Newgen Software profit rises 37% to Rs 79 crore in Q4; revenue crosses Rs 1,000 crore in FY23

New Delhi: Digital transformation solutions provider Newgen Software Technologies on Tuesday reported a more than 37 per cent increase in its profit after tax to Rs 78.6 crore in the January-March quarter of FY23.

The company had posted a profit after tax (PAT) of Rs 57.4 crore in the corresponding quarter of the preceding fiscal, Newgen Software said in a statement.

The company's consolidated revenue from operations rose 32 per cent to Rs 305.1 crore compared to Rs 231.4 crore in the year-ago quarter.

"Subscription revenues were at Rs 87.5 crore, witnessing strong growth of 26 per cent YoY. Annuity revenue streams were at Rs 166.2 crore," the company said, adding that the revenue from the sale of products/licences stood at Rs 59.5 crore during the quarter under review.

The profit after tax in the entire financial year rose nearly 12 per cent to Rs 176.3 crore from Rs 164.2 crore in FY22.

Its revenue crossed Rs 1,000 crore for the first time, registering a growth of 32 per cent in the just-concluded financial year, it said.

India, Europe, the Middle East and Africa were the largest contributors in the revenue growth during the year, Newgen said, adding that the company onboarded 51 new high-value customers with over Rs 5 crore billing in FY23 compared to the preceding fiscal's number at 38.

Subscription revenues in FY23 stood at Rs 323.7 cr, up 31 per cent year-on-year.

Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd, said: "In FY23, Newgen has created new benchmarks for itself on the product as well as financial parameters...Our solutions today are driving deeper penetration into our customer base. We have been seeing an increasing trend of average ticket sizes per customer. We now have 51 customers with over Rs 5 crore annual billing".

"We are happy to see enterprises optimising their business operations, increasing productivity, and promoting collaboration by utilising the NewgenONE platform. Our subscription revenues have witnessed a steady and robust growth of 31 per cent YoY. We have large order bookings, indicating more assured revenues," said CEO Virender Jeet.

Newgen Software provides its clients of various sectors with a unified digital transformation platform with native process automation, content services, communication management, artificial intelligence and machine learning capabilities.