GLOBAL ECONOMIC OVERVIEW AND OUTLOOK
Global growth was estimated at 3.2% in 2023, projected to maintain this pace through 2024 and 2025. This forecast reflects a modest upward revision but remains low by historical standards due to high borrowing costs, reduced fiscal support, lingering effects of the COVID-19 pandemic, and geopolitical tensions. Despite significant disinflation during 2022-23, economic activity remained resilient, driven by steady employment growth, higher-than-expected government spending, and increased labour force participation. Global headline inflation is expected to decline from 6.8% in 2023 to 4.5% in 2025, with advanced economies reaching their targets sooner than emerging markets.
The global outlook presents balanced risks, including potential price spikes due to geopolitical tensions and financial stress from high-interest rates, while positive factors could include looser fiscal policies and technological advancements.
Growth in Asia and the Pacific exceeded expectations in late 2023, reaching 5.0% for the year. In 2024, growth is global anticipated to slow down slightly to 4.5%. Near-term risks are now broadly balanced, with global disinflation and the potential for monetary easing increasing the chances of a soft landing. The region is projected to remain the worlds most dynamic, contributing approximately 60% of global growth in 2024.
Note: Advanced economies include regions such as United States, Germany, France, Italy, Spain, Japan, United Kingdom. Emerging economies include regions such as China, India, ASEAN-5, Russia, Brazil, Mexico, Saudi Arabia, Nigeria, South Africa
Source: IMF, World Economic Outlook (WEO), April 2024
INDIAN ECONOMIC OUTLOOK
India: Worlds Fastest Growing Economy
India remains the fastest growing major economy of the world, registering repeated positive growth surprises, driven by resilient domestic demand, a rising working-age population and supportive policies. Indias real GDP grew by 7% in FY2023 and 7.8% in FY2024, where it contributed 16% to the global growth. It is projected to grow by 6.8-7.2% in FY20251.
Indias economic resurgence gained solid ground in 2023, as domestic demand improved and global commodity prices stabilised. The upward momentum has been fuelled by stronger-than-expected growth in industrial activity, including manufacturing and construction, a robust services sector and a surge in public infrastructure investment. This momentum is expected to continue in FY2025, backed by private investments, improved capital flows rebound in exports and increase in manufacturing and agricultural output.
India to Become the Third Largest Economy by 2027
India is projected to become a US$ 4 trillion economy in 2024-25, surpassing Japan and Germany to become the 3rd largest economy by 2027. Currently, India is the 5th largest economy, with a nominal GDP of approximately US$ 3.7 trillion. Japan, with a GDP of US$ 4.1 trillion, and Germany, with US$ 4.6 trillion, are slightly ahead, though Germanys relatively stagnant growth makes it a static target. (Forecasted by Economic Advisory Council; GOI, and IMF projections also indicate the same).
INDUSTRY OVERVIEW GLOBAL IT
The global IT industry is undergoing significant transformation, driven by rapidly developing Artificial Intelligence (AI). It has become all-pervasive, penetrating all aspects of IT and business in general. Digital transformation initiatives have accelerated, with organisations adopting new technologies to stay competitive and meet changing market demands. Key trends include a paradigm shift in the IT landscape, brought upon by AI, the growth of private cloud and cloud services, the rise of hybrid workforces, and increased investments in IT business services and emerging technologies.
Exhibit 7: Global IT Industry Market by Segment (US$ in bn) – FY 2019-2029F (Historical and Estimated Years)
| US$ Bn | Market Size |
CAGR | |||
| Global IT Industry Segments | FY2019 | FY2024F | FY2029F | FY2019- FY2024F | FY2024F- FY2029F |
| Telecom Services | 1,536 | 1,677 | 1,989 | 1.78% | 3.47% |
| Emerging Tech | 193 | 204 | 298 | 1.12% | 7.84% |
| IT + Business Services | 1,163 | 1,606 | 2,354 | 6.67% | 7.95% |
| Software | 515 | 1,080 | 1,883 | 15.96% | 11.77% |
| Other Devices + | 770 | 904 | 1,255 | 3.27% | 6.78% |
| Infrastructure | |||||
| Workstations | 5 | 7 | 8 | 7.63% | 4.76% |
| HPC Systems | 38 | 47 | 58 | 4.41% | 4.41% |
| Global IT Industry | 4,219 | 5,525 | 7,846 | 5.54% | 7.27% |
Evolving Dynamics in the Global IT Sector: A Year in Review
1. Enhanced Cloud Services and XaaS: Cloud technology has continued to evolve, acting as the backbone for everything-as-a-service (XaaS) models. Organisations are increasingly adopting hybrid and multi-cloud strategies to optimise costs, enhance resilience, and reduce vendor lock-in. This shift has driven the demand for orchestration solutions to manage complex cloud environments efficiently. AI-driven solutions are optimising cloud services, providing intelligent automation, and facilitating advanced data analytics. These enhancements have made XaaS models more efficient and scalable, meeting the growing demand for flexible and cost-effective IT solutions.
2. Private Cloud: The market for private cloud server solutions is also anticipated to grow, driven by concerns over data security and disaster recovery, alongside the adoption of the Bring Your Own Device (BYOD) trend and mobile workforce utilisation. Private cloud servers provide a delivery system for hosted services dedicated to a single company, combining the benefits of public clouds with enhanced security and privacy.
3. Hybrid Workforce Evolution: The hybrid workforce model has become more prevalent, with companies striving to balance remote and in-office work. Technology firms are developing solutions to enhance remote collaboration, productivity, and employee engagement.
4. IT Business Services Growth: IT business services have seen substantial growth, driven by increased IT investments, the rise of software-as-a-service (SaaS), and the proliferation of cloud-based offerings. Businesses are prioritising modern security solutions to protect themselves against data breaches and cyber threats, further fuelling the demand for advanced IT services.
5. Emerging Technologies: The adoption of emerging technologies such as 5G, blockchain, augmented reality (AR), and AI has accelerated. These technologies are reshaping IT service offerings, enabling real-time data processing, secure transactions, and innovative applications across various industries.
6. High-Performance Computing (HPC): HPC systems have experienced significant need for advanced simulations, data analysis, and complex computing tasks. HPC is critical in areas such as AI, genomics, autonomous vehicles, and financial modelling, providing competitive advantages and fostering innovation.
7. Software Solutions and Cybersecurity: The software segment has expanded, particularly in response to the rise of e-commerce, Internet of Things (IoT), and the increasing number of connected devices. The need for sophisticated cybersecurity solutions has grown, driven by the complexity and accessibility of modern cyber threats.
8. Infrastructure Developments: The demand for robust infrastructure to support cloud services, AI applications, and hybrid work environments has surged. Investments in cloud infrastructure, AI cloud platforms, and hybrid cloud solutions are critical for addressing business challenges and driving growth.
INDIAN IT
The Indian IT industry was valued at US$ 241 Bn in FY2024, with projections to reach US$ 372.7 Bn by FY2029, growing at a CAGR of 9.1%. Key factors driving this growth include a stable economy, expansion of e-commerce, upgrades to 4G and 5G networks, and the implementation of the "Make-in-India" and Production Linked Incentive (PLI) Schemes.
