The share price of Newgen Software Technologies, a global provider of low code-based digital transformation platform, jumped 17 percent up in the afternoon trade on May 2 after the company reported a 63 percent jump in net profit at Rs 79 crore from Rs 48 crore in the previous quarter.
The company’s profit stood at Rs 57 crore in the corresponding quarter of the previous fiscal.
Revenue from operations stood at Rs 305 crore, up 20 percent sequentially from Rs 255 crore in Q3FY23. Revenue increased 32 percent on a yearly basis against Rs 231 crore reported in March 2022.
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The company also declared a final dividend of Rs 5 per equity share of Rs 10 each for the financial year 2022-23.
“The record date/ cut-off date for the purpose of determining the name of members for entitlement of dividend, if declared, at the ensuing AGM of the Company, will be Tuesday, 20th June 2023,” the company said in a filing on May 2.
The company’s market capitalisation has increased more than 70 percent in the last six months.
At 1.09 pm, the stock was trading 16.52 percent up on the National Stock Exchange at Rs 585.10, with the benchmark Nifty IT trading 1.38 percent up at 28,084.45 points.