Shares of Newgen Software Technologies fell nearly 7 percent and hit an intraday low of Rs 976 on the NSE after the company reported a sequential decline in its consolidated net profit and revenue for Q1 FY25.
At 1.16 PM, Newgen's shares traded nearly 3 percent lower at Rs 1,015. The stock has gained 22 percent in the past six months, outperforming the Nifty 50 which gained 15 percent during the same period. The stock snapped a three-day winning streak on July 18.
Newgen released its June quarter results on July 18 which showed that the company's net profit declined 55 percent QoQ to Rs 47.6 crore and the revenue fell 16 percent QoQ to Rs 315 crore.
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While the EBIT fell over 65 percent QoQ to Rs 40 crore, the margin came down to 13 percent from 31 percent in the quarter ago period, CNBC-TV18 said.
However, on an annual basis, Newgen's net profit and revenue rose by 57 percent and 25 percent, respectively.
Newgen is a global software company that provides a unified digital transformation platform featuring process automation, content services, and communication management. Enterprises use Newgen’s low-code application platform to quickly develop and deploy complex business applications on the cloud. The platform supports diverse use cases, including onboarding, service requests, lending, and underwriting, across various industries.
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