Key Growth Sectors
1. Oil & Gas: Expected to grow at over 3% CAGR by FY2027, driven by government investments in infrastructure and exploration. High-Performance Computing (HPC) and AI are crucial for seismic data analysis, simulation, and safety.
2. Automobile: Anticipated to grow at 8-10% CAGR until 2027. The sector, contributing 7.1% to Indias GDP, is leveraging AI across the value chain, from manufacturing to predictive maintenance and insurance.
3. BFSI: Projected to grow at 27-30% CAGR until 2025. The fintech market, valued at US$ 50 Bn in 2021, is expected to reach US$ 150 Bn by 2025. AI is transforming the sector with applications in fraud detection, customer experience, and algorithmic trading.
4. Strategic government investments and the integration of advanced technologies are set to propel the Indian IT industry forward, driving significant various sectors.
growth, driven by the
India IT Market by Segment
India IT market by computation type is segmented into HPC Systems, workstations, other devices, infrastructure, software, IT business services, emerging tech, and telecom services.
India IT Industry Market by Segment (US$ in Mn) – FY2019-2029F (Historical and Estimated Years)
| US$ Mn | Market Size |
CAGR | |||
| India IT Industry Segments | FY2019 | FY2024F | FY2029F | FY2019- FY2024F | FY2024F- FY2029F |
| Telecom Services | 7,160 | 9,183 | 12,906 | 5.10% | 7.04% |
| Emerging Tech | 58,300 | 80,656 | 1,26,720 | 6.71% | 9.46% |
| IT + Business Services | 48,338 | 66,646 | 1,04,357 | 6.63% | 9.38% |
| Software | 29,960 | 39,548 | 59,260 | 5.71% | 8.42% |
| Other Devices + Infrastructure | 32,705 | 43,953 | 67,087 | 6.09% | 8.83% |
| Workstations | 161 | 426 | 1,456 | 21.54% | 27.86% |
| HPC Systems | 378 | 589 | 919 | 9.30% | 9.31% |
| India IT Industry | 1,77,000 | 2,41,001 | 3,72,705 | 6.37% | 9.11% |
Software: The rise in cybersecurity software is driven by the need to protect data, systems, and networks, especially with increased remote work. Software exports reached US$ 16.29 Bn in Q1 FY2022.
HPC Systems: High-Performance Computing (HPC) systems are gaining traction due to their ability to handle big data and solve complex problems quickly. Investments in HPC are driven by the needs of the IIoT, AI, engineering, and healthcare sectors.
Workstations: Growth in AI and enterprise workstations is driven by the defence, government, and BFSI sectors for enhanced decision-making and performance. Initiatives such as "Make AI in India" support this growth.
Telecom Services: The adoption of 5G is expected to rise due to the need for high-speed data connectivity for IoT applications, enhancing user experiences in various use cases.
Hardware: The government prioritises electronics hardware manufacturing as part of the "Make-in-India" and "Digital India" programmes, focusing on security and strategic importance. Initiatives like the IT Hardware PLI Scheme and Telecom and Networking PLI Scheme support this growth.
Co-evolution of HPC and AI
Over the past year, significant new developments have emerged in the intersection of HPC and AI. These developments include advancements in hardware, techniques, and applications that have further integrated AI capabilities into HPC systems.
1. Hyperscale AI Growth and Shifts: In 2023, hyperscale companies spending on AI infrastructure exceeded traditional on-premises HPC-AI spending. This marked a significant shift, with major investments from companies like Amazon, Apple, Google, Meta, and Microsoft. However, this hyperscale spending is expected to stabilise and regress slightly in the coming years, while on-premises HPC-AI infrastructure is projected to grow steadily (Intersect360 Research).
2. Advances in Large Language Models (LLMs):
LLMs are being increasingly deployed across various platforms, including cloud, enterprise, and mobile.
Significant advancements model efficiency, with state-of approaching 10 trillion parameters. These models are being fine-tuned for specific industries, such as financial services and healthcare, enhancing applications like fraud detection and personalised customer service (Cerebras).
3. Multi-Modal Models and Sparse Techniques:
Multi-modal models that can process text, images, sound, and video are gaining traction. There is also a growing focus on sparse models, such as Mixture of Experts (MoE) models, which dynamically allocate computational resources to relevant parts of a problem, and accuracy. These developments efficiency enhancing are expected to significantly improve AI performance in HPC applications (Cerebras).
4. ConvergenceofAIandHPC: The continued convergence of AI and HPC is leading to enhancements in various scientific fields. For example, AI is improving climate modelling, materials science, and energy research by providing more accurate predictions and faster processing of large datasets. This integration allows for real-time adjustments and more complex simulations, accelerating discoveries and innovations (Cerebras).
These developments reflect a dynamic and rapidly evolving landscape in HPC and AI, highlighting the growing synergy between these fields and their expanding applications across different industries.
INDIA HPCprediction, seismic imaging, and telecom MARKET The Indian high-performance computing (HPC) market is projected to grow from US$ 589 Mn in FY2024 to US$ 918.6 Mn by FY2029, achieving a CAGR of 9.3% over the forecast period (FY2024-2029).
India High-Performance Computing Market (US$ in Mn)
Indian HPC Market Outlook: National Supercomputing Mission
The National Supercomputing Mission (NSM), launched in 2015 with a budget of Rs.4,500 crore aims to establish a grid of over 70 HPC facilities to boost research and development. As of mid-2020, only 16.67% of the budget was spent, with the rest allocated for future use. The mission supports the
"Digital India" and "Make-in-India" initiatives, enhancing research through the National Knowledge Network (NKN).
Indias HPC journey began with systems like Flosolver Mk1 and PARAM 8000, advancing to real-time applications in weather forecasting, flood prediction, and RNA sequencing. The missions recent deployment, PARAM Ganga at IIT Roorkee, aligns with "Make-in-India" vision boosting indigenous manufacturing.
Key supercomputers like PARAM Shivay, PARAM Shakti, and PARAM Siddhi-AI have been deployed under the mission. Over 11,000 HPC experts have been trained, and nodal centres established at IIT Kharagpur, IIT Madras, IIT Goa, and IIT Palakkad.
NSMs applications include genomics, drug discovery, urban modelling, flood optimisation. These applications aim to provide HPC access to numerous institutions and researchers, advancing Indias supercomputing capabilities.
HPC Market in India by Application
Power of HPC is leveraged by both public and private sectors in India. Presently, some of the key sectors like education, agriculture, energy and power and drug design are adopting HPC for their growth, while many automobile industries, construction industries, atmospheric sciences, bioinformatics, and computational fluid dynamics domains etc., are making continuous progress by utilising HPC.
India is emerging as a leader in high performance computing with the National Supercomputing Mission (NSM). Supercomputing infrastructure is already installed in 10 premier institutions and is being set up in five more. This will support academia, researchers, MSMEs, and startups in fields like oil exploration, flood prediction, genomics, and drug discovery, while enhancing indigenous supercomputing capabilities. The government has committed US$ 1 Bn to develop the next generation supercomputer and proposed a cloud-based model for nationwide research use in areas such as space exploration, weather prediction, and bioinformatics.
