Newgen Software posts Rs 59 cr profit for Jan-Mar

IT company Newgen Software Technologies today reported a consolidated profit of Rs 59.45 crore for the quarter ended on March 31, 2018.

Total income of the company during the reported quarter was Rs 186.49 crore, the company, which posted its first financial report after listing on bourses, said in a statement.

For the year ended March 31, 2018, the consolidated profit of the company increased by around 45 per cent to Rs 73.7 crore from Rs 50.95 crore it posted a year ago.

"We have witnessed large customer acquisitions in banking and financial services domain including some Fortune 500 companies. Our focus continues to be on innovation and we have launched new products/ features creating a highly connected and digital workplace," Newgen Software Technologies, Chairman & Managing Director, Diwakar Nigam said in a statement.

The annual consolidated total income of Newgen increased by 19.44 per cent to Rs 520 crore for 2017-18 from Rs 435.36 crore it registered for the previous fiscal.

India market contributed the highest revenue of Rs 180.7 crore in 2017-18 to its consolidated market followed by Europe Middle East and Africa region with Rs 168.4 crore, the US Rs 119 crore and Asia Pacific contributed Rs 44.31 crore.

The company declared final dividend of Rs 2 per share.

Shares of Newgen closed at Rs 263.15 a unit, up by 3.77 per cent compared to previous, at BSE today.