{"id":30891,"date":"2024-11-18T08:52:10","date_gmt":"2024-11-18T03:22:10","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=30891"},"modified":"2024-11-18T12:29:07","modified_gmt":"2024-11-18T06:59:07","slug":"alpha-newgen-software-technologies-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-newgen-software-technologies-ltd-equity-research-desk\/30891","title":{"rendered":"Alpha | Newgen Software Technologies Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30893\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Newgen-Software-Technologies-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Newgen Software Technologies Ltd &#8211; Digital transformation platform provider<\/span><\/h2>\n\n\n\n<p>Founded in 1992 and based in New Delhi, Newgen Software Technologies Ltd. provides a unified digital transformation platform, NewgenONE. Catering to global B2B clients, its services streamline operations and enhance customer experiences. Revenue primarily comes from software licensing, with additional income from services and support. Newgen serves diverse sectors, including banking, insurance, healthcare, government, telecom, and BPOs. As of FY24, it has 4,400 employees and 500 active customers across 76 countries, including marquee clients in India, the USA, Canada, UAE, Saudi Arabia, the UK, and more.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-29.png\"><img loading=\"lazy\" width=\"753\" height=\"502\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-29.png\" alt=\"\" class=\"wp-image-30919\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-29.png 753w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-29-300x200.png 300w\" sizes=\"(max-width: 753px) 100vw, 753px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>Newgen Software offers a robust platform with key solutions including:<\/p>\n\n\n\n<ul><li><strong>Contextual Content Services (ECM)<\/strong><\/li><li><strong>Intelligent Process Automation (BPM)<\/strong><\/li><li><strong>Omnichannel Customer Engagement (CCM)<\/strong><\/li><li><strong>Low-code Application Development<\/strong><\/li><li><strong>Artificial Intelligence and Data Science<\/strong><\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-23.png\"><img loading=\"lazy\" width=\"821\" height=\"303\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-23.png\" alt=\"\" class=\"wp-image-30896\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-23.png 821w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-23-300x111.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-23-768x283.png 768w\" sizes=\"(max-width: 821px) 100vw, 821px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY24, the company has 8 wholly owned subsidiaries.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Diverse Revenue Portfolio:<\/strong> The company\u2019s revenue spans 17 key sectors, with major contributions from Banking &amp; Financial Services (74%), Insurance (14%), Government (4%), and others (9%).<\/li><li><strong>Insurance Segment Growth:<\/strong> Aiming to increase the insurance segment to 40% of total revenue by focusing on product diversification and expanding its customer base in India, the Middle East, APAC, and the US.<\/li><li><strong>Geographic Expansion:<\/strong> In FY24, Newgen opened new offices in New York and Saudi Arabia to support its growth strategy, particularly in the US and Middle Eastern markets.<\/li><li><strong>Redefined Sales Strategy: <\/strong>The company has redefined its sales approach for the US market to further drive growth in its key sectors.<\/li><li><strong>Order Book Expansion:<\/strong> Newgen consistently expands its order book, securing significant deals like a Rs.25 crore project from an insurance company and a Rs.16.9 crore deal in the domestic infrastructure financing sector.<\/li><li><strong>International Contracts: <\/strong>Newgen secured international contracts, including a US$ 1.5 million order from a US-based financial institution and a similar contract with a financial leasing company in Saudi Arabia, along with an agreement with a financial institution in Singapore.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1244-crore.png\"><img loading=\"lazy\" width=\"828\" height=\"532\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1244-crore.png\" alt=\"\" class=\"wp-image-30897\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1244-crore.png 828w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1244-crore-300x193.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1244-crore-768x493.png 768w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q2FY25<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth:<\/strong> Revenue increased 23% to Rs.361 crore, up from Rs.293 crore in Q2FY24.<\/li><li><strong>EBITDA Growth:<\/strong> EBITDA improved 46% to Rs.83 crore, with the margin rising from 19% to 23%.<\/li><li><strong>Net Profit Increase:<\/strong> Net profit surged 46% to Rs.70 crore, with the margin rising from 16% to 19%.<\/li><li><strong>Regional Performance:<\/strong> Strong YoY growth in EMEA (21%), India (19%), APAC (53%), and the USA (17%).<\/li><li><strong>License Sales:<\/strong> License sales grew 52% during the quarter.<\/li><li><strong>Operational Strength:<\/strong> Continued strong performance across key metrics, driving profitability.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth<\/strong>: The company generated Rs.1,244 crore in revenue, a 28% increase compared to FY23.<\/li><li><strong>Operating Profit<\/strong>: Operating profit reached Rs.288 crore, up 36% YoY.<\/li><li><strong>Net Profit<\/strong>: Net profit stood at Rs.252 crore, a 42% YoY increase.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-24.png\"><img loading=\"lazy\" width=\"746\" height=\"354\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-24.png\" alt=\"\" class=\"wp-image-30898\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-24.png 746w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-24-300x142.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue &amp; PAT Growth<\/strong>: The company achieved a 3-year CAGR of 23% in revenue and 26% in PAT (FY21-24).<\/li><li><strong>ROE &amp; ROCE<\/strong>: Average 3-year Return on Equity (ROE) and Return on Capital Employed (ROCE) stand at 22% and 26%, respectively.