The management of Newgen Software Technologies Ltd. announced results for thequarterended December 31, 2022, at its Board Meeting held on January 17, 2023.
Key Highlights- Q3FY’23 v/s Q3 FY’22
Revenues
Rs 255 Cr
(26% Q3 YoY growth)
Subscription Revenues
Rs 84 Cr
(37% Q3 YoY growth)
Annuity Revenues
Rs 154 Cr
(38% Q3 YoY growth)
Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. 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 forenterprise-wide automation using NewgenONE low code digital transformation platform.” said Virender Jeet, CEO, Newgen Software.
Key Consolidated Financial Highlights (Q3 FY’23)
Revenue from operations (consolidated) witnessed a strong growth at Rs 255 crore as compared to Rs 203 crore in Q3 FY’22 (up 26% YoY).
- 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.
Key Consolidated Financial Highlights (9M FY’23)
Revenue from operations (consolidated) witnessed a strong growth at Rs 669 crore as compared to Rs 548 crore in 9M FY’22 (up 22% YoY).
Profit after tax stood at Rs 98 crore in the first nine months of the year.
Key Business Highlights (Q3 FY’23)
- Newgen Recognized in 2023 Gartner® Magic Quadrant™ for Enterprise Low-Code
Application Platforms for Third Year in a Row
Please refer to detailed PR below:
https://newgensoft.com/wp-content/uploads/2021/06/IntimationPRGartner17-1-23.pdf - 16 new logo wins in Q3 FY’23, including 5 in the Americas region. 36 new logo additions in 9M FY’23
- Entered major cloud/ subscription license deals during the quarter. The cloud/ subscription license revenues witnessed 59% growth to reach Rs 70 crores for 9M FY’23.
- Significant deals during the quarter include:
- Cloud deal with a full-service financial institution in the Southeast region in America with $23.7 bn in assets and 193 offices across America
- License based project for a full-service financial institution in America providing offerings for short and long-term life and health insurance, annuities, pensions, real estate, banking, and investment needs.
- In India, Newgen won large sized projects from a leading public sector bank and a private sector bank
- Mid-sized project in Singapore for a global financial services group
- Project for one of the fast growing banks in Africa region with more than 770 branches nationwide serving more than 7.5mn customers
