Results for Q1FY24 from Newgen Software Technologies were revealed on Wednesday. Compared to the same quarter in fiscal year 2022–23, the company’s net consolidated profit, which was reported at $30.2 crore, increased by 57%. The first quarter of FY24 saw a 34% increase in revenue for Newgen Software Technologies, which totaled 264.2 crore. The subscription sales generated by Newgen Software Technologies during the three months ending in June 2023 increased significantly, rising to 88.6 crores, or 24% more than during the same period in the previous year. Sixty-seven percent of the company’s overall sales, which totaled 167.8 crores, came from its annuity income streams, which also comprise ATS/AMC, support, cloud/SaaS, and subscription licensing.
Newgen Software Technologies had a successful quarter in terms of licensing growth, with sales revenue from licenses and products reaching 42.1 crores, up 1.9 times over the same period last year.
“Maintaining the solid trend, the first quarter saw substantial growth across all geographies. The Company’s revenue growth rate over the prior quarter was greatest. The financial services industry is presenting enormous prospects for digital transformations, as well as brand-new needs for scaled automation. We have demonstrated our commitment to this goal with the recent launch of the Newgen ONE platform. We are integrating AI and generative AI capabilities into our platforms to redefine enterprise automations in the future, according to Chairman and Managing Director Diwakar Nigam.
Strong bookings from both existing and new customers were observed during the quarter. According to Virender Jeet, CEO of Newgen Software, “We are aiming to create a long-term sustainable business creating powerful partner ecosytems, long-term client relationships, dependable supply chains, and a diversified staff base.
