Posted by Newgen
The management of Newgen Software Technologies Ltd. announced results for the Quarter and Financial period ended 31 December 2019 at its Board Meeting held on 21 January 2020.
Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “As expected, business is picking up in the second half of the financial year leading to strong growth in revenues and profitability. Specifically, the EMEA region has performed very well during this quarter. We acquired a total of 50 new logos globally in the first 9 months of the financial year.
We are happy to share that we are ready with a new version of our product iBPS, a low code BPM platform for rapid application development. By adapting low code development platforms, enterprises respond quicker to the needs of their digital businesses. With this release and extended capabilities, we expect to extend our solutions stack further across all verticals and get deeper and wider market presence. With low code capabilities of the platform our customers expect to gain from significant reduction in deployment cycle, effort and cost.”
Highlights – Q3 FY’20 (YOY)
Key Consolidated Financial Highlights (Q3 FY’20) – [Y-o-Y Comparison]
- Revenue from operations (Consolidated) up 15% YoY at Rs 185.0 crores as compared to Rs 160.5 crores in Q3 FY’19.
- Revenue from Sale of Products/ License were at Rs 35.9 crores
- Annuity Revenue streams (ATS/AMC, Support and Cloud/SaaS) were at Rs 102.6 crores. Cloud/SaaS continues to be our fastest growing revenue
- Implementation & Digitization revenues were at Rs 46.4 crores
- EBITDA was at Rs 35.8 crores, up 34% and Profit after tax is Rs 24.0 crores, up 33% due to revenue growth and cost optimization.
Key Consolidated Financial Highlights (9M FY’20) – [Y-o-Y Comparison]
- Revenue from operations (Consolidated) up by 13% at Rs 470 crores as compared to Rs 417 crores in 9M FY’19.
- EBITDA was at Rs 52.7 crores.
- Profit after tax is Rs 31.3 crores
Key Business Highlights (Q3 FY’20)
- Prestigious customer wins: 12 new customer additions in Q3 FY’20 including:
- Cloud deal with a full-service commercial bank based in Massachusetts
- A project with a government agency in Caribbean
- A large project with East Africa’s largest commercial Bank
- A mid-sized project with a reputed organization for all financial solutions in the Kingdom of Saudi Arabia
- Selection by leading energy and environment solutions provider from India offering integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.
EMEA region witnessed growth of 87% and APAC region witnessed growth of 16%
- Analyst Recognitions: Newgen has been positioned a “Challenger” in Gartner Magic Quadrant for Content Services Platforms, 2019, 30 October 2019, Michael Woodbridge et al.
- Key Awards: Newgen also received Special Recognition at Dun & Bradstreet – RBL Bank SME Business Excellence Awards 2019.―CT Bureau