Newgen Software Tech Q3 PAT jumps 59% QoQ

Image
Capital Market
Last Updated : Jan 17 2023 | 3:04 PM IST

The software solutions provider's consolidated net profit jumped 59.23% to Rs 48.20 crore on 12.74% increase in net revenue to Rs 254.92 crore in Q3 December 2022 over Q2 September 2022.

On a consolidated basis, profit before tax (PBT) jumped 65.46% quarter-on-quarter to Rs 61.07 crore in Q3 December 2022.

Revenue from operations witnessed a growth of 26% Q3 YoY on the back of broad-based growth across all geographies. Subscription revenues (ATS/AMC and cloud) stood at Rs 84 crore, up 37% YoY. Annuity revenue streams (ATS/AMC, support, and cloud/SaaS) were at Rs 154 crore, up 38% YoY. Revenue from the sale of products/licenses was at Rs 58 crore. Profit after tax stood at Rs 48 crore in Q3 FY'23 (up 0.8% YoY).

EBITDA (adjusted for other income) jumped 56.8% QoQ and 1.8% YoY to Rs 58.90 crore in Q3 FY23. EBITDA margin stood at 23.1% in Q3FY23, higher than 16.6% in Q2FY22 and lower than 28.6% in Q3FY22.

Speaking about the results, Diwakar Nigam, chairman & managing director, Newgen Software Technologies said - "We are happy to share that we have made good progress and delivered strong performance across key business metrics. This is our first quarter with revenues exceeding Rs 250 crores. We witnessed a broad-based growth across all geographies, with overall Q3 revenue growth of 26% YoY. India and EMEA geographies continued to be major growth drivers with revenue growth of 40% and 27% respectively. The subscription revenues had been growing steadily at a healthy pace of 38% YoY. We closed significant cloud/ subscription license projects during the quarter."

"Overall, in the first 9 months of the year, we clocked in revenues of Rs 669 crores, indicating a 22% growth YoY. We witnessed 36 new logo wins in the 9 month period with Q3 clocking 16 new logo wins spread across geographies. This shows strong customer sentiment for enterprise-wide automation using NewgenONE low code digital transformation platform," said Virender Jeet, CEO, Newgen Software.

During the quarter, the company struck a cloud deal with a full-service financial institution in the Southeast region in America with $23.7 billion in assets and 193 offices across America. In India, Newgen won large sized projects from a leading public sector bank and a private sector bank.

Newgen Software Technologies is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management 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.

Shares of Newgen Software Technologies were down 1.21% at Rs 400 on the BSE.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jan 17 2023 | 2:52 PM IST

Next Story