Newgen Software Technologies posts revenues of Rs 324 crore in Q3 FY24, growth up by 27%

Newgen Software

Technologies Ltd, a global provider of low code digital transformation platform, has reported a 27% growth in consolidated revenue during the Q3-FY24 period. The IT company posted revenues amounting to Rs 324 crores in the third quarter, compared to the Rs 255 crores declared in the same quarter in FY23. The Newgen Software board has also approved the issue of bonus shares to existing shareholders at a 1:1 ratio.
“We are extremely delighted with the response our products are getting from customers across different geographies.

We continue to innovate and drive our products through AI-led capabilities. 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,” said

Virender Jeet

, CEO, Newgen Software.
According to Newgen, growth has largely been driven by in banking and financial services across geographies. The company has disclosed that it has won a Rs 14-crore order—for providing its Loan Origination System platform including accelerators—from a leading player in India in the financial services industry offering asset and liability product solutions. Newgen also strengthened its collaboration with an Indian public sector bank—with a total order worth Rs 18 crores—where it will provide its Trade Finance and Supply Chain Finance solution. Others recent order wins on the books include a Rs 9-crore deal with a leading universal bank in Philippines, a global multinational bank in Singapore and a healthcare company in the US for undisclosed amounts.
According to Newgen Software, total annuity revenue streams (which includes ATS/AMC, support, SaaS and subscription license) stood at Rs 191 crores, with a reportedly strong growth in its support revenues. Subscription revenues from ATS/AMC, cloud and subscription licenses were at Rs 96 crores. Revenue from implementation grew by 66% Q3 YoY to touch Rs 69 crores and profit after tax (PAT) is at Rs 68 crores, registering an uptick of 45% from the Rs 47 crores recorded in Q3 FY23.

Recently, Newgen Software partnered with Duck Creek Technologies, a property & casualty (P&C) insurance software and services provider, to offer its NewgenONE OmniDocs Contexual Content Services platform to insurers. Newgen Software has stated that is has added 11 new customers this third quarter, bringing the total number to 38 in nine months, ending 31 December 2023.