Happen to listen to the concall just out of curiosity (had already exited Newgen for a better opportunity) Some good questions asked.
IMO the numbers need a better look to understand the actual product sales growth in the past years given their different revenue models: Saas, Upfront license and deferred license (annual). A vendor would always be happy to get upfront license fees for his product since it puts more cash in his hands. But instead it seems Newgen is getting pushed to offer deferred license. This does not seem inline if the product truly commands good market value. A glimpse of FY22 results show around 65% contribution from sale of products to the top line while the remaining 35% from development/services job.
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