IT company, Newgen Software Technologies, on Friday said the company expects compounded annual growth rate (CAGR) of 22-23 percent going ahead.

Newgen Software posted an over two-fold jump in its net profit at Rs 18 crore in the third quarter ended December 2018. The company had registered a net profit of Rs 8.65 crore in the same period a year ago.

Total income of Newgen Software jumped around 34 percent to Rs 164.77 crore during the reported quarter from Rs 123 crore in the corresponding quarter of 2017-18.

In an interview to Diwakar Nigam, chief managing director, said, "As Newgen Software was working on a smaller base, seasonal variation across quarters are now tending towards normalisation. So, the company has done very well in Q2 and Q3."

"Our margins will keep on increasing as our expenses are going up by 16-17 percent and our growth is there for 22-23 percent. Hence, there is a continuous expansion in the margins and I think we will continue doing that. We are also improving on our revenue mix as well. So we see sustained growth in our margins,” he added.