Shares of Newgen Software Ltd were trading 1% higher from their day’s low on 18 November after the company announced the award of new contract.

Newgen Software’s wholly owned subsidiary, Newgen Software Technologies (UK) Ltd., has signed a master services agreement with a customer for Newgen Software licenses, AWS managed cloud services, and implementation services. The customer’s identity is not shared for confidentiality reasons.

According to the agreement, Newgen will make its Contract Management platform available throughout the enterprise, assisting users in creating and managing policy papers. The three-year contract is for £1.5 million, according to the exchange filing.

Newgen Software’s revenue increased by 25% sequentially in the September quarter, while its Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) doubled from the June quarter.

The EBITDA margin rose to 25.5% from 14% in the previous quarter.  In the first half of this fiscal year, Newgen Software’s sales increased by 6.7%, while its net profit increased by 11.7%.

Shares of Newgen Software rebounded from their lows for the day and temporarily went positive following the contract announcement. However, at 12:22 pm, the stock is currently trading 0.29% lower at Rs 920.85 on NSE.

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