Newgen Software posts 30% YoY growth in net profit

Newgen Software Technologies Ltd on Wednesday reported 30 per cent YoY growth in net profit at Rs 164 crore for the financial year 2022.

New Delhi, May 4: Newgen Software Technologies Ltd on Wednesday reported 30 per cent YoY growth. In net profit at Rs 164 crore for the financial year 2022. The company’s total income during the same period was Rs 809 crore, up 18 per cent. The revenue witnessed 16 per cent growth at Rs 779 crore. While subscription revenue was up 23 per cent YoY at Rs 246 crore. Commenting on the results, Diwakar Nigam, Chairman and Managing Director, Newgen Software Technologies Ltd said. “FY’22was a transition year for us in many aspects.

As we complete 30 years of our global enterprise product journey. We were back on the growth track witnessing16% YoY revenue growth during the year. We have been able to achieve a smooth transition. From license to cloud and subscription revenues. Which are more long term and multi-year in nature. Along with accomplishing growth”. “We start FY’23, with new vigour and a new branding. Driven by our rich and differentiated platform, lasting relationships with customers, strong team and a robust demand environment. We continue to invest on our products, employee training, and on strengthening our partner ecosystem for gaining momentum in newer, bigger markets,” said Virender Jeet, CEO, Newgen Software. 

(Except for the headline. This story has not been edited by Business Upturn staff and is published from a syndicated feed.)

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