Shares of Newgen Software Technologies Ltd corrected by 4.1 percent on Wednesday after the IT firm reported an 11.2 percent year-on-year (YoY) drop in its net profit. After trading positive in early trade, the Newgen share price slipped to the day's low price of Rs 361.10 on BSE post its April-June quarter results.
Newgen Software's net profit came in at Rs 19.2 crore for the April-June quarter, down 11.2 percent from Rs 21.6 crore in the corresponding period a year ago.
Newgen's revenue rose 17.8 percent to Rs 188 crore in the first quarter of the current fiscal, but its EBITDA declined 15.3 percent from Rs 22.7 crore to Rs 19.3 crore year on year.
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In Q1 FY23, total expenses increased by 2.7 percent quarter-on-quarter and 23.73 percent year-on-year to Rs 175.08 crore. Employee benefits expense was Rs 116.18 crore in Q1 June 2022, up 4.46 percent QoQ and down 24.6 percent YoY.
Newgen Software designs and delivers end-to-end software solutions ranging from workflow automation to document management to imaging services. It is a global software company engaged in software product development. Software provided by Newgen helps automate business processes.
First Published: Jul 20, 2022 3:29 PM IST