New Delhi, India – October 17, 2023
The management of Newgen Software Technologies Ltd. announced results for the quarter ended September 30, 2023 at its Board Meeting held on October 17, 2023.
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)
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)
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
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.
|Deepti Mehra Chugh