Latest News | Newgen Software Q1 Profit Falls 11 Pc to Rs 19 Cr

New Delhi, Jul 20 (PTI) IT company Newgen Software Technologies on Wednesday posted about an 11 per cent decline in consolidated profit to Rs 19.17 crore for the first quarter ended June 2022.

The company had posted a profit of Rs 21.6 crore in the same period a year ago.

Also Read | EPFO Adds 16.82 Lakh Net Subscribers in May 2022.

The consolidated revenue from operations increased by about 18 per cent to Rs 187.89 crore during the reported quarter from Rs 159.53 crore a year ago.

"FY23 has started on a strong note with revenue growth of 18 per cent in the first quarter (Q1) on a year-on-year basis with cloud and subscription revenues growing at 33 per cent in the Q1 on YoY basis," Newgen Software Technologies chairman and managing director Diwakar Nigam said in a statement.

Also Read | Dell XPS 13 Plus 9320 With 12th Gen Intel Chip Launched in India.

He said given the seasonal nature of the company's business, the first quarter is a lean period for it.

"On the cost front, there has been an impact of elevated employee costs and gradually normalising travel expenses, however, Q1 margins are not a reflection of the year margins. We strongly believe that we have a resilient business model in place, with our products having significant leverage across both sides of the market opportunity - revenue enhancement and cost optimisation," Nigam said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)