Newgen Software announces impressive Q3 FY24 results, marking significant YoY gains

Newgen Software Technologies Ltd. announced its financial results for the quarter ending December 31, 2023. The company witnessed a substantial 30% year-over-year (YoY) increase in revenue, reaching Rs 869 crores in the first nine months of the financial year 2024 (9M FY’24). This robust growth was complemented by a significant 51% YoY increase in Profit after Tax (PAT), which stood at Rs 146 crores.

Key Financial and Operational Highlights

Chairman & Managing Director Diwakar Nigam attributes this growth to strong performance in India and the EMEA region, particularly in the Lending and Trade Finance sectors. Newgen’s focus on innovation and customer-centric approaches has led to the addition of 38 new logos in 9M FY’24. Virender Jeet, CEO of Newgen Software, further emphasized the company’s commitment to AI-led product innovation, highlighting the launch of NewgenONE Marvin, a tool set to enhance low-code capabilities and customer engagement frameworks.

The consolidated revenue from operations for Q3 FY’24 saw a 27% YoY growth, reaching Rs 324 crores. The profit after tax for the same quarter rose by 45% YoY, amounting to Rs 68 crores. Newgen’s success is also reflected in its recognition as a ‘Strong Performer’ in The Forrester Wave™ and as a Leader in Everest Group’s Low-code Technology Providers in Insurance PEAK Matrix Assessment 2023.

Strategic Business Moves and Customer Engagement

Newgen has secured significant orders, including an Rs 18 crores deal with an Indian public sector bank for Trade Finance and Supply Chain Finance solutions. The company’s expansion in the APAC region is marked by a Rs 9 crores order from a leading Philippine bank.

Newgen Software Technologies Ltd.’s impressive performance in 9M FY’24 highlights its resilience and strategic growth in the technology sector. The company continues to strengthen its market position through innovation, customer-centricity, and strategic partnerships.