Newgen Software Tech stock zooms over 6% as profit increases 30% yoy to Rs164 crore in FY22

The management of Newgen Software Technologies Ltd. has announced results for the full year and quarter ended March 31, 2022 at its Board Meeting held on May 3, 2022.

Key Consolidated Financial Highlights (Q4 FY’22)

Speaking about the results, Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “FY’22 was a transition year for us in many aspects, as we complete 30 years of our global enterprise product journey. We were back on the growth track witnessing 16% YoY revenue growth during the year. We have been able to achieve a smooth transition from license to cloud and subscription revenues, which are more long term and multi-year in nature, along with accomplishing growth.

Cloud and Subscription revenues have witnessed a robust growth of 23% YoY. We have large cloud and subscription order booking leading to more assured revenues in future years. We are seeing increasing adoption of subscription/cloud across geographies with large orders in India, EMEA, APAC as well as Australia.”

“We start FY’23, with new vigor and a new branding, driven by our rich and differentiated platform, lasting relationships with customers, strong team and a robust demand environment. We continue to invest on our products, employee trainings, and on strengthening our partner ecosystem for gaining momentum in newer, bigger markets.” said Virender Jeet, CEO, Newgen Software.

At around 9:17 AM, Newgen Software Technologies was trading at Rs487 per piece higher by 6.29% on the BSE.