The contract, granted by a foreign client, encompasses licensing, implementation, and support services, and will be carried out over a period of five years. Through this agreement, Newgen’s solutions will be utilized to facilitate digital transformation across various business segments of the customer.
Also Read: Newgen Software Technologies arm wins order worth $2.57 million in US
For the entire FY23, the company reported a profit of ₹177 crore. It experienced a 54.2% quarter-on-quarter growth in net profit, reaching ₹105.3 crore for the March quarter, compared to ₹68.3 crore in the previous December quarter.
Revenue from operations ballooned to ₹375.3 crore in the reporting quarter, a 16% increase from ₹323.6 crore in the last quarter. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 59.2% QoQ to ₹122.6 crore, while the margin improved to 33%, up from 24% in the previous quarter.
Also Read: Explained — Why Newgen Software Shares have declined 32% in five trading sessions
Shares of Newgen Software Technologies Ltd closed at ₹1,231.15, gaining ₹9.65, or 0.79%, on the BSE.
