Business Standard

Newgen confident of 20% topline growth; plans to hire 400-500 people

Newgen Software Technologies is "confident" of about 20% topline growth for FY24, backed by resilience of its focus markets like India and Asia Pacific which are growth drivers, a top official said

Newgen Software

Newgen Software | Photo: Wikimedia Commons

Press Trust of India New Delhi

Listen to This Article

IT company Newgen Software Technologies is "confident" of about 20 per cent topline growth for FY24, backed by resilience of its focus markets like India and Asia Pacific which are growth drivers, a top official said.
The company is looking at hiring about 400-500 people from campuses this year to meet its business requirements, having fulfilled its commitment of timely onboarding of campus recruits last year, Virender Jeet, CEO of Newgen Software, told PTI.
Unlike many IT services companies that are facing macro headwinds in their primary markets of US and Europe, Newgen focuses on emerging markets, which offer plenty of headroom for growth, are underserviced and keen to bolster their digital play.
"Our investments largely happen in research and development, and sales, and we will continue that momentum. We are not looking at holding back any investments this year," he said.
For the quarter ended June, Newgen's revenue from operations stood at Rs 251.7 crore, up 34 per cent over the year-ago period. Its profit after tax came in at Rs 30.2 crore for the April-June quarter of the current fiscal, registering a growth of 57 per cent.
"Our business is very different from the traditional Indian IT services business, which is very service-oriented. We are software product based business, so we have offtake on product sales both on downturn where our products can be used for managing costs, or during upturn when there is growth," he said.
The company's confidence primarily stems from the strength of its current markets like India, Middle East and Asia Pacific, which together contribute 70 per cent of its business.
Newgen said that its exposure to the US is "very small right now", and that the company will build some momentum in that market.
It currently has 3,800 people, overall.
"Like last year, this year also towards the later part, the team will grow. We have gone ahead with on campus recruitments...roughly around 400-500 people come from campuses, and we have never held back on campus intakes," he said.
The company is conducting the next round of campus hiring (for January and June joining), and has set its sight on hiring 400-500 people from campuses, this year.
Jeet said that the campus intake of last fiscal (FY23) were onboarded without delay.
"We are a growing company, we need people, and so we are hiring," he said.
Newgen is provider of a unified digital transformation platform with process automation, content services, communication management, and AI/ML (Artificial Intelligence and Machine Learning) capabilities. Globally, enterprises leverage Newgen's low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 23 2023 | 2:07 PM IST

Explore News