India HPC Market by Application (US$ in Mn) - FY 2019-2029F (Historical and Estimated Years)
| US$ Mn | Market Size |
CAGR | |||
| India HPC Market by | FY2019 | FY2024F | FY2029F | FY2019- FY2024F | FY2024F- FY2029F |
| Application | |||||
| Others | 56.6 | 84.6 | 110.2 | 8.37% | 5.43% |
| Oil & Gas | 18.9 | 32.3 | 55.1 | 11.31% | 11.27% |
| Media | 18.9 | 26.3 | 36.7 | 6.83% | 6.89% |
| Telecommunications | 56.6 | 82.2 | 119.4 | 7.75% | 7.75% |
| IT & ITES | 75.5 | 144.2 | 275.6 | 13.82% | 13.83% |
| BFSI | 37.7 | 65.5 | 110.2 | 11.68% | 10.97% |
| Government & Defence | 113.2 | 154.7 | 211.3 | 6.45% | 6.43% |
| India HPC Market | 377 | 590 | 919 | 9.34% | 9.26% |
Market Drivers, Restraints, Opportunities & Challenges
• Drivers: Increasing cloud-based monitoring will drive the adoption of HPC in India. Cloud adoption will significantly contribute to Indias GDP; it is expected to reach US$ 380
Bn by 2026, as per NASSCOM. Growing adoption of AI across industries and organisations will further fuel the
HPC market in India as well as globally.
• Restraints: High CapEx and OpEx are major concerns.
On-premise HPC resources often exceed capacity, leading to productivity losses. Moving HPC workloads to the cloud can help mitigate this issue. due to its diverse
• Opportunities: Supercomputing infrastructure is being developed nationwide, with applications in urban modelling, flood forecasting, seismic imaging, genomics, drug discovery, and material science. Indigenous HPC components and processors based on Arm architecture are being developed.
Challenges: Running HPC workloads requires specific skillsets due to their complexity and data intensity. HPC systems use large amounts of data to run parallel tasks, enabling businesses to gain insights more quickly.
AI MARKET TRENDS AND ADOPTION IN ASIA-PACIFIC
The rise of ChatGPT and other large language models in
2023 marked the AI awakening, setting the stage for 2024, where organisations are now focusing on long-term AI integration. In the Asia-Pacific, predictive, interpretive, and generative AI (GenAI) applications are expanding, benefiting internal processes, productivity, personalised customer experiences, and market differentiation. By 2028, AI will drive economic expansion, creating new business models and ways of doing things unknown to us today.
AI adoption in the three regions is expected to continue growing over the next few years, although the pace may be slower in the Asia-Pacific linguistic, and regulatory landscape, which could potentially hinder regional AI progress.
Organisations are leveraging AI to enhance platform value and market reach. The primary drivers for AI adoption in 2023-2024 include improving employee productivity, accelerating new product introductions, reducing costs, enhancing operational efficiency, management, and generating new revenue.
Enterprises are optimistic about AIs potential to transform industries by simplifying operations, automating processes, reducing costs, and providing data-driven insights for better decision-making. These advancements promise significant global economic growth, contingent on supportive government regulations and policies.
Despite PacificAI the focus on GenAI, only 20% of Asia-budgets are allocated to it, with 81% directed toward predictive and interpretative AI. However, GenAI is the fastest-growing category, with 16% of 2024 IT budgets in Asia-Pacific earmarked for it, compared to the global average of 11%. This growth is driven by proactive business planning, fewer regulations, strong government support, and the belief that GenAI provides a competitive edge.
The high cost of computing resources and the need for prompt engineering skills are key challenges in GenAI adoption. However, 70% of Asia-Pacific organisations identified Generative AI as a significant contributing to increased IT spending.
An impressive ~80% of larger organisations in the Asia-Pacific region are utilising AI/ML capabilities; however, only 8% are fully integrating AI at scale, making it central to their organisations competitiveness. Increasing enterprise
AI maturity requires significant investments in scalable platforms, infrastructure, change management, training, and upskilling, which is challenging and time-consuming. Some industries, like financial services, have prioritised AI for risk and compliance management, while others such as healthcare, are just beginning to invest.
STATE OF AI IN INDIA
Indias AI growth is boosted by a vast talent pool and robust government support.
IndiaAI Mission
On March 7, 2024, MeitY announced that the Cabinet has approved over Rs.10,300 crore for the IndiaAI Mission, aimed at bolstering Indias AI ecosystem over the next five This funding will support various initiatives, including the IndiaAI Compute Capacity, which plans to deploy over 10,000 GPUs through public-private collaborations to build a scalable AI computing infrastructure.
The IndiaAI Innovation Centre (IAIC) will lead academic efforts, focusing on developing and deploying indigenous Large Multimodal Models (LMMs) and domain-specific models. The IndiaAI Datasets platform will enhance the accessibility, quality, and utility of public sector datasets, driving data-driven governance and AI-based innovation. improving risk The IndiaAI FutureSkills programme will expand AI education, increasing access to graduate and post-graduate AI programmes and establishing data and AI labs across major and smaller Indian cities. The IndiaAI Startup Financing mechanism will facilitate funding for AI startups, aiding their journey from product development to commercialisation.
This approval will benefit Indian citizens and contribute to the expansion of Indias economy, positioning the country as a global AI leader. These initiatives align with the broader vision of the IndiaAI Mission to foster technological self-reliance, ensure ethical AI deployment, and democratise AI benefits across society.
AI Adoption in Indian Enterprises
AI adoption in Indian enterprises is expanding from a relatively low baseline due to the cost-effectiveness ordominantfactor manual labor. However, enterprise AI spending in India is expected to grow at an exceptional rate compared to other markets, driven by government support, a thriving AI startup ecosystem, and a large talent pool. Large enterprises in India are making significant AI investments, adoption across various industries.
Source: Company Research
Socio-Economic Dimension
India is renowned for its IT skills, with major hubs like Bengaluru, Hyderabad, and Pune, and leading tech companies such as TCS, Infosys, and Wipro.
The large working-age population and numerous educational institutions offering AI-related programmes support a strong AI talent pipeline. Despite an 8.3% CAGR in the economy from 2020-2023, Indias per capita AI investment is lower than compared to other developed nations. This low investment per capita and the migration of AI talent to higher-paying countries pose challenges to advancing Indias AI maturity.
Source: Company Research years.
AI Spending Trends in India
AI Spending in INDIA, US$ Bn
The overall AI spending in India is forecasted to grow at a CAGR of 31.5%, from US$ 1.7 Bn in 2022 to US$ 5.1 Bn by 2027. The AI software sector will drive overall AI market growth, reaching US$ 2.6 Bn by 2027 with a CAGR of 37.5%, primarily led by AI application development and deployment, as well as AI system infrastructure software. AI services, including IT and business services, are projected to grow at a CAGR of 33.8% by 2027.
