Launch of Newgen LumYn — Gen AI powered
hyper-personalization platform for banks
NOIDA, India, July 22,
2024 /PRNewswire/ -- The management of Newgen
Software Technologies Ltd. announced results for the quarter ended
June 30, 2024 at its Board Meeting
held on July 18, 2024.
Key Highlights- Q1 FY'25 v/s Q1 FY'24
Revenues
Rs 315 Cr
(25% YoY growth)
|
|
Profit after
Tax
Rs 48 Cr
(58% YoY growth)
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New LogoWins
13
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Commenting on the Company's performance, Mr. Diwakar Nigam,
Chairman & Managing Director, Newgen Software Technologies
Ltd., said, "As we start a new financial year, we are happy to
close another robust performance quarter in terms of revenues and
profits. The quarter registered 25% revenue growth, driven by
strong business across all regions. We had good additions in our
client portfolio and added 13 new logos in Q1. New business from
our existing customer base also contributed significantly to our
revenue growth, reaffirming our deep and long-term customer
relationships and ability to deliver value to our customers."
"Our solutions in trade, lending, and supply chain finance have
been getting good traction and market acceptance, helping
businesses grow and manage their operations more efficiently.
During the quarter, we also launched our new product,
named Newgen LumYn, a Gen AI-powered hyper-personalization
platform designed specifically for the banking sector," said Mr.
Virender Jeet, CEO, Newgen
Software.
Key Consolidated Financial Highlights (Q1 FY'25)
Revenue from operations (consolidated) witnessed a strong
growth of 25% Q1 YoY, reaching Rs 315
crore as compared to Rs 252 crore in Q1
FY'24.
- Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and
Subscription license) were at Rs 201
crores
- Revenue from the sale of products/license were at Rs 45
crores
- Revenue from Implementation and others were at Rs 68 crores
Profit after tax stood at Rs 48
crore during the quarter, up 58% YoY compared to
Rs 30 crore in Q1 FY'24.
Key Business Highlights (Q1 FY'25)
- 13 new customer logo additions during the quarter.
- Newgen recognized in Gartner® Market Guide for State and
Local Government Grant Management Solutions
- Company has been reaffirmed the short-term rating of CRISIL
A1, for its debt instruments.
- Launch of new product named Newgen LumYn — a Gen
AI-powered hyper-personalization platform designed specifically for
the banking sector
*https://newgensoft.com/company/press-releases/newgen-gartner-market-guide-state-local-government-grant-management/
About Newgen
Newgen is the leading provider of AI-enabled unified digital
transformation platform with native process automation, content
services, and communication management capabilities. Globally,
successful enterprises rely on Newgen's industry-recognized low
code application platform to develop and deploy complex,
content-driven, and customer-engaging business applications on the
cloud. From onboarding to service requests, lending to
underwriting, and for many more use cases across industries, Newgen
unlocks simple with speed and agility.
For more details, visit www.newgensoft.com
Media
Contact:
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Investor
Contact:
|
Runki Goswami
runki.goswami@newgensoft.com
|
Deepti Mehra
Chugh
deepti.chugh@newgensoft.com
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Disclaimer
This press release may contain certain forward-looking
statements concerning Newgen Software Technologies' future business
prospects and business profitability, which are subject to a number
of risks and uncertainties and the actual results could materially
differ from those in such forward looking statements. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in
earnings, our ability to manage growth and new business
opportunities, competition (both domestic and international),
economic growth in India and the
target countries for business, ability to attract and retain highly
skilled professionals, time and cost over runs on projects, our
ability to manage our international operations, government
policies, interest and other fiscal costs generally prevailing in
the economy. Past performance may not be indicative of future
performance. The company does not undertake to make any
announcement in case any of these forward-looking statements become
materially incorrect in future or update any forward looking
statements made from time to time by or on behalf of the
company.
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