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11th August 2019
Majesco announces solid fiscal 2020 first quarter results
Majesco as announced solid financial results for the fiscal 2020 first quarter that ended 30th June.
“Our first quarter financial results reflect the ongoing momentum of our product focus and cloud strategy”, said Adam Elster, Majesco’s ceo. “The number of cloud customers continues to grow, and our customers are benefitting from dramatically reduced project implementation timelines. These trends clearly demonstrate Majesco’s ability to rapidly deliver time-to-value to our customers while providing a modern platform for insurers to innovate new products and business models. This is the foundation for our long-term growth as we acquire, adopt and expand customers.”
Revenue from cloud-based customers was $13.9m(37.4% of total revenue) for the quarter.
Total number of cloud customers is now 58.
Total recurring revenue was 32.5%.
Majesco’s 12-month order backlog as of 30th June was $98.7m.
We added 4 new cloud customers organically in the quarter."
Revenue was $37.3m compared to $34.0 million for the same period last fiscal year.
Gross profit was $19.9m(53.3% of revenue), compared to $15.9m.
Research and development(R&D) expenses were $5.5m(14.7% of revenue), compared to $4.8m.
Selling, general and administrative(SG&A) expenses were $11.8m(31.7% of revenue), compared to $9.3m.
Adjusted EBITDA was $4.7m(12.7% of revenue), compared to $3.5m.
Net income was $1.3m, or $0.03 per diluted share."
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