New Delhi company has demonstrated strong growth in revenues led by India and EMEA, says Nigam
Newgen Software Technologies Ltd, which has global offices, reported new contracts in India, the Philippines, Singapore and the United States in its report for Q3 ended 31 Dec 2023.
The New Delhi-registered company listed latest wins at its Board Meeting held on 16 Jan 2024.
Newgen has further strengthened the collaboration with an Indian public sector bank by providing the crucial Trade Finance and Supply Chain Finance solution. The total order value is Rs.18 crores.
It is continuing with the strong order momentum in India, with an order from a leading player in the financial services industry offering asset and liability product solutions, for providing Loan Origination System platform including accelerators, for Rs.14 crores.
In the APAC region, Newgen won an order of Rs.9 crores from one of the leading universal banks in the Philippines
It has also secured additional business from a leading global multinational bank in the Singapore region, one of the leading banks in Philippines and a leading healthcare company in the US.
Speaking about the results, Newgen Software Technologies Ltd Chairman & Managing Director Diwakar Nigam said, “In the nine-month period ending December 2023, Newgen has demonstrated strong growth in revenues led by India and EMEA.
“We are witnessing tremendous opportunities in the Lending and Trade Finance space. We have also maintained robust profitability and strong cash flow generation, highlighting the financial strength and resilience of our operations.
“Through our investments in innovation, people, and customer-centric approach, we have been nurturing and expanding our existing customer relationships, along with adding 38 new logos in 9M FY’24.”
Newgen Software CEO Virender Jeet elaborated, “We continue to innovate and drive our products through AI-led capabilities. We are extremely delighted with the response our products are getting from customers across different geographies.
“With the launch of NewgenONE Marvin, we are excited to bring generative AI capabilities to our customers. NewgenONE Marvin is set to further accelerate low code capabilities with faster and smarter application development, automation of customer journeys as well as help in building better customer engagement frameworks.”
Revenue from operations (consolidated) witnessed a strong growth at Rs.869 crore as compared to Rs.669 crore in 9M FY’23 (up 30% YoY).
Profit after tax stood at Rs.146 crore in the first nine months of the year, up 51% YoY compared to Rs.97 crore in 9M FY’23.
Revenue from operations (consolidated) at Rs.324 crores as compared to Rs.255 crores in Q3 FY’23, up 27% Q3 YoY driven by strong growth in banking and financial services across geographies.
Revenue from implementation grew by 66% Q3 YoY to reach Rs.69 crores.
Profit after tax at Rs.68 crores up 45% from Rs.47 crores in Q3 FY’23. Fiinews.com
