Newgen Software Reports Revenues of Rs 132.1cr in Q1, US Revenues up 36%

Focus on profitable and sustainable growth with growth in annuity business and profits

The management of Newgen Software Technologies Ltd. announced results for the Quarter ended 30 June 2020 at its Board Meeting held on 22 July 2020.

Speaking about the results, Mr. Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “During the quarter, we achieved revenues of Rs 132 crores. We continued to get business from our existing long-term customers ensuring full support to their mission-critical operations. We have also commissioned new solutions for them to fully managed remotely. We made 22 new customer additions during the quarter. Newgen has received a tremendous response, especially in the US region for our new Paycheck Protection Program (PPP) and Forgiveness solutions.

With our continued focus on profitable growth, we have undertaken substantial efforts towards optimisation of costs across all spheres of the organisation leading to a significant expansion of our margins on a YoY basis even amidst this challenging market. We also continue to strengthen our liquidity position.

Employee safety and customer service continue to be at the forefront of our post-COVID strategy and we have adopted effective practices and solutions to ensure a safe and efficient remote working environment. We are successfully fulfilling our commitments through these measures and practices while ensuring data security.

We will continue our focus on taking measures for building resilience within the organization, investing for long-term goals, and growing our recurring revenues, profits, and cash flows as the demand and adoption for digital solutions accelerates.”