Exhibit 45: India AI Systems and Enterprise Workstations (AI and EW) Market US$ Mn – FY2019-2029F
(Historical and Estimated Years)
Source: Frost & Sullivan Analysis
AI investments in 2024 and 2025 will prioritise building AI infrastructure essential to creating high-value use cases that are truly transformative in the long-term. AI infrastructure spending is projected to grow at a CAGR of 13.1% from 2023 to reach US$ 733 Mn by the end of 2027. These investments are boosted by increased spending by enterprises as well as government initiatives like "Make AI Work for India". Meanwhile, India will continue to focus on boosting employee productivity and enhancing customer experiences via AI-driven applications.
AI Spending in India by Use Cases
| BFSI | 30.7% |
| Manufacturing | 24.6% |
| Healthcare | 15.9% |
| Others | 28.8% |
Source: Company Research
India is improving its AI infrastructure and hence, the highest spending is on AI infrastructure provisioning, including spending on hardware such as servers and chips (CPUs, GPUs, and accelerators), as well as software components like frameworks and libraries. Besides infrastructure, the current focus on AI adoption lies in enhanced customer experience and improved employee productivity, assisting employees to focus on more value-added work, and removing mundane, time-consuming tasks.
TOP INDUSTRY SPENDERS: BFSI & MANUFACTURING
• BFSI Sector: The BFSI sector in India is leading in technology adoption, using AI & EW for real-time analytics, machine learning, and data processing. BFSI is moving from robotic process automation (RPA) to AI-driven automation, focusing on security, productivity, and customer experience. AI solutions with behavioural analysis and fraud detection mark a shift toward more advanced and adaptable systems. These technologies enhance client experience, portfolio management, risk management, and automation, driving the demand for AI & EW in this sector.
• Manufacturing: This is the second largest AI spender, fuelled by the "Make-in-India" initiative. Indias vision of becoming a global, AI-powered manufacturing hub is driving AI spending.
• Defence & Intelligence: AI & Enterprise Workstation (EW) systems support defence and government operations by enhancing decision-making, productivity, and cybersecurity. They streamline government payment schemes, improve cybersecurity, and bolster efficiencygovernment IT and defence operational sectors. The use of GPU-intensive AI in military applications for tasks like geospatial visualisation and real-time video analytics is a significant growth driver.
While the BFSI sector sees scalable returns from AI, the government, healthcare, and telecom sectors find it difficult to measure ROI due to such challenges as quantifying in monetary terms, intangible benefits like improved customer satisfaction and decision-making capabilities.
CONVERGENCE OF HPC AND AI IN INDIA
Indias march towards a leadership position in supercomputing found a fresh dimension with the convergence of HPC and Artificial Intelligence (AI).
The AI Supercomputer: AI Research Analytics and Knowledge Dissemination Platform (AIRAWAT) installed at C-DAC, Pune was ranked 75th in the world on June 1, 2023. It puts India on the top of AI Supercomputing nations worldwide. The system is installed under National Program on AI by the Government of India. AIRAWAT, developed and built by Netweb Technologies India Ltd., has a compute capacity of 200 AI Petaflops and can handle incredibly large-scale AI workloads at phenomenal speeds. It is designed and architected to be on a scalable infrastructure to act as a common computational cloud platform connecting all Centres of Research Excellence in AI, Indian Centres for Transformational AI, academic, research labs, scientific community, industry and start-ups.
PARAM Siddhi: AI, the high-performance computing-artificial intelligence (HPC-AI) supercomputer, had achieved a global ranking of 63 in the Top 500 most powerful supercomputer systems in the world, at the time of its commissioning.
The AIRAWAT PoC of 200 AI Petaflops integrated with PARAM Siddhi: AI of 210 AI Petaflops gives a total peak compute of 410 AI Petaflops mixed precision and sustained compute capacity of 8.5 Petaflops (Rmax) Double Precision.
The peak compute capacity (Double Precision, Rpeak) is 13 Petaflops. Furthermore, MeitY has already envisioned a roadmap for scaling AIRAWAT to 1,000 AI Petaflops Mixed Precision compute capacity to cater to the current AI computational needs.
On March 7, 2024, the Government of India approved over Rs.10,300 crore for the IndiaAI Mission to empower AI startups and expand compute infrastructure access. This five-year funding will support initiatives like the IndiaAI Compute Capacity, Innovation Centre, Datasets Platform, Application Development Initiative, FutureSkills, Startup Financing, and Safe & Trusted AI. The mission aims to foster AI innovation through a public-private partnership, including deploying over 10,000 GPUs for advanced AI computing infrastructure.
Market Drivers
1. Integrated AI Workstations: Purpose-built AI workstations with powerful GPUs, offer high-performance deep learning capabilities in a compact, quiet form factor. These are ideal for organisations needing integrated hardware and software solutions.
2. Open-source Solutions: The growing trend towards open-source AI & EW solutions offers flexibility, cost savings, and enhanced security. NVIDIA ‘s AI Enterprise 2.1 and Ubers AresDB are examples that are driving market expansion.
Challenges
Integrated GPU Limitations: Integrated GPUs are insufficient for intensive graphic design and AI applications. Ongoing research aims to improve integrated GPU capabilities for high-performance tasks.
Supply Disruption: Shortages of advanced GPUs, geopolitical unrest, and potential US sanctions or embargoes on the export of these chips pose significant risks.
Opportunities
Expanding Applications: The increasing use of AI & EW across various applications and the introduction of open-source solutions like NVIDIA AI Enterprise and Clouderas RAPIDS Accelerator drive market growth.
New Entrants: Indian OEMs like Netweb Technologies are entering the workstation market, providing high-performance solutions for industries such as manufacturing, media, and energy.
Overall, the AI and EW market in India is poised for high growth, driven by advancements in AI technology, government initiatives, and increasing adoption by various sectors.
OVERVIEW OF PRIVATE CLOUD & HCI IN INDIA
Hyperconverged Infrastructure (HCI) integrates servers and storage into a distributed platform with intelligent software, replacing legacy infrastructure. It uses data centre server hardware with local storage and a distributed software layer to address common issues. Private cloud offers public cloud benefits flexibility, scalability, and usability within a private data centre.
HCI and Private Cloud Adoption in India
HCI is poised for wide-scale adoption in India, particularly in major cities like Mumbai, Bengaluru, and Hyderabad, where substantial investments are being made by local and international players. It simplifies data centre management, reducing complexity and allowing IT teams to focus on strategic efforts rather than managing disparate systems. This transformation is crucial for modern firms facing significant IT resource demands.
Government initiatives, like collaborations with Nutanix, are expected to drive HCI adoption in India. Virtual roundtables and partnerships focus on digital transformation through data centre modernisation and simplifying cloud management strategies for public sector enterprises (PSUs). State and municipal governments seek cost-effective technology solutions despite budget constraints, making HCI an attractive option over traditional, costly, and hardware-centric infrastructure. HCI facilitates the modernisation of mission-critical systems and supports next-generation applications.
