Newgen Q1 Results: PAT rises by 57% to ₹30.2 crore; revenue jumps by 34%
₹30.2 crore which was 57% higher than the corresponding quarter in the fiscal year 2022-23. In terms of revenue, Newgen Software Technologies witnessed a 34% jump as it reached ₹264.2 crore during Q1FY24. During the quarter ending June 2023, Newgen Software Technologies significant growth in subscription revenues which jumped to ₹88.6 crores, 24% higher than reported in the same quarter last year.
The total annuity revenue streams of the company which include ATS/AMC, support, cloud/SaaS, and subscription license contributed 67% to the overall revenues amounting to ₹167.8 crores. In terms of license growth, Newgen Software Technologies reported a strong quarter as the revenue from the sale of products/licenses was at ₹42.1 crores, up 1.9 times year-on-year. The company's net cash from operating activities stands at ₹57 crore.
Newgen Software Technologies added 13 new customer logo additions in the quarter with orders like providing a digital account opening solution for a privately held bank in the Americas region, providing Lending Origination and Management solutions to a leading diversified business group in Saudi Arabia operating across 7 core sectors, etc. The company's growth was balanced across all regions as it clocked 46% in the APAC market and the EMEA, US, and India markets witnessed growth of 38%, 36%, and 25% respectively. “Continuing the strong momentum, Q1 witnessed robust growth across all geographies.
The Company witnessed the highest quarterly YoY revenue growth rate. 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 Newgen ONE platform further shows our commitment
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