BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Newgen Software Technologies Ltd. has reported robust growth of ~9% YoY in Q3 FY22 backed by strong performance in the Europe, Middle East and Africa (up 20% YoY) / Asia Pacific (up 26% YoY) region. It reported an impressive 17 new logo wins during the quarter.
Strong growth of up 20% YoY in subscription revenue was a key positive while software-as-a-system revenue posted muted growth due to client-related adjustments.
Newgen Software Tech continues to invest aggressively across research and development and sales and marketing with expenses aggregating ~30% of revenues in Q3 FY22.
Management commentary hinted at robust demand environment and healthy pipeline, but some delay in generating revenues from its GSI partnerships. We believe mid-teen growth for FY22E is contingent upon continued performance in key markets and travel opening up.
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