In the IT industry, HCI enables the creation of hybrid cloud environments, integrating seamlessly with virtualisation, containers, and larger cloud platforms. This flexibility supports agile business application deployment across various locations. In the BFSI sector, banks such as RBL have embraced HCI to streamline operations and enhance efficiency, highlighting its role in modernising banking operations.
Private cloud solutions are gaining popularity in India due to their control, security, and predictable performance benefits. Organisations prefer private clouds for enhanced security and control over infrastructure, ensuring consistent monthly costs compared to variable expenses associated with public clouds.
Exhibit 37: India Private Cloud & HCI Market by Application (US$ in Mn) - FY 2019-2029F (Historical and Estimated Years)
| US$ Mn | Market Size |
CAGR | |||
| India Private Cloud & HCI | FY2019 | FY2024F | FY2029F | FY2019- | FY2024F- |
| Market by Application | FY2024F | FY2029F | |||
| Others | 486.1 | 1,073.8 | 2,407.9 | 17.18% | 17.53% |
| Oil & Gas | 100.9 | 229.3 | 560.5 | 17.84% | 19.57% |
| Media | 129.1 | 286.6 | 701.3 | 17.29% | 19.60% |
| Telecommunications | 119.4 | 269.6 | 662.6 | 17.69% | 19.70% |
| IT & ITES | 347.3 | 747.8 | 1,665.1 | 16.58% | 17.36% |
| BFSI | 74.9 | 229.2 | 806.1 | 25.07% | 28.60% |
| Government & Defence | 196.5 | 472.9 | 1,203.8 | 19.20% | 20.55% |
| India Private Cloud & HCI | 1,454 | 3,309 | 8,007 | 17.87% | 19.33% |
| Market | |||||
Market Drivers, Restraints, Opportunities & Challenges
Drivers
Reliability: HCI offers high reliability, especially when purchased as pre-tested, single-supplier systems. Combining HCI with cloud backup simplifies replacement and enhances resilience.
Unified unified, software-defined need for multiple tools and simplifying automation, scaling, and hybrid environment management.
Restraints
Greater Power Requirement: HCI systems often require more power and cooling than traditional data centres, potentially necessitating costly infrastructure adjustments.
Opportunities
BFSI Sector: HCI is being increasingly adopted in the BFSI sector to modernise infrastructure, improve operational efficiency, and For example, RBL Bank uses HCI to create a more agile and resilient private cloud environment.
Challenges
Compatibility Issues: HCI environments may struggle with resource sharing and cloud offloading, with multi-vendor setups.
Hardware Interconnectivity: Using commodity hardware in HCI environments can lead to performance issues, potentially causing vendor lock-in to ensure optimal performance.
INDIA DATA CENTRE SERVER MARKET
Outlook
India is at a critical juncture in its digital economy transition, with significant investments expected capacity by up to Rs.1.20 lakh crore. The industrys capacity is projected to quintuple, adding 3,900 4,100 MW*. Major tech companies like Amazon, Google, and Microsoft are driving and Automation: HCI enables this growth by outsourcing storage to independent providers. management, reducing the
The pandemic has accelerated the use of smart devices, IoT, and digital commerce, increasing data generation. Indias youth, being tech-savvy, contributes significantly to this trend. The government aims to classify data centres as critical infrastructure and offers incentives to attract investments.
India now has 161 data centres across 26 locations, reflecting its commitment to becoming a global data centre hub. The governments digital initiatives, such as e-payment systems, digital universities, and the National Digital Health Ecosystem underline this transition. The 2022 budget emphasised digital services in agriculture, education, support digital and banking, banking. further integrating data centres into the infrastructure.
The Ministry of Electronics and Information Technologys 2020 draft data centre policy aims to make India a global data centre hub. Factors driving growth include data digitisation, cloud adoption, and emerging technologies like
AI/ML, IoT, and 5G. The Data Protection Bill could also lead especially to significant data onshoring, centre market.
Tier 2 and Tier 3 cities, previously untapped for data centre investments, are now being recognised as optimal for edge data centres and disaster recovery sites. Companies like Yotta Infrastructure are investing significantly in these areas.
Investments in the sector are rising. A JLL study found that to achieve the 6 Mn sq. ft. of development, the Indian data centre industry will need to invest US$ 3.7 Bn in total over the next three years. Indian firms are optimistic about data centres despite the significant capital like the Adani Group, Oracle, Microsoft, YOTTA, Reliance Industries and others are heavily investing in data centres across various Indian cities, with combined investments amounting to US$ 27.5 Bn. (Source: F&S and Company data, required.Majorplayers Economic Times, Jefferies Estimate)
Source: Je eries Global Utilities and Clean Energy, June 18, 2024
According to Jefferies, Indias data centre capacity is projected to increase twelve-fold from 1.4 GW in FY2024 to 17 GW by FY2030, growing at a CAGR of 51.6%. In contrast, Europes data centre capacity currently stands at 10 GW, despite India having an internet user base of 898 Mn compared to Europes 400 Mn. Leading global data centre companies such as NTT, AWS, and Colt DCS, along with Indian conglomerates Reliance and Adani, have expressed interest in establishing new facilities. Major occupants include Amazon, Netflix, banks, and fintech companies. Over the past 36-48 months, US$ 27 Bn in investments have been announced for data centres in India.
The government supports the industry with policies aimed at simplifying data centre establishment processes and offering infrastructure status. States like Maharashtra and Telangana provide additional incentives, making India an attractive destination for data centre investments.
Growth Driversthe
Indian data
I. China Plus One and "Make-in-India" Initiatives
1. Digital India Initiative: Promotes digital infrastructure through programmes like DigiLocker, E-hospitals, E-Pathshala, and BHIM. Key benefits include:
Growth in e-Government transactions.
Connectivity of over 1.1 lakh gram panchayats via optical fiber under Bharatnet.
Establishment of common service centres for multimedia content delivery in e-governance, education, health, and other services.
• High internet penetration in metropolitan areas
(64%), facilitating service delivery.
2. Government Support: The Union Budget 2022 23 proposed including data centres and energy storage systems in the unified infrastructure list, easing credit access for sustainable energy storage and digital infrastructure.
3. China Plus One Strategy: Post-pandemic, businesses have been diversifying investments from China to new locations, driven by supply chain disruptions, rising labour costs, and strategic concerns about production concentration.
II. Classification of Data Centres as Infrastructure
Assets
1. Effective from April 1, 2022, data centres were classified as infrastructure, simplifying funding through loans and investments.
2. This classification ensures better access to capital at lower rates, as banks have relaxed requirements for infrastructure lending.
