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Wednesday, December 2nd, 2020

Newgen Software Reports Net Profit of Rs 29.2cr in Q2 FY’21, up 220% QoQ

INVC NEWS
New Delhi,

Newgen’s Low Code Digital Automation Platform empowers Enterprises in rapidly building and deploying applications

Chennai, India – 22 October 2020The management of Newgen Software Technologies Ltd. announced results for the Quarter ended 30 September 2020 at its Board Meeting held on 21

 

 

Key Consolidated Financial Highlights (Q2 FY’21) 

Revenue from operations (Consolidated) at Rs 155.0 crores as compared to Rs 154.0 crores in Q2 FY’20 (up 0.7% YoY,  17% QoQ).

·         Annuity revenue streams (ATS/AMC, Support, and Cloud/SaaS) witnessed a growth of 8% YoY (12% QoQ) and reached Rs 97.8 crores improving long-term visibility of the business

·         Revenue from Sale of Products/License were at Rs 26.4 crores

·         Implementation & digitization revenues were at Rs 30.8 crores

EBIDTA up by 350% YoY at Rs 41.1 crores compared to Rs 9.1 crores in Q2 FY’20

Profit after tax up by 592% YoY at Rs 29.2 crores from Rs 4.2 crores in Q2 FY’20 based on strong cost rationalization initiatives undertaken by the Company

Key Business Highlights (Q2 FY’21)

  • Newgen has been Positioned as a Niche Player in the Gartner Magic Quadrant for Enterprise Low-Code Application Platforms, September 30, 2020*. Newgen provides a robust digital platform to automate business processes has flexible licensing and deployment options, with the ability to deliver wider enterprise solutions with tremendous value
  • Growth momentum in Cloud continues:Newgen's cloud-based solutions provide reliable, uninterrupted, and secure service to customers. Cloud revenues witnessed a growth of 42% YoY during the quarter
  • Increasing share in the growth markets: Growth momentum continues in new markets. Newgen’s revenues from the US and APAC region witnessed robust growth of 11% YoY and 39% YoY respectively
  • 17 New Customer Logos addition in the Quarter, including

o   License Deal with a premier student loan financing organisation in the Americas.

o   Providing solutions for a very large international bank in Singapore, with more than 150 years of banking history

o   Solution implementation for a US Bank

  • Accelerated performance in Banking & Financial Services, Shared Services and Government/PSU, verticals with increased demand for digital transformation initiatives in these sectors
  • Launched new products -  OmniXtract 3.0, an enhanced and efficient version of intelligent data extraction software, which leverages intelligent technologies 

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