<\/li><li><strong>Capital Structure<\/strong>: The company maintains a strong capital structure with a debt-to-equity ratio of 0.03.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-25.png\"><img loading=\"lazy\" width=\"750\" height=\"218\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-25.png\" alt=\"\" class=\"wp-image-30899\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-25.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-25-300x87.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook&nbsp;<\/span><\/h2>\n\n\n\n<ul><li>India is enhancing digital capabilities through deep-tech innovations and adopting emerging technologies like AI, cybersecurity, and IoT.<\/li><li>The IT sector is a key driver of economic growth, projected to reach US$ 350 billion by 2026, contributing 10% to the country\u2019s GDP.<\/li><li>The industry is well-diversified across sectors such as BFSI, telecom, and retail.<\/li><li>India remains the leading offshoring destination for global IT firms.<\/li><li>The tech sector is on track to double its revenue, targeting US$ 500 billion by 2030.<\/li><li>The public cloud services market is expected to grow from US$ 6.2 billion in 2022 to US$ 17.8 billion by 2027, with a CAGR of 23.4%.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>Union Budget 2024-25<\/strong>: Allocation of Rs.1,16,342 crore (US$ 13.98 billion) for the IT and telecom sector.<\/li><li><strong>PLI Scheme \u2013 2.0<\/strong>: Cabinet approved a Rs.17,000 crore (US$ 2.06 billion) outlay for IT Hardware.<\/li><li><strong>IndiaAI Mission<\/strong>: Cabinet approved over Rs.10,300 crore (US$ 1.2 billion) for the IndiaAI Mission in March 2024, strengthening India\u2019s AI ecosystem.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p><strong>Newgen Software Technologies Ltd.<\/strong> is generating stable returns from its capital, driven by consistent sales growth. The company boasts higher operating profit margins of 24%, compared to its competitors like Coforge Ltd. (15%) and Firstsource Solutions Ltd. (15%). This indicates a greater potential for margin-accretive profitability, positioning Newgen as a more efficient player in the industry.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30.png\"><img loading=\"lazy\" width=\"1024\" height=\"148\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30-1024x148.png\" alt=\"\" class=\"wp-image-30921\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30-1024x148.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30-768x111.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-30.png 1492w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>Newgen aims to achieve $500 million in revenue by FY27.<\/li><li>The company places a strong focus on research and development, having filed 45 patents, with 24 already granted.<\/li><li>While maintaining a strong presence in the banking sector, Newgen anticipates expanding its footprint in the insurance sector.<\/li><li>With a robust market position, expanding order book, and a focus on diverse verticals and geographies, the company is consistently delivering margin-enhancing performance, a trend expected to continue.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27-1024x712.png\" alt=\"\" class=\"wp-image-30901\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27-300x209.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-27.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Newgen\u2019s strong business model, focus on diverse verticals, and expansion into mature markets are expected to drive improved operational performance. We recommend a <strong>BUY<\/strong> rating for the stock with a target price (TP) of <strong>Rs. 1,453<\/strong>, based on a 39x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Forex Risk<\/strong>: With significant operations in foreign markets, Newgen is exposed to forex risk. Unforeseen fluctuations in the forex market could adversely affect the company\u2019s financial performance.<\/li><li><strong>Macroeconomic Challenges<\/strong>: Tighter monetary and fiscal policies, along with recessionary conditions in key markets, may slow down the company\u2019s ability to secure new deals.<br><\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Updated+Newgen+Software+Technologies+Ltd+-+Nov+2024.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 14 November 2024)<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28.png\"><img loading=\"lazy\" width=\"1024\" height=\"227\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28-1024x227.png\" alt=\"\" class=\"wp-image-30903\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28-1024x227.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28-768x171.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/11\/image-28.png 1162w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-kirloskar-pneumatic-company-ltd-equity-research-desk\/30824\">Kirloskar Pneumatic Company Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-jindal-saw-ltd-equity-research-desk\/30757\">Jindal Saw Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indigo-paints-ltd-equity-research-desk\/30733\">Indigo Paints Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-tata-power-company-ltd-equity-research-desk-2\/30633\">Tata Power Company Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newgen Software Technologies Ltd &#8211; Digital transformation platform provider Founded in 1992 and based in New Delhi, Newgen Software Technologies Ltd. provides a unified digital transformation platform, NewgenONE. Catering to global B2B clients, its services streamline operations and enhance customer experiences. Revenue primarily comes from software licensing, with additional income from services and support. Newgen [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,1063,897,892,941,1078,903,1117,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Newgen Software Technologies Ltd Stock Analysis November - 2024<\/title>\n<meta name=\"description\" content=\"Newgen Software Technologies Ltd. is a global leader in digital transformation, offering AI-driven solutions across banking, insurance, and other key sectors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-newgen-software-technologies-ltd-equity-research-desk\/30891\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newgen Software Technologies Ltd Stock Analysis November - 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