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Newgen Software hits record high after profit crosses ₹100 crore — dividend ₹4 per share
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Newgen Software’s revenue surged to ₹375.3 crore in the March quarter, which was 16% higher than ₹323.6 crore in the last quarter. The company also recommended a final dividend of ₹4 per equity share for the financial year 2024. Record date for the payment of the final dividend will be intimated in due course.
Shares of Newgen Software Technologies Ltd. hit a record high of ₹947.40, as they climbed over 10% on the NSE in Tuesday’s intra-day trading after the company reported very strong results for the fourth quarter. The scrip was trading 10.30% higher at ₹955.70 apiece during afternoon deals.
For the whole of FY23, the company had reported a profit of ₹177 crore.
The company witnessed a 54.2% quarter-on-quarter growth in net profit at ₹105.3 crore for the March quarter, compared to ₹68.3 crore in the previous December quarter.
Revenue from operations surged to ₹375.3 crore in the reporting quarter, which was 16% higher than ₹323.6 crore in the last quarter.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 59.2% QoQ to ₹122.6 crore, while margin improved to 33% as against 24% in the previous quarter.
Newgen Software also recommended a final dividend of ₹4 per equity share for the financial year 2024.
Record date for the payment of the final dividend will be intimated in due course.
The board on 20 March 2024 allotted 1.40 lakh and 13,000 shares, respectively, to Newgen ESOP Trust through primary issue. Further, during the quarter, the nomination and remuneration committee has granted 3.86 lakh options to its employees under Newgen ESOP Scheme 2022, the company said.
In an earlier interaction with CNBC-TV18, the company’s management had said that the result for the March quarter are likely to be strong.
The dividend will be subject to the approval of the shareholders at the Annual General Meeting of the company.
At 1:30 pm the scrip was trading nearly 12% higher at ₹967 apiece on the NSE. The stock has risen more than 20% so far this year.
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