Newgen Software FY20 revenue at Rs 661 crore, cloud sales up 60 pc
May 26, 2020
New Delhi [India], May 26 : Newgen Software said on Tuesday that its consolidated revenue from operations moved up 6.5 per cent year-on-year at Rs 661 crore as compared to Rs 621 crore in FY19.
The business has heavy dependence on the fourth quarter, which impacted the overall performance. The company said it witnessed growth across the board in its key geographies.
India, however, continued to face challenges on account of economic sluggishness in non-banking finance companies and banks as well as banking consolidation.
Cloud/SaaS deployments are rapidly increasing in all geographies -- the United States, Asia Pacific, India as well as in the Europe, Middle East and Africa region. Cloud revenues were Rs 38 crore and witnessed a growth of 60 per cent year-on-year.
Revenue from sale of products and license were at Rs 118 crore while implementation and digitisation revenues were at Rs 175 crore.
However, profit after tax was down at Rs 73 crore on account of slower growth in top-line and continued investments in R&D, sales and marketing efforts.
Newgen Software is a global provider of low code automation platform managing content, processes, and communication. Its mark detection system is used to identify marks, like tick and cross marks, on document images.
These marks are generally made on hard copies during document review or verification and hinder the extraction of useful data on the document.
This invention helps to identify these marks, which are then removed before the document is sent for extraction. This results in higher extraction accuracy for such cases.
