Newgen Software Tech shares hit all-time high post-Q1 results; firm's net profit jumps 57% YoY

Newgen Software share price: Shares of Newgen Software Technologies hit an all-time high of Rs 789 apiece on the BSE in the morning deals on Thursday (July 20), a day after the company released its June quarter numbers (Q1FY24). At the time of writing this news, the stock was trading at Rs 785.65, up 9.33 per cent. 

For the June quarter, the company posted a consolidated net profit of Rs 30.15 crore, up 57 per cent against Rs 19.17 crore logged in the corresponding quarter of the previous fiscal.

Revenue from operations increased 33.9 per cent to Rs 251.67 crore against Rs 187.89 crore logged in the year-ago period. 

Source: Earnings release

Key Business Highlights

• 13 new customer logo additions in the quarter
• New orders wins include:

1. Providing Digital account opening solutions for a privately held bank in the Americas region
2. Providing Lending Origination and Management Solution to a leading diversified business group in Saudi Arabia operating across 7 core sectors
3. Selected for Trade and Supply Chain Finance Solution to a leading financial institution in the UAE market

• Broad-based growth across all regions. The APAC market witnessed a growth of 46%. EMEA, US and India markets witnessed growth of 38%, 36% and 25%, respectively
• Strong growth in bookings for the quarter compared to last year's same quarter

Source: Earnings Release

According to Diwakar Nigam, the Chairman and Managing Director of Newgen Software Technologies, the company witnessed the highest quarterly revenue growth rate amid rising demand for digital transformation and automation.

"We are witnessing immense opportunities for digital journeys across the financial services sector as well as new requirements for automation at scale. The launch of the recent version of the NewgenONE platform further shows our commitment towards this direction. We are embedding AI and generative AI capabilities in our platforms, redefining the future enterprise automation," Nigam added.

About Newgen Software Technologies

Shares of the company were listed on bourses on January 29, 2018. The company provides its clients with a low-code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud.