Shares of Newgen Software Technologies Ltd corrected by 4.1 percent on Wednesday after the IT firm reported an 11.2 percent year-on-year (YoY) drop in its net profit. After trading positive in early trade, the Newgen share price slipped to the day's low price of Rs 361.10 on BSE post its April-June quarter results.

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#1QWithCNBCTV18 | Newgen Software reports Q1 earnings

▶️Cons net profit down 11.2% at ₹19.2 cr vs ₹21.6 cr (YoY)▶️Cons revenue up 17.8 % at ₹188 cr vs ₹159.5 cr (YoY)▶️Cons EBITDA down 15.3% at ₹19.3 cr vs ₹22.7cr (YoY)▶️Cons EBITDA margin at 10.2% vs 14.2% (YoY) pic.twitter.com/iRXM64J42Z— CNBC-TV18 (@CNBCTV18Live) July 20, 2022Newgen Software's net profit came in at Rs 19.2 crore for the April-June quarter, down 11.2 percent from Rs 21.6 crore in the corresponding period a year ago.

Newgen's revenue rose 17.8 percent to Rs 188 crore in the first quarter of the current fiscal, but its EBITDA declined 15.3 percent from Rs 22.7 crore to Rs 19.3 crore year on year.

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Newgen Software shifts biz model focus; expects margin expansion in Q4

In Q1 FY23, total expenses increased by 2.7 percent quarter-on-quarter and 23.73 percent year-on-year to Rs 175.08 crore. Employee benefits expense was Rs 116.18 crore in Q1 June 2022, up 4.46 percent QoQ and down 24.6 percent YoY.

Also read: Newgen Software CEO wants to burn cash to take the around $100-mn firm to $500-mn in five years

Newgen Software designs and delivers end-to-end software solutions ranging from workflow automation to document management to imaging services. It is a global software company engaged in software product development. Software provided by Newgen helps automate business processes.

First Published:Jul 20, 2022 3:29 PM IST