The management of Newgen Software Technologies Ltd. announced results for the full year and quarter ended March 31, 2023, at its Board Meeting held on May 2, 2023.
Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “In FY’23, Newgen has created new benchmarks for itself on the product as well as financial parameters. We crossed the milestone of Rs 1,000 crores of Total Income for the year. We have also been named as a Leader in the Forrester Wave™: Content Platforms Report. 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 optimizing their business operations, increasing productivity, and promoting collaboration by utilizing NewgenONE platform. Our subscription revenues have witnessed a steady and robust growth of 31% YoY. We have large order booking indicating more assured revenues.” said Virender Jeet, CEO, Newgen Software.
Key Consolidated Financial Highlights (FY’23)
Revenue from operations (consolidated) at Rs 974.0 crores as compared to Rs 779.0 crores in FY’22, up 25% YoY.
- Subscription revenues (ATS/AMC, cloud, and subscription license) were at Rs 322.7 crores, up 31% YoY; increasing share of the cloud/subscription license business. Total annuity revenue streams (ATS/AMC, support, cloud/SaaS, and subscription license) at Rs 594.5 crores, contributing 61% to revenues.
- Revenue from the sale of products/license were at Rs 178.7crores, up 11% YoY.
Profit after tax at Rs 176.3 crores from Rs 164.2 crores in FY’22.
Net Cash from operating activities at Rs 136.6 crores.
Key Consolidated Financial Highlights (Q4 FY’23)
Revenue from operations (consolidated) witnessed strong growth reaching Rs 305.1 crores as compared to Rs 231.4 crores in Q4 FY’22 (up32% YoY).
- Subscription revenues (ATS/AMC and cloud/subscription license) were at Rs.87.5 crores, witnessing strong growth of 26% YoY. Annuity revenue streams (ATS/AMC, support, and cloud/SaaS) were at Rs 166.2 crores.
- Revenue from the sale of products/license were at Rs 59.5 crores.
Profit after tax stable at Rs 78.6 crores from Rs.57.4 crores in Q4 FY’22.
Key Business Highlights (Q4 FY’23)
- Recognized as a “Leader” in the Forrester Wave™: Content Platforms, Q1 2023, authored by Cheryl McKinnon et al.
- Acknowledged as a “Strong Performer” in the Forrester Wave™: Robotic Process Automation, Q1 2023 Report, authored by Bernhard Schaffrik, et al.
- 11 new customer logos addition in the quarter; 47 new customer logos addition during the year.
- Growing large customer base – 51 customers with over Rs 5 crores billing during the year compared to 38 in FY’22.
- Enhanced growth across regions with India and EMEA being the largest revenue growth contributors during the year, growing at 41% YoY and 28% YoY respectively.
- Accelerated performance in Banking & Financial Services, Insurance, and Government/PSU verticals.
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