Newgen Software slumps after dismal Q1 outcome

Newgen Software Technologies fell 12.35% to Rs 251.30 at 15:18 IST on BSE after consolidated net profit fell 95.06% to Rs 3.08 crore on a 35.78% decline in net sales to Rs 130.97 crore in Q1 June 2019 over Q4 March 2018.

The announcement was made during market hours today, 24 July 2019.

Meanwhile, S&P BSE Sensex was down 126.50 points or 0.33% at 37,856.24.

On BSE, 6,124 shares were traded in Newgen Software Technologies counter, compared to a 2-week average of 899 shares. The share price hit an intraday high of Rs 285 and an intraday low of Rs 247. It hit a 52-week high of Rs 371 on 16 April 2019 and a 52-week low of Rs 205.25 on 8 October 2018.

Diwakar Nigam, chairman & managing director, Newgen Software Technologies said, The fiscal year began on a positive note with revenue growth of 23% y-o-y and improvement in our operating profits. We continue to invest in deepening our product capabilities, talent development and new market expansion. We opened up our Australian subsidiary during the quarter and are pursuing opportunities in that market. License revenues witnessed a growth of 90% y-o-y as we closed a few interesting new logos in the enterprise, banking and financial services and insurance space."

Newgen Software Technologies is a provider of business process management, enterprise content management and customer communication management platforms with large, mission-critical solutions deployed at global banks, governments, BPOs & IT companies, insurance firms and healthcare organizations.

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