III. Low cost of contruction, Land, Power and a robust IT and Services Ecosystem
51
INDIA ENTERPRISE STORAGE SYSTEMS MARKET
Overview
Exhibit 67: India Enterprise Storage Systems Market by Application (US$ in Mn) – FY 2019-2029F
(Estimated and Historical Years)
| US$ Mn | Market Size |
CAGR | |||
| India Enterprise Storage | FY2019 | FY2024F FY2029F |
FY2019- FY2024F | FY2024F- FY2029F | |
| Market by Application | |||||
| Others | 20.1 | 29.3 | 42.6 | 7.83% | 7.77% |
| Oil & Gas | 46.9 | 52.0 | 66.3 | 2.09% | 4.98% |
| Media | 33.5 | 35.2 | 42.6 | 0.99% | 3.89% |
| Telecommunications | 100.5 | 122.0 | 170.5 | 3.95% | 6.92% |
| IT & ITES | 134.0 | 140.8 | 170.5 | 0.99% | 3.90% |
| BFSI | 214.5 | 222.2 | 265.3 | 0.71% | 3.61% |
| Government & Defence | 120.6 | 140.8 | 189.5 | 3.15% | 6.12% |
| India Enterprise Storage | 670 | 742 | 947 | 2.07% | 5.00% |
| Market | |||||
The enterprise storage market in India has grown due to investments in emerging technologies, modernisation programmes, and capacity expansions. Key sectors driving demand include government, professional services, and BFSI.
Market Transformation
Pandemic Impact: Accelerated digital transformation.
Data Explosion: Digital India, cashless payments, and entrepreneurial innovations have increased data production and consumption.
Modernisation Needs: Enterprise data centres and storage systems require advanced facilities to manage and store data efficiently.
Key Trends
Shift to Cloud: Increasing use of public and hybrid clouds.
Technological Innovations: Growth in cloud technology, IoT, AI, and digitalisation.
Adoption of All-Flash Arrays (AFA): Increased use in banking and other sectors.
Rising Demand for SSDs: Preferred over HDDs for better performance and efficiency.
Hybrid Flash Arrays (HFA): Balancing capacity and performance.
Drivers
1. Increasing Data Centre Investments: Significant investments by companies like Google, Amazon, Apple, and Facebook in building data centres.
2. Expansion of HCI: HCI improves resource usage, reduces power consumption, and simplifiesdata centre management.
Opportunities
Growth of HCI: Facilitates central management of network, storage, and compute services, benefiting SMEs and streamlining IT architecture.
Challenges
1. Data Centre Consolidation: The rise of IaaS and the move towards a universal cloud platform reduce the need for separate data centres, limiting market growth.
INDIA CLOUD MANAGED SERVICES MARKET Overview
Exhibit 77: India Cloud Managed Services Market by Application (US$ in Mn) – FY 2019-2029F (Estimated and Historical Years)
| US$ Mn | Market Size | CAGR | |||
| India Cloud Managed | FY2019 | FY2024F | FY2029F | FY2019- | FY2024F- |
| Market by Application | FY2024F | FY2029F | |||
| Others | 166.0 | 465.2 | 1,287.2 | 22.89% | 22.57% |
| Oil & Gas | 34.2 | 96.6 | 273.0 | 23.08% | 23.09% |
| Media | 43.9 | 120.7 | 331.6 | 22.42% | 22.40% |
| Telecommunications | 39.1 | 106.9 | 292.6 | 22.28% | 22.31% |
| IT & ITES | 117.2 | 317.1 | 858.1 | 22.03% | 22.03% |
| BFSI | 24.4 | 87.3 | 312.1 | 29.04% | 29.02% |
| Government & Defence | 63.5 | 186.2 | 546.1 | 24.01% | 24.01% |
| India Cloud Managed | 488 | 1,380 | 3,901 | 23.09% | 23.10% |
| Market |
The Indian cloud migration services market has grown significantly, becoming a major part of the global cloud computing market. The demand is driven by the need to reduce costs, increase scalability, and enhance agility.
Key Developments
Industry Expansion: Major players include international corporations, regional IT providers, and specialised cloud migration services.
Data Centres: New data centres and cloud regions established by service providers.
Sectoral Growth: Public sector, media, gaming, BFSI, and manufacturing sectors are leading public cloud adoption.
Sector Highlights
BFSI: Cloud migration in BFSI is expected to grow by 39%. Around 43% of financial services plan to increase their cloud investment.
Telecommunications: Due to 5G, 95% of data workloads will migrate to the cloud by 2025.
Government & Defence: "MeghRaj" programme and MeitY guidelines promote cloud adoption and data security.
Drivers
Cost Efficiency: Lower CapEx and you-go models.
Flexibility: Cloud services enable rapid IT project deployment and cost reduction.
Restraints
Vendor Lock-in: Dependency on a single vendor can limit flexibility and pose risks during migration.
Opportunities
Hybrid Infrastructure: Shift from traditional data centre outsourcing to hybrid cloud services, increasing demand for PaaS, IaaS, and SaaS.
Challenges
Data Security: Risks of data breaches and privacy issues.
Regulations: Compliance with various regulations is complex and costly.
INDIA ENTERPRISE NETWORKING MARKET
Overview
India Enterprise Networking Market (US$ in Mn), by Product type – FY 2019-2029F (Historical and Estimated Years)
| US$ Mn | Market Size |
CAGR | |||
| India Enterprise Networking | FY2019 | FY2024F | FY2029F | FY2019- FY2024F | FY2024F- FY2029F |
| Market by Application | |||||
| WLAN | 192.1 | 780.9 | 1,011.9 | 32.38% | 5.32% |
| Routers | 223.7 | 385.6 | 535.7 | 11.50% | 6.80% |
| Ethernet Switches | 485.7 | 323.2 | 436.5 | -7.82% | 6.19% |
| India Enterprise | 902 | 1,490 | 1,984 | 10.57% | 5.90% |
| Networking Market | |||||
India Enterprise Networking market by product is segmented into ethernet switches, routers and WLAN. The ethernet switch market in India is growing due to the increasing need for robust communication infrastructure in various sectors and the benefits of industrial ethernet switches. The governments push for "Make-in-India" initiatives further boosts this market.
Key Trends
Industrial Adoption: Increasing use in smart grids, intelligent traffic, security, and surveillance.
FDI Growth: Telecom sector FDI grew by 150% from US$ 8.3 Bn in 2014 to US$ 20.7 Bn in 2021.
Market Leaders: Cisco holds ~57% market share, followed by HPE (4.5%) and Juniper (4.4%).
Growth Drivers
1. Government Initiatives: "Make-in-India" boosts local manufacturing, enhances security, and reduces costs.
2. Supplier Displacement: Indigenous manufacturers benefit from local sourcing due to security concerns.
3. Digital Transformation: Increased adoption of digital technologies and cloud services.
4. IoT and Edge Computing: Growing need for real-time data analytics and decision-making.
5. Increased Connectivity: Initiatives like BharatNet and submarine cable projects boost demand.
Market Drivers
1. Data Centre Growth: Investments of up to Rs.1.20 lakh crore expected to boost capacity significantly.
2. 5G Introduction: Drives demand for high-speed network infrastructure.
3. Data Security: Enhancing local manufacturing to mitigate cyber threats.
Security Concerns
Government focuses on reducing cyber threats by promoting locally made switches, mitigating risks of foreign cyberattacks on critical infrastructure.
