Newgen Software Cementing Deeper In Insurance, Healthcare

Newgen Software Technologies witnessed strong growth in Banking & Financial Services and Government verticals during the quarter.

Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies

FinTech BizNews Service

Mumbai, January 26, 2025: The management of Newgen Software Technologies Ltd. has announced results for the quarter ended December 31, 2024 at its Board Meeting held on January 20, 2025.

Commenting on the Company’s performance, Mr. Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “We continue to solidify our business and cultivate our customer relationships during the quarter. License revenues have grown by 70% YoY during Q3 with good deal velocity and several significant deal closures. We witnessed strong growth in Banking & Financial Services and Government verticals during the quarter. We are also entrenching deeper in the Insurance & Healthcare verticals across markets. We have been recognized in the Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms fifth time in a row. We believe, this is a testament to our unwavering commitment to innovation and excellence.”

“We are happy to share with immense pride and satisfaction that Newgen has been certified as a Great Place to Work by the Great Place to work institute in December 2024. We are committed to create a high trust high performance culture at Newgen as we scale up” said Mr. Virender Jeet, CEO, Newgen Software.

Key Consolidated Financial Highlights (Q3 FY’25)

Revenue from operations (consolidated) witnessed growth of 18% Q3 YoY, reaching Rs 381 crore as compared to Rs 324 crore in Q3 FY’24. License sales up by 70% Q3 YoY due to good deal velocity.

Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and Subscription license) were at Rs 208 crores
Revenue from the sale of products/license were at Rs 94 crores
Revenue from Implementation and others were at Rs 79 crores

Profit after tax stood at Rs 89 crore during the quarter, up 30% YoY compared to Rs 68 crore in Q3 FY’24.

Key Consolidated Financial Highlights (9M FY’25)

Revenue from operations (consolidated) witnessed growth of 22% 9M FY’25 YoY, reaching Rs 1057 crore as compared to Rs 869 crore in 9M FY’24.

Annuity revenue streams (ATS/AMC, support, and cloud/SaaS and Subscription license) were at Rs 614 crores
Revenue from the sale of products/license were at Rs 217 crores
Revenue from Implementation and others were at Rs 226 crores

Profit after tax stood at Rs 207 crore during 9M FY’25, up 41% YoY compared to Rs 146 crore in 9M FY’24.

Key Business Highlights (Q3 FY’25)

Significant deal closures include:

Working for the Reserve Bank of India for implementation and maintenance of the Regulatory Application Management System with aggregate value of INR 32 crores
In India, entered into agreement with Aye Finance Ltd. for Loan Origination Solution for aggregate commercial value of INR 24 crores
In Saudi Arabia, entered into agreement of USD 2.3mn with a large power generation and transmission company
Providing Knowledge and Records Management System to a customer in Singapore with total contract value of SGD 1.7mn
In US, entered into a contract with a Banking Client for Digital Account Opening, Retail Loans, ECM & Collection Upgrade for a total contract value of USD 1.8mn
In India, received a contract for Newgen Remittance system for value of INR 20.8 crores
In EMEA region, entered into contract for providing Digital Lending and Onboarding Platform for Retail Product with total value of USD 2mn
Providing Credit Automation services to a leading banking and financial services company in Africa region with aggregate value of USD 1.6mn

Key Business Highlights (Q3 FY’25)

Strong growth across all key markets – APAC (44% YoY), EMEA (19% YoY), India (10% YoY), and US (13% YoY)
Recognized as a ‘Niche Player’ in the Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms (LCAP) 2024, fifth time in a row*
Recognized in Forrester’s The Low-Code Platforms For Professional Developers Landscape, Q4 2024 on 23rd December*
Recognized as a “Leader” in the IDC MarketScape Report for Intelligent Customer Communications Management and Automated Document Generation and Customer Communication Management
Recognized as a Great Place to Work – Certified™ in India for the period December 2024 to December 2025
CRISIL has reaffirmed the short-term rating of CRISIL A1 for debt instruments/facilities of the Company

*https://newgensoft.com/company/recognition/

Newgen is the leading provider of AI enabled unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen’s industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries. Newgen unlocks simple with speed and agility.

Newgen Software Cementing Deeper In Insurance, Healthcare

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