Shares of Newgen Software Technologies dropped 5% on the BSE despite reporting an increase in net profit in Q3FY20.
The company posted a net profit of Rs23.96cr, rose 33% yoy in the quarter ended December 2019 as against Rs18.06cr during the previous quarter ended December 2018.
Its sales also jumped 15.2% to Rs184.95cr in the quarter ended December 2019 as against Rs160.54cr during the previous quarter ended December 2018.
Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said – “As expected, business is picking up in the second half of the financial year leading to strong growth in revenues and profitability. Specifically, the EMEA region has performed very well during this quarter. We acquired a total of 50 new logos globally in the first 9 months of the financial year. We are happy to share that we are ready with a new version of our product iBPS, a low code BPM platform for rapid application development. By adapting low code development platforms, enterprises respond quicker to the needs of their digital businesses. With this release and extended capabilities, we expect to extend our solutions stack further across all verticals and get deeper and wider market presence. With low code capabilities of the platform, our customers expect to gain from a significant reduction in deployment cycle, effort and cost.”
Stock view:
Newgen Software Technologies Ltd is currently trading at Rs230.80, down by Rs8.75 or 3.65% from its previous closing of Rs239.55 on the BSE.
The scrip opened at Rs239.90 and has touched a high and low of Rs239.90 and Rs226.25 respectively.
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