Newgen Software Q4 net profit up 27 pc at Rs 53 crore

Newgen Software on Tuesday posted a net profit of Rs 53 crore for the quarter ended March as against Rs 42 crore for the same period in the previous fiscal, marking 27 per cent growth.

Earnings before interest, taxes, depreciation and amortisation (EBIDTA) were up by 28 per cent at Rs 66 crore compared to Rs 52 crore in the same period.

The company said revenue from operations witnessed strong sequential growth and reached Rs 200 crore in Q4 FY21, up 7.8 per cent from Rs 186 crore in Q3 FY21.

Subscription revenues (ATS/AMC and cloud) were at Rs 52.3 crore, witnessing a growth of 10.5 per cent year-on-year.

Annuity revenue streams (ATS/AMC, support, and cloud/SaaS) were at Rs 102 crore while revenue from sale of products/license were at Rs 47 crore. Implementation and digitisation revenues were at Rs 51 crore.

Chairman and Managing Director Diwakar Nigam said the company continued to witness business momentum in FY21 with expanded customer engagements and addition of 67 new logos under our umbrella.

"We are on our path to transformation from new license revenues to more stable subscription revenues and are witnessing a continuous increase in this segment. The US region is now our largest revenue contributor, recording a growth of 16 per cent this year with significant customers on cloud."

Newgen Software is a leading provider of digital automation platform with financial institutions, insurance companies, governments and shared services organisations as customers.

( With inputs from ANI )

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