Newgen Software Hits Record High as Quarterly Profit Surpasses ₹100 Crore, Declares Dividend of ₹4 per Share

Newgen Software Technologies Ltd. achieved a significant milestone as its quarterly profit crossed the ₹100 crore mark, prompting a surge in its stock price to a record high. The company’s robust performance in the fourth quarter, coupled with the announcement of a dividend of ₹4 per equity share for the financial year 2024, contributed to investor enthusiasm.

In the March quarter, Newgen Software’s revenue experienced a notable upswing, reaching ₹375.3 crore, marking a remarkable 16% increase from ₹323.6 crore recorded in the previous quarter. This substantial revenue growth reflects the company’s resilient business operations and strategic initiatives.

The announcement of a final dividend of ₹4 per equity share for the financial year 2024 underscores Newgen Software’s commitment to enhancing shareholder value. The company plans to intimate the record date for the dividend payment in due course, providing shareholders with clarity on the timeline for receiving dividends.

As a testament to its stellar financial performance, shares of Newgen Software Technologies Ltd. surged by over 10% on the NSE during Tuesday’s intra-day trading session, reaching a record high of ₹947.40. The positive market response reflects investor confidence in the company’s strong quarterly results and future growth prospects.

During afternoon trading, the company’s stock continued its upward trajectory, trading 10.30% higher at ₹955.70 apiece. This significant uptick in share price highlights the market’s favorable reaction to Newgen Software’s impressive financial performance.

For the entirety of FY23, Newgen Software reported a profit of ₹177 crore, underscoring its consistent track record of profitability and financial stability. The company’s impressive quarter-on-quarter growth in net profit, amounting to 54.2% at ₹105.3 crore for the March quarter compared to ₹68.3 crore in the previous December quarter, further reinforces its position as a leading player in the software solutions domain.

Newgen Software’s record-breaking performance in the fourth quarter, coupled with its dividend declaration and sustained growth momentum, bodes well for its future prospects. As the company continues to leverage its technological expertise and market leadership, investors remain optimistic about its potential for sustained value creation and growth in the dynamic software industry landscape.

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