It gives me immense pleasure to present to you the Annual Report ofyour Company for the Financial Year ended 31st March 2018. I hope this willprovide you a deeper understanding of our business ecosystem performance and prospects.This would also highlight how through leading-edge solutions we are reinventingworkplaces. I would also like to thank all the shareholders for the overwhelming responseto the IPO and look forward to their continued support and faith in the organisation
Due to global thrust on digitalisation customers are looking forsoftware solutions that empower their transformation to a digital integrated enterprise.Our comprehensive product portfolio presents us an excellent opportunity for growth. Ourproven platforms innovatively connect systems processes people and things. Theapplications built on our platform are extremely powerful and help organisations achievetheir critical objectives. Our applications are scalable secure cloud-ready highlyavailable and usable on all devices. We provide both on-premise and cloud solutions tosuit customer needs.
During Fiscal 2018 we have continued with our strong growth andprofitability momentum and delivered broadbased growth across geographies by expanding oursales distribution both direct and indirect with an emphasis on expanding our recurringrevenues and operating cash flows. On a consolidated basis we reported revenues of Rs5124 million in Fiscal 2018 that is a 20% growth (YoY) compared to the previous yearrevenues of Rs 4271 million. We continue to remain well diversified across geographieswith India comprising 35% of our revenues EMEA comprising 33% USA comprising 23% andAPAC (excluding India) comprising 9% of revenues. This year EMEA and APAC were two stronggrowth centers for us. In USA the business is focused on SaaS/
Cloud and thus the upfront revenues are in line with the businessmodel but these would be better quality revenue streams in future.
Newgen continues to be a global business; well diversified acrossgeographies customers and verticals. Our product leadership has enabled us to establish amarquee and diversified global customer base with longstanding relationships. We have anactive customer base of 520+ clients running their businesses and critical operations onour platforms in 60+ countries. We are providing solutions to some of the world'sleading banks insurance companies healthcare firms global manufacturers etc. We havemade substantial customer wins during the year and added 120 new customers including someFortune 500 companies. Our investments in USA are starting to bear fruit and we have seenlarge customer wins in this area.
Newgen continues to strengthen its horizontal product platform withconstant focus on Research & Development. We have continued to enhance our solutionsto take advantage of market trends and released product upgrades for our customers. Ournew offerings include Mobility (Newgen Enterprise Mobility Framework) Virtual RepositoryServices Dynamic Case Management RPA with BPM Digital Sensing and Flexible Designingand Authoring.
Newgen's commitment to delivering innovative products andsolutions makes us one of the few software products organisations which have attractedmultiple recognitions from leading advisory and research firms from time to time includingForrester and Gartner.
We are building vertical service accelerators to enhance the overallportfolio. We possess multi-vertical industry expertise and target a broad spectrum ofservices in our business and product offerings. This has helped us build solutionframeworks which are enriched with domain knowledge from the relevant sector and subjectmatter experts across several industries. These frameworks have been built on our platformand are scalable and adaptable based on a particular customer's unique and constantlyevolving business needs. Banking & Financial Services vertical continued to be astronghold for us. During the year we have built high level domain expertise and createdrobust frameworks for Retail and Corporate lending which are successfully operating acrossbanks and geographies.
The Company witnessed substantial improvements in the operationalperformance which reflect in the 39% increase in EBITDA (adjusted for other income). TheCompany reported the EBITDA (adjusted for other income) of Rs 975 million in Fiscal 2018as against Rs 702 million in Fiscal 2017. PAT improved by 42% from Rs 513 million inFiscal 2017 to touch Rs 729 million in Fiscal 2018. We continue to strike a fine balancebetween investing for our future growth and managing our margins.
We are focusing on scaling our Cloud / Saas business by increasingpenetration and strengthening the platforms to meet all compliance/ regulatoryrequirements. SaaS revenues witnessed robust growth of 3X and comprised 2% of revenue fromoperations.
Apart from our direct presence in several countries around the worldour robust partner network has played a pivotal role in expanding our outreach. We willcontinue to leverage our association with our partners to accelerate business growth.
Our outstanding performance is due to the efforts of our dedicatedskilled and professional employees. To ensure that we have the right mix ofnext-generation skills to achieve our goals we will continue to attract develop andretain the best talent in the industry. Our people are our most important asset and weremain committed to provide them with a workplace that fosters innovation collaborationand satisfaction.
We are heading towards exciting and transformative times in theindustry as well as for the organisation. Our performance in Fiscal 2017-18 has set thefoundation for the future.
We continue to work towards improvement of our products to make themfuture-ready and look forward to the continued support from all our stakeholders.
With Best Regards