IT stock engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services jumped upto 12 percent in the day’s trade upon posting its Q4FY24 results with a 54 percent jump in Net Profits.
With a market capitalization of Rs. 13,275, the shares of Newgen Software Technologies Limited were trading at Rs. 919.95, up 5.77 percent from its previous day’s close price of Rs. 865.95.
Its revenue from operations grew by 23 percent YoY from Rs. 305.05 Crores in Q4FY23 to Rs. 375.26 Crores in Q4FY24 and it grew by 15.94 percent QoQ from Rs. 323.65 Crores in Q3FY24 to Rs. 375.26 Crores in Q4FY24. Annually it generated a revenue of Rs. 973.97 Crores in FY23 and Rs. 1,243.82 Crores in FY24 indicating a growth of 27.70 percent YoY.
Its Net Profit grew by 31.67 percent YoY from Rs. 79.94 Crores in Q4FY23 to Rs. 105.26 Crores in Q4FY24 and it grew by 54 percent QoQ from Rs. 68.34 Crores in Q3FY24 to Rs. 105.26 Crores in Q4FY24. Annually it generated a profit of Rs. 177.01 Crores in FY23 and Rs. 251.60 Crores in FY24 indicating a growth of 42.13 percent YoY.
In Addition, the Board of Directors of Newgen Software Technologies Limited has recommended issuing a final dividend of Rs. 4 per equity share with a face value of Rs. 10 each for the year ended 31st March 2024
Newgen Software Technologies Limited is a leading provider of a unified digital transformation platform engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to document management to imaging.
As of Q4FY24 revenue split by segment, it generates 29 percent from Support services, Implementation& other services 24 percent, sale of products 20 percent, SaaS 9 percent, and ATS/AMC 18 percent.
Written by: Bharath K.S
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