per share, for the year ended 31st March 2024.