Launch of Newgen LumYn — Gen AI powered hyper-personalization platform for banks

NOIDA, India, July 22, 2024 /PRNewswire/ -- The management of Newgen Software Technologies Ltd. announced results for the quarter ended June 30, 2024 at its Board Meeting held on July 18, 2024.

Key Highlights- Q1 FY'25 v/s Q1 FY'24

Commenting on the Company's performance, Mr. Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd., said, "As we start a new financial year, we are happy to close another robust performance quarter in terms of revenues and profits. The quarter registered 25% revenue growth, driven by strong business across all regions. We had good additions in our client portfolio and added 13 new logos in Q1. New business from our existing customer base also contributed significantly to our revenue growth, reaffirming our deep and long-term customer relationships and ability to deliver value to our customers."

"Our solutions in trade, lending, and supply chain finance have been getting good traction and market acceptance, helping businesses grow and manage their operations more efficiently. During the quarter, we also launched our new product, named Newgen LumYn, a Gen AI-powered hyper-personalization platform designed specifically for the banking sector," said Mr. Virender Jeet, CEO, Newgen Software.

Key Consolidated Financial Highlights (Q1 FY'25)

Revenue from operations (consolidated) witnessed a strong growth of 25% Q1 YoY, reaching Rs 315 crore as compared to Rs 252 crore in Q1 FY'24.

• Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and Subscription license) were at Rs 201 crores
• Revenue from the sale of products/license were at Rs 45 crores 
• Revenue from Implementation and others were at Rs 68 crores

Profit after tax stood at Rs 48 crore during the quarter, up 58% YoY compared to Rs 30 crore in Q1 FY'24.

Key Business Highlights (Q1 FY'25)

• 13 new customer logo additions during the quarter.
• Newgen recognized in Gartner® Market Guide for State and Local Government Grant Management Solutions
• Company has been reaffirmed the short-term rating of CRISIL A1, for its debt instruments.  
• Launch of new product named Newgen LumYn — a Gen AI-powered hyper-personalization platform designed specifically for the banking sector

*https://newgensoft.com/company/press-releases/newgen-gartner-market-guide-state-local-government-grant-management/

About Newgen

Newgen is the leading provider of AI-enabled 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, Newgen unlocks simple with speed and agility.

For more details, visit www.newgensoft.com

Disclaimer

This press release may contain certain forward-looking statements concerning Newgen Software Technologies' future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth and new business opportunities, competition (both domestic and international), economic growth in India and the target countries for business, ability to attract and retain highly skilled professionals, time and cost over runs on projects, our ability to manage our international operations, government policies, interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. The company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company.