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ICICI Direct Report
Strong logo addition and increasing annuity mix (recurring business) from existing clients would aid Newgen Software Technologies Ltd.'s revenue growth as we baked in 17.2% compound annual growth rate revenue growth over FY22-24.
We expect the company to return to historical 70-80 logo additions/year as travel opens up. This coupled with subscription (software-as-a-service plus annual technical support/ annual maintenance contract) growth of 31% CAGR over FY22-24 is expected to drive annuity (SaaS plus ATS/AMC plus support) revenues, which are expected to grow at 21.8% CAGR in the same period and forms 63% of the revenue mix.
Newgen is working on 70-80 cases as far as global system integrator opportunity is concerned. Depending on the scenario analysis we did, it has an incremental revenue opportunity of Rs 79-131 crore in the next two years over and above its normal revenue run rate.
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