Newgen Software Tech stock climbs over 6% as earnings rise 30% YoY to Rs164 crore in FY22

Discussing the results, Diwakar Nigam, President and CEO of Newgen Software Technologies Ltd., said, “Fiscal 22 was a year of transition for us in many ways as we complete 30 years of our global journey of business products. We were back on the growth path with 16% year-over-year revenue growth during the year. We were able to achieve a smooth transition from license revenue to cloud and subscription revenue, which is more long-term and multi-year in nature, while achieving growth.

Cloud and subscription revenue saw robust growth of 23% year-over-year. We have strong cloud and subscription order bookings which will lead to more assured revenue in the years to come. We are seeing growing subscription/cloud adoption across all geographies with large orders in India, EMEA, APAC as well as Australia.

“We enter FY23 with renewed vigor and branding, driven by our rich and differentiated platform, enduring customer relationships, strong team and robust demand environment. We continue to invest in our products, in training our employees and in strengthening our ecosystem of partners to gain traction in newer and larger markets. said Virender Jeet, CEO of Newgen Software.

At around 09:17, Newgen Software Technologies was trading at Rs 487 per coin up 6.29% on BSE.