The software solutions provider's consolidated net profit jumped 59.23% to Rs 48.20 crore on 12.74% increase in net revenue to Rs 254.92 crore in Q3 December 2022 over Q2 September 2022.
On a consolidated basis, profit before tax (PBT) jumped 65.46% quarter-on-quarter to Rs 61.07 crore in Q3 December 2022.Revenue from operations witnessed a growth of 26% Q3 YoY on the back of broad-based growth across all geographies. Subscription revenues (ATS/AMC and cloud) stood at Rs 84 crore, up 37% YoY. Annuity revenue streams (ATS/AMC, support, and cloud/SaaS) were at Rs 154 crore, up 38% YoY. Revenue from the sale of products/licenses was at Rs 58 crore. Profit after tax stood at Rs 48 crore in Q3 FY'23 (up 0.8% YoY).
EBITDA (adjusted for other income) jumped 56.8% QoQ and 1.8% YoY to Rs 58.90 crore in Q3 FY23. EBITDA margin stood at 23.1% in Q3FY23, higher than 16.6% in Q2FY22 and lower than 28.6% in Q3FY22.
Speaking about the results, Diwakar Nigam, chairman & managing director, Newgen Software Technologies said - "We are happy to share that we have made good progress and delivered strong performance across key business metrics. This is our first quarter with revenues exceeding Rs 250 crores. We witnessed a broad-based growth across all geographies, with overall Q3 revenue growth of 26% YoY. India and EMEA geographies continued to be major growth drivers with revenue growth of 40% and 27% respectively. The subscription revenues had been growing steadily at a healthy pace of 38% YoY. We closed significant cloud/ subscription license projects during the quarter."
"Overall, in the first 9 months of the year, we clocked in revenues of Rs 669 crores, indicating a 22% growth YoY. We witnessed 36 new logo wins in the 9 month period with Q3 clocking 16 new logo wins spread across geographies. This shows strong customer sentiment for enterprise-wide automation using NewgenONE low code digital transformation platform," said Virender Jeet, CEO, Newgen Software.
During the quarter, the company struck a cloud deal with a full-service financial institution in the Southeast region in America with $23.7 billion in assets and 193 offices across America. In India, Newgen won large sized projects from a leading public sector bank and a private sector bank.
Newgen Software Technologies is the leading provider of a 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.
Shares of Newgen Software Technologies were down 1.21% at Rs 400 on the BSE.
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