Newgen Software declared a healthy set of financial results for the first quarter of FY24. The revenues are 34 percent higher at Rs 252 crore versus Rs 188 crore in the corresponding quarter of last year. The revenue growth rate continues to expand consecutively every quarter.

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The earnings before interest, tax, depreciation and amortisation (EBITDA) is 67 percent higher at Rs 32 crore, while the EBITDA margins improved to 12.8 percent versus 10.2 percent in the same quarter of last year. The net profits of Newgen Software are 57 percent higher at Rs 30 crore compared with Rs 19 crore in the first quarter of FY23.

The company has been relatively unaffected by the banking crisis in US as over 60 percent of its revenues come from India and Europe, Middle East, and Africa (EMEA). US rev contribution is at 25 percent.

The stock is trading 4 percent higher on NSE post declaring its first quarter results and has given phenomenal returns to investors since start of this calendar year, rising 96 percent.