Shares of Newgen Software Technologies, a global provider of low-code-based digital transformation platforms, rose 17% in afternoon trade on May 2 after the company reported a 63% rise in net profit to Rs 79 crore from Rs 48 crore in the previous quarter.
The company posted a profit of Rs 57 crore in the corresponding period of the previous fiscal.
Operating income is Rs 305 crore, up 20% QoQ from Rs 255 crore in Q3FY23. Revenue is up 32% year-on-year compared to the Rs 231 crore reported in March 2022.
The company also declared a final dividend of Rs 5 per equity share of Rs 10 each for FY22-23.
“The record date/cut-off date for determining the names of members entitled to the dividend, if announced at the subsequent Company’s annual general meeting, will be Tuesday, June 20, 2023,” the company said in a filing on May 2.
The company’s market capitalisation has increased by more than 70% in the past six months.
The stock was trading 16.52% higher at Rs 585.10 at 1:09 pm on the National Stock Exchange, while the benchmark Nifty IT traded 1.38% higher at 28,084.45.