Opportunities
1. PLI Scheme: Supports domestic manufacturing of telecom and networking products with financial incentives.
2. Local Manufacturing: Companies like Ciena are increasing local manufacturing to meet growing demand.
COMPANY OVERVIEW
Netweb Technologies India Ltd. is Indias leading high-end computing solutions (HCS) provider with fully integrated design and manufacturing capabilities. Its HCS offerings comprise:
1. High Performance Computing (Supercomputing/HPC) Systems
2. Private Cloud & Hyperconverged Infrastructure (HCI)
3. AI Systems & Enterprise Workstations
4. High Performance Storage (HPS/Enterprise Storage System) Solutions
5. Data Centre Servers
6. Software & Services for HCS
In terms of number of HPC installations, the Company is one of the most significant OEMs in India amongst others.
Since inception, Netweb Technologies has undertaken installations of:
(i) 500+ supercomputing systems (ii) 50+ private cloud and HCI installations
(iii) 5,000+ accelerator/GPU-based AI systems and enterprise workstations
(iv) HPS solutions with throughput storage of up to 450 GB/s.
The Company caters to marquee customers across various end-user industries such as information technology, information technology enabled services, entertainment and media, banking, financial services and insurance (BFSI), national data centres. It also offers its services to government entities including in the defence sector, education and research development institutions (application industries) such as Indian Institute of Technology (IIT) Jammu, IIT Kanpur, NMDC Data Centre Private Limited, Airamatrix Private Limited, Graviton Research Capital LLP, Institute of Nano Science and Technology (INST), HL Mando Softtech India Private Limited (HL Mando), Dr. Shyam Prasad Mukherjee International Institute of Information Technology, Naya Raipur (IIIT Naya Raipur), Jawaharlal Nehru University (JNU), Hemvati Nandan Bahuguna Garhwal University, Akamai India Networks Private Limited, A.P.T. Portfolio Private Limited (A.P.T.), and Yotta Data Services Private Limited,
Centre for Computational Biology and Bioinformatics, and Central University of Himachal Pradesh (CUHP University).
The Company also caters to an Indian Government space research organisation and an R&D organisation of the Ministry of Electronics and Information Technology, Government of India which is involved in carrying out R&D in information technology, electronics and related areas.
Netweb Technologies designs, manufactures and deploys its HCS-comprising proprietary middleware solutions, end-user utilities and pre-compiled application stack. The Company develops homegrown compute and storage technologies, deploys supercomputing infrastructure to meet the rising computational demands of businesses, academia, and research organisations, particularly, under Indias National Supercomputing Mission. Further, three of its supercomputers have been listed 13 times in the worlds top 500 supercomputers.
Over the years, the Company has designed, developed and deployed some of Indias most powerful supercomputing systems:
| Supercomputer | Year of Deployment | User | Speed in teraflops (Rpeak) | Speed in teraflops (Rmax) | Particulars |
| AIRAWAT | 2023 | Centre for Development of Advanced Computing, India (CDAC) | 13,169.86 | 8,500 | Ranked 75th in the world and puts India on top of AI supercomputing nations worldwide. Included in the 61st edition of Top 500 Global Supercomputing List released in June 2023. It is also Indias largest and fastest AI supercomputing system. |
| Agastya | 2020 | Indian Space Research Organisation (ISRO), Government of India | 256.00 | 161.00 | At the time of commissioning, it was Indias 27th fastest supercomputer. |
| PARAM Ambar | 2019 | National Institute of Science Education and Research (NISER), Bhubaneshwar | 1,384.85 | 919.61 | At the time of commissioning, it was Indias 4th fastest supercomputer. |
| Hartree | 2018 | National Institute of Science Education and Research (NISER), Bhubaneshwar | 51.90 | 38.87 | At the time of commissioning, it was Indias 29th fastest supercomputer. |
| Kalinga Upgrade | 2016 & 2020 | NISER, Bhubaneshwar | 249.37 | 161.42 | At the time of commissioning, it was Indias 26th fastest supercomputer. |
| Kohinoor 3 | 2016 | TIFR-TCIS, Hyderabad | 70.85 | 43.59 | At the time of commissioning, it was Indias 20th fastest supercomputer. |
| PARAM YUVA-II | 2013 | Centre for Development of Advanced Computing, India (CDAC) | 529.38 | 386.71 | At the time of its commissioning, it was the 69th most powerful supercomputer in the world. |
| Kabru | 2004 | The Institute of Mathematical Sciences, Chennai | 1.38 | 1.00 | The Companys first supercomputing system which was then one of the top 500 most powerful supercomputing systems in the world. |
In 2023, the Company forayed into developing new product lines, viz., Network Switches and 5G Oran Appliances.
Network Switches and 5G Oran Appliances are critical to the data centre industry for enterprise IT, and the telecommunications industry for enabling 5G services, and are expected to (i) address the dearth in Indian network switch market which has significantly fewer Indian network switch OEM; and (ii) reduce Indias dependency on foreign OEMs.
Adoption of high throughput - low latency network switches in data centres and 5G networks has been proliferating at a very high pace which further necessitates higher security, reliability, and greater operational efficiencies with lower latencies (Source: F&S Report). The Company has recently introduced 5G cloud on core and edge for an international telecommunications service provider.
The Company operates out of its manufacturing facility located in Faridabad, Haryana, which is equipped with capabilities to design, develop, manufacture and test its products; and cater to its software and service portfolio. In addition to the Companys registered office in Faridabad, it has16officesacross . India
The Companys manufacturing facility has received ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System) and
ISO/IEC 27001:2013 (Information Security Management System) certificates from International Benchmarking & Certifications.
Netweb Technologies ability to offer a wide array of products and solutions is enabled and supported by its dedicated R&D team located in Faridabad and Gurgaon, Haryana, and Hyderabad, Telangana. As at May 31, 2024, the R&D team comprised 57 members.
The Company is compliant with the "Make-in-India" policy of the Government of India and is also one of the few OEMs in India eligible to seek production-linked incentives in terms of the Government of Indias Production-Linked Incentive (PLI) Scheme 2.0 for IT Hardware. This includes the manufacture of servers and the PLI Scheme for Promoting Telecom and Networking Products Manufacturing in India, covering networking and telecom products.
Netweb Technologies collaborates with various technology partners, such as NVIDIA Corporation (NVIDIA), Intel Americas, Inc. (Intel), Advanced Micro Devices, Inc. (AMD), Samsung India Electronics Private Limited, and Seagate India Private Limited to design and innovate products and provide services tailored to specific customer requirements. The Company also independently designs and innovates its products and solutions offerings and provides services tailored to specific customer requirements
Product Portfolio: Our HCS Offerings
Segment-wise Revenue
| Product Category | 2022-23 | % | 2023-24 | % |
| AI Systems and Enterprise Workstations | 309.30 | 7.0% | 799.00 | 11.0% |
| Data Centre Server | 283.28 | 6.4% | 337.05 | 4.7% |
| HCS focussed Software and Service | 94.67 | 2.2% | 175.72 | 2.4% |
| High performance storage (HPS) solutions | 308.09 | 7.0% | 339.10 | 4.7% |
| HPC (Supercomputing system) | 1,728.38 | 39.2% | 2,623.59 | 36.2% |
| Others (Spare Sale) | 225.70 | 5.1% | 289.63 | 4.0% |
| Private cloud and HCI | 1,460.60 | 33.1% | 2,643.83 | 36.5% |
| Networking Switches | 0.00 | 0.0% | 32.76 | 0.5% |
| Grand Total | 4,410.02 | 100.0% | 7,240.68 | 100.0% |
The Companys bouquet of HCS offerings under the ‘Tyrone brand is wide-ranging and has expanded over the years and, at present, our solutions portfolio comprises:
Supercomputing Systems: Custom hardware and scalable designs up to 1,000 nodes, using the ‘Tyrone cluster management suite.
