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ICICI Securities Report
With better momentum in key markets such as USA (now the largest geography), Newgen Software Technologies Ltd. plans to expand further in mature markets by deepening its relationship with global system integrators.
With 40 plus deals under consideration and a potential Yr1 revenue of Rs 1.4 billion, pipeline remains healthy.
The company continues to invest aggressively across research and development, support and maintenance and senior leadership personnel with these expenses aggregating to ~25% of revenues in FY21.
However, we believe mid-teen growth for FY22E is contingent upon business situation improving in India and healthy deal conversions in H1 FY22E.
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