" Our ability to conceptualize and deliver cutting-edge digital
platforms has empowered us to cater to the evolving needs of a broad customer base "
Dear Stakeholders,
As I look back on our progress over the past year, I feel extremely
content with our achievements. We have navigated a dynamic business landscape with agility
and foresight, achieving significant milestones that reflect our strength and resilience
– preparing us to take the next leap forward with speed, scale and innovation.
With the rapid adoption of digitalization across every facet of our
lives, streamlining customer digital journeys has become a norm for organizations seeking
future readiness. Our ability to conceptualize and deliver cutting-edge digital platforms
has empowered us to cater to the evolving needs of a broad customer base. Our goal has
always been to build long-lasting relationships with our clients, providing them with
innovative solutions that drive their success.
Key Milestones
We reported stellar financial performance in FY'2024. Our revenues
for the reporting year, stood at _12,438 million, with a year-on-year growth of 28%. We
have also witnessed robust profitability and healthy cash flow generation. This year, we
also achieved a remarkable milestone by reaching a market capitalization of over $1
billion. Customer relationships have always been key for us and have been instrumental in
our growth across all geographies. We are doing end-to-end automation for our customers by
tying up the front, middle and back-office processes for them. Our solutions continue to
be received well across geographies by customers including Trade Finance, Digital Lending,
Customer Onboarding, Card Origination and Supply Chain Finance solutions, reaffirming our
commitment to delivering value and innovation.
We are pleased to see ongoing growth in commitments from our existing
banking customers, as well as healthy new logo additions to our portfolio. We are making
deeper engagements with our clients, leading to a notable increase in the revenue per
customer. We now have over 65 clients billing over
_ 50 million compared to 51 clients in FY'2023. This underscores
our conscious emphasis on catering to larger-scale clients and those who significantly
contribute to our business.
At the same time, we have added 51 new logos during the year.
Innovation at the core
At Newgen, we firmly believe that innovation is vital for our success.
We have been making significant investments in research and development to bring forth an
enhanced product portfolio. With our focus on key areas like cloud adoption, microservices
architecture, robust security and empowering our System Integrator/Partners, we are
creating platforms that are future-proof and enabling the creation of next-generation use
cases that enhance user experience and optimize resource utilization.
In FY'2024, we enhanced our Newgen ONE platform with Generative AI
capabilities and tools. We have also released new versions of our robust ECM (Contextual
Content Services) and CCM (Omnichannel Customer Engagement) platforms, to further improve
our existing solutions. The launch of IDP Studio (Intelligent Document Processing)
leverages advanced machine learning algorithms to automate document processing and
contribute to seamless workflows.
Our connected banking solutions for digital lending and digital trade
finance, leveraging Newgen's low code digital automation platform, have done well and
we continue to build on that base. Further, we are penetrating into the insurance vertical
and strengthening our teams for it. During the year, we continued to be recognized by
industry analysts, Gartner in the Magic Quadrants and Forrester in the Wave reports.
Newgen has been positioned as a Leader in Everest Group's Low-code Technology Providers in
Insurance – Products PEAK Matrix? Assessment 2023.
Committed Team
We are leveraging the collective strength of our global workforce,
which has now grown to around 4,500 individuals and continues to expand and mature in
alignment with our business growth trajectory. Central to our commitment to organizational
success is our steadfast focus on talent management and learning initiatives. We believe
that by empowering our employees with the skills, knowledge, and tools they need to
succeed, we can foster a culture of excellence and drive innovation and growth to achieve
our shared vision.
Global Footprint
We are constantly working on increasing our global footprint and brand
presence. We opened new offices in New York and Saudi Arabia during the financial year
beyond our existing presence in India, United States, Canada, Australia, Dubai and United
Kingdom. We also continue to work on enhancing customer engagements, strengthening our
sales team and partnership network and expanding our digital presence.
Commitment to Sustainability and Community
At Newgen, we believe in using technology as a force for good. We are
also cognizant of our responsibility towards society and diligently strive to engage in
initiatives that make a holistic difference to communities.
Committed to sustainability, we continue to work on strengthening our
community engagement through various initiatives, supporting digital education, quality
education, skill development and promoting diversity and inclusion within the sector.
During the year, we were awarded with the prestigious Mahatma Awards in Quality Education
for our Newgen Digital Discovery Paathshala Program and we were also acknowledged in the
Best CSR Initiative category for our education, nutrition and holistic development
efforts.
Way forward
Our strategic roadmap for the coming year includes further expanding
our global footprint, enhancing our product offerings, and forging stronger partnerships
with key stakeholders.
As we step into the future, the landscape of enterprise automation
continues to evolve rapidly. Newgen is well-positioned to capitalize on these exciting
developments. With our consistent focus on innovation, customer-centricity and global
expansion, we are confident of our ability to deliver sustainable growth, create long-term
value for all our stakeholders and become turbocharged for a quantum leap. I want to
express my sincere gratitude to our people for their relentless dedication and tremendous
commitment to fulfill organizational objectives. I also want to thank our esteemed
customers for their continued trust and faith in Newgen. Finally, I extend my appreciation
to our valued investors, shareholders, vendors and partners for their unwavering support.
Together, we are prepared to strengthen the foundation of a future-focused Company.
Sincerely,
Diwakar Nigam
Chairman and Managing Director