Newgen Software slides after Q1 PAT drops 67% QoQ

Newgen Software Technologies fell 2.64% to Rs 373.20 after the company's' consolidated net profit declined 66.6% to Rs 19.17 crore on 18.8% decline in revenue from operations to Rs 187.89 crore in Q1 FY23 over Q4 FY22.

On year on year (YoY) basis, the company's consolidated net profit declined 11.25% while revenue from operations rose 17.77%.

Profit before tax stood at Rs 22.95 crore in Q1 June 2022, sliding 65.28% quarter on quarter (QoQ) and declining 19.82% YoY.

Total expenses rose 2.7% QoQ and increased 23.73% YoY to Rs 175.08 crore in Q1 FY23. Employee benefits expense was Rs 116.18 crore in Q1 June 2022, up 4.46% QoQ and down 24.6% YoY.

 

Newgen Software Technologies is a global software company and is engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to document management to imaging. Newgen provides a complete range of software that helps automate business processes.

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