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IDBI Capital Report
Newgen Software Technologies Ltd. reported healthy set of Q3 FY23 numbers. The company’s Q3 and Q4 are stronger than H1. Hence, we expect the robust momentum to continue, we expect revenue to grow 21% YoY in Q4 FY23E and 22% in FY23E.
Further, Newgen aspires to grow higher than 20% beyond FY23E and have guided Ebitda margin of 22-23% and net margin of 17-18%.
The company expects bulk of revenue growth to be driven by Middle East, India and Asia Pacific. However, considering the macro uncertainty we have conservatively build revenue growth of 18% and profit after tax growth of 16% over FY22-25E.
We believe Newgen is well poised to gain from higher penetration in mature market, global system integrator partnership and addition of new logos (via direct sales).
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