Netweb Technologies registers total income increase of over 100%
Netweb Technologies, a leading high-end computing solutions (HCS) provider in India, has achieved strong growth in the quarter that ended September, where its total income increased by 100.4 percent year-over-year, reaching Rs 1,480 million. Gross profit was at Rs 392 million, marking a YoY increase of 71.4 percent and a QoQ increase of 76.6 percent.
“While the margin for the quarter decreased, the margin for H1 FY24 increased to 30 percent, up from 29.5 percent in H1 FY23. This emphasizes that assessing our business quarterly to quarterly may not provide a holistic perspective”, said Sanjay Lodha, Chairman and Managing Director of Netweb Technologies. While gross profit for the quarter grew by 71.4 percent YoY, EBITDA increased by 64.4 percent to Rs 223 million. The EBITDA margin for the quarter was at 15 percent.
“Profit after tax (PAT) for the quarter increased by 65.9 percent YoY, reaching Rs 151 million, and the PAT margin for the quarter was at 10.2 percent”, said Lodha. Netweb offers a full stack of products and solutions to various end-user industries such as IT, ITES, BFSI, national data centers, and government entities such as defense, education, and R&D institutions.“Our business pipeline and order book remain robust. Our ongoing capability enhancements and the expansion of our operations and product portfolio position us well for sustainable growth while maintaining our technological leadership”, Lodha said.
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