Newgen Software Technologies spikes 12% on impressive Q2 numbers

As of 2 pm, the stock traded up 12.10 percent at Rs 1044.

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Shares of Newgen Software Technologies surged over 12 percent on October 17 after the company reported sharp improvement in its September quarter earnings numbers.

The company’s net profit was up 58 percent at Rs 47.8 crore versus Rs 30 crore quarter on quarter as well as year on year. The revenue was up 16.5 percent quarter on quarter at Rs 293.2 crore versus Rs 251.7, while it was up 30 percent year on year.

As of 2 pm, the stock traded up 12.10 percent at Rs 1044.

Revenue generated from the Indian market was at Rs 92.89 crore, up from Rs 67.36 crore year on year. The same from Europe, and middle-east was at Rs 99.41 crore, rising from 73.96 crore. Revenue from Asia Pacific was flat at Rs 33.97 crore while from the US stood at 66.96 crore against Rs 51.53 crore.

The company said Delhi Bench of National Company Law Tribunal (NCLT) had given its nod to merger of Number Theory Software Private Limited (NTSPL), a wholly-owned subsidiary of 1he Company.

“Upon the sanction becoming effective from the appointed date i.e. 01.04.2022 as provided under the Scheme, NTSPL stands dissolved without undergoing the process of winding up,” the company said.

Newgen Software Technologies is a software services provider. It is engaged in the business of software product development including designing and delivering end-to-end software solutions.