Profit before tax stood at Rs 58.60 crore in quarter ended 17 October 2023, jumps 60.11% quarter on quarter (QoQ) while jumped 58.81% YoY.

The company's revenue from EMEA market (Europe, Middle East and Africa) stood at Rs 293.23 crore in Q2 FY24, contributing 34% to the total revenue.

Revenue from India market stood at Rs 92.89 crore in Q2 FY24, contributing 32% to the total revenue.

Revenue from the US market stood at Rs 66.96 crore in Q2 FY24, contributing 23% to the total revenue.

Revenue from the Asia-Pacific market (APAC) market stood at Rs 33.97 crore in Q2 FY24, contributing 11% to the total revenue.

During the quarter, subscription revenues (ATS/AMC, cloud and subscription license) were at Rs 90 crore. Total annuity revenue streams (ATS/AMC, support, cloud/SaaS and subscription license) at Rs 179 crores, with strong growth in Support revenues.

On year on year basis, the company's consolidated net profit jumped 59.32% to Rs 47.78 crore on 29.68% increase in net sales to Rs 293.23 crore in Q2 FY24.

Diwakar Nigam, chairman & managing director, Newgen Software Technologies, said, “We continue to build upon the business momentum with four consecutive high growth quarters now. We witnessed a strong Q2 performance with 30% YoY revenue growth and margin expansion compared to same quarter last year.

We have been making deeper penetration through our digital lending platform in the banking sector and have received high value orders during the quarter as market activity picks up in this segment across different geographies. We are becoming a preferred and trusted platform in the banking ecosystem for accelerating their business. We are further working on expanding our market footprint through opening of new offices.

Virender Jeet, chief executive officer (CEO), Newgen Software, said, “Using Newgen's Low Code Platform based on a modern architecture of microservices and AI/ML, we continue to innovate for customers making our solutions more efficient, productive, and collaborative.”

Newgen Software Technologies is an information technology (IT) product company, which provides solutions in enterprise content management, business process management and customer communications management platforms. These platforms help clients digitise and manage content and document flow process. The major customers of the company are organisations belonging to sectors such as banking, telecom and insurance.