Multibagger stock Newgen Software Technologies Ltd got locked at its 5 per cent upper circuit limit in Tuesday's trade after the company said its consolidated profit after tax jumped 45 per cent year-on-year (YoY) to Rs 68 crore for the December quarter compared with Rs 47 crore in the same quarter last year.
Revenue from operations rose 27 per cent YoY to Rs 324 crore compared with Rs 255 crore, led by strong growth in banking and financial services across geographies. Total annuity revenue streams came in at Rs 191 crore, with strong growth in Support revenues, the company told stock exchanges. Subscription revenues stood at Rs 96 crore while revenue from implementation grew 66 per cent Q3 YoY to reach Rs 69 crore.
Chairman & Managing Director Diwakar Nigam said: “Newgen has demonstrated strong growth in revenues in 9MFY24 led by India and EMEA. We are witnessing tremendous opportunities in the Lending and Trade Finance space. We maintained robust profitability and strong cash flow generation highlighting the financial strength and resilience of our operations. Through 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.”
For the December quarter, the it added 11 new customer logo additions in the quarter.
Virender Jeet, CEO at Newgen Software said Newgen's 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.” he said.
Newgen Software rose 5 per cent to hit a high of Rs 898.60. With this, the multibagger stock is up 344 per cent in the last one year.
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