10,607.3555.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

Newgen Software Q4 results: Profit dips 34% to Rs 41.5 crore

The company had recorded profit after tax of Rs 62.5 crore in the same period a year ago.

PTI|
Last Updated: May 26, 2020, 10.10 PM IST
0Comments
Getty Images
fall
The total income of the company fell 3 per cent to Rs 200 crore in the quarter under review from Rs 206.5 crore in the year-ago period.
New Delhi: IT company Newgen Software on Tuesday reported 34 per cent decline in consolidated profit to Rs 41.5 crore in the fourth quarter ended March 31, due to restrictions imposed across several geographies to curb coronovirus.

The company had recorded profit after tax of Rs 62.5 crore in the same period a year ago.

The total income of the company fell 3 per cent to Rs 200 crore in the quarter under review from Rs 206.5 crore in the year-ago period.

"Our business has heavy dependence on the fourth quarter. However, fourth quarter performance was lower than expected impacted by new business deferments due to restrictions imposed globally starting in February 2020 and the subsequent evacuation operations; as well as continuing economic and banking sector slowdown in India market," Newgen Software Technologies Chairman and MD Diwakar Nigam said in a statement.

For 2019-20, Newgen posted 29 per cent decline in PAT at Rs 72.7 crore compared to Rs 102.2 crore it registered at the end of 2018-19.

Total income of the company grew by 6 per cent to Rs 681.7 crore in FY20 as against Rs 641 crore in the previous fiscal.

"While in the short term the environmental challenges are expected to continue to lead to delay in new deals signings, we believe that today, the relevance and requirement of our digital solutions for enterprises is more than ever. We are thus transforming ways of working by aggressively pursuing cloud deployments across the globe," Nigam said.
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Also Read

Trending stocks: Newgen Software shares slip over 4%

Jefferies maintains buy on Newgen Software, raises target price to Rs 305

Jefferies maintains buy on Newgen Software, lowers target price to Rs 290

Analyst Calls: Asian Paints, ICICI Securities, Bajaj Finserv, Newgen Software

Newgen Software boss a sci-fi fan, reserves flight hours for Isaac Asimov's books

Newgen Software IPO subscribed 70% on Day 2

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service