Results: Newgen Q4 net profit up over 27% to Rs 52.7crore
Results: Newgen Q4 net profit up over 27% to Rs 52.7crore

Newgen Software Technologies on Tuesday said it has clocked a 27.2 per cent rise in consolidated net profit at Rs 52.7 crore for the March 2021 quarter.

The company had registered a net profit of Rs 41.5 crore in the year-ago period, Newgen said in a regulatory filing.

Its revenue grew 4.8 per cent to Rs 200 crore in the quarter under review from Rs 190.8 crore in the year-ago period, it added.

For the full year, the company's net profit grew 73.9 per cent to Rs 126.5 crore in the financial year 2020-21, while revenue was up 1.8 per cent to Rs 672.6 crore over the previous fiscal.

The company won 17 new logos in the fourth quarter, and 67 new logos in the financial year 2020-21.

"In FY'21, we continued to witness business momentum with expanded customer engagements and the addition of 67 new logos under our umbrella. We are on our path to the transformation from new license revenues to more stable subscription revenues and are witnessing a continuous increase in this segment," Newgen Software Technologies Chairman and Managing Director Diwakar Nigam said.

He added that the US region is now the company's largest revenue contributor, recording a growth of 16 per cent this year, with significant customers on the cloud.

The US market accounted for 31 per cent of the financial year 2020-21 revenue, followed by India (29 per cent), Europe, Middle East, and Africa (EMEA) at 26 per cent, and Asia Pacific (excluding India) at 14 per cent.

"In our focused pursuit of target growth markets, we continue to build our Global System Integrator ecosystem and expand our direct sales structures," he said.

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