Private Cloud and HCI: Tyrone Skylus integrates compute, storage, and network, competing with top foreign HCI vendors.
AI Systems and Enterprise Workstations: Designed for supercomputing, machine learning, and deep learning, equipped with Tyrone KUBYTS .
HPS Solutions: High throughput storage solutions like
Tyrone Verta, Collectivo, and ParallelStor, designed for scalability and high availability.
Data Centre Servers: Over 200 models under "Tyrone Camarero", ranging from entry-level to high-end, supporting up to 1 petabyte storage.
Software and Services for HCS Offerings: Netweb provides a private cloud software stack for Kubernetes, AI-ML services, and big data solutions using Tyrone Camarero and Collectivo systems.
The Companys "Big Data"-centric solutions use Tyrone Camarero dense systems, Tyrone Cluster Management Suite and Tyrone Collectivo range of specialised storage systems. These solutions are designed to cater to data-intensive distributed applications under a single umbrella.
Netweb Technologies products and solutions sold under the ‘Tyrone brand are supported by its engineered solutions:
GROWTH STRATEGIES
1. Robust Business Pipeline: The Companys business pipeline and order book remains strong.
Ongoing enhancements in its capabilities, coupled with the expansion of its operations and product portfolio positions it favourably for sustained growth, while retaining technological leadership.
2. AI Opportunity: With rapidly expanding adoption of generative, predictive and interpretive AI by organisations and substantial contributions from the global AI developer community across diverse and innovative use cases, India is poised to become the AI factory of the world. This presents promising opportunities for expanding the Companys diverse product offerings.
3. New Manufacturing Facility: Located in Faridabad, Netwebs new manufacturing facility, operational since May 10, 2024, enhance their manufacturing capabilities for high-end servers, storage, and switches. PCB design, manufacturing and SMT for high-end servers, it supports "Make-in-India" with the latest NVIDIA, Intel, and AMD chips. This facility boosts Netwebs reach in high-performance computing, private cloud, AI cloud, and data centers, highlighting their commitment to growth and innovation and self-reliance in Indias tech sector.
4. Partnership with NVIDIA: The Company has entered into a partnership with NVIDIA as a select manufacturing OEM for the NVIDIA Grace CPU Superchip and GH200 Grace Hopper Superchip MGX server designs to unlock the potential of AI and High-Performance Computing in India. Netweb Technologies will build and produce more than ten server variations under its Tyrone range of AI systems, meant for a wide range of AI and high-performance computing/supercomputing applications.
5. New Launches: Netweb has recently launched Intel Sapphire Rapids and AMD Genoa ( 4th Gen AMD EPYC) based "Make-in-India" high-end computing servers.
6. Heavy adoption of private cloud across sectors.
7. Huge demand of high-end compute for booming in-bound data centres across India.
8. Foray into Europe & Middle East: The Company plans to establish a service network in four countries initially.
9. Foraying into developing new product lines, viz., Network Switches and 5G ORAN Appliances.
10. Rising demand for on-premise AI Sovereign cloud for demand of contemporary data and AI workloads.
Strong Topline Visibility
_34,466 Mn
Pipeline#
_3,142 Mn
L1#
_4,112 Mn
Order Book
# Pipeline excludes L1, L1 excludes Order Book, all figures are as on March 31, 2024
KEY BUSINESS DEVELOPMENTS
• New High-end Computing Server, Storage and Switch Manufacturing Facility
On May 10, 2024, Netweb Technologies India Limited inaugurated Indias flagship end-to-end High-End Computing Server, Storage and Switch Manufacturing Facility in Faridabad. The facility includes PCB design, manufacturing and SMT for high-end servers, storage and switches, demonstrating advanced manufacturing skills. It encompasses the entire spectrum, from designing Printed Circuit Boards (PCBs) to surface-mounting on PCBs and finally the production of complete systems, showcasing Indias prowess in creating sophisticated technology products. The new facility will enable the Company to manufacture high-end computing systems featuring Intel, NVIDIA, and AMD chips under the "Make-in-India" initiative. This facility will cater to industry verticals requiring critical and high-performance computing, including private cloud, AI Cloud, and compute data centres, particularly for AI workloads.
• Netweb Collaborates with NVIDIA to Unlock AI and HPC Potential
On November 28, 2023, the Company announced its collaboration with NVIDIA as a manufacturing partner for the NVIDIA Grace CPU Superchip and GH200 Grace Hopper Superchip MGX server designs. It will produce over ten server variations under its Tyrone AI systems range, targeting complex workloads like HPC, data science, large language models, edge computing, and enterprise AI. These servers support AI training, inference, and 5G on a single system, with seamless upgrades for future hardware. This partnership aligns with the "Make-in-India" initiative, aiming to build cutting-edge AI infrastructure locally. The Companys AI systems based on NVIDIA MGX will help enterprises tackle AI infrastructure challenges, supporting diverse applications such as generative AI, speech analytics, and automation, ultimately boosting Indias AI capabilities and fostering a local ecosystem for accelerated computing.
• 4th Gen AMD EPYC™ Based Servers Launched
In June 2024, Netweb Technologies launched a new range of "Make-in-India" servers featuring the latest 4th Gen AMD EPYC processors. These servers, available in various models such as 1U, 2U, 4U, and workstations, are optimised for high-performance computing and diverse workloads. They support up to dual AMD
EPYC 9004 Series processors with up to 256 cores and 6TB memory, providing substantial scalability and impressive computational performance. With flexible I/O expansion, storage support, and various advanced features, these servers are ideal for applications in AI/ML, data centres, and high-performance storage solutions, aligning with the "Make-in-India" initiative to promote innovation and manufacturing excellence.
AWARDS AND ACCOLADES
Since 2017, Netweb Technologies has consistently been honoured with numerous awards and recognitions that underscore its commitment to excellence, innovation, and leadership in the technology sector.
These accolades highlight its relentless pursuit of technological advancements and the Companys dedication to delivering superior solutions to its clients. The Company celebrates the recognition and accolades that have distinguished it as a leader in the industry over the years.
2017: Partner Performance Award - Data Center Group at the Intel Solutions Summit 2017 MACAU
2017: Intel Technology Provider Platinum 2017 Retailer Specialist
2018: Intel Technology Provider Platinum 2018 Best HPC Data Center Specialist
2019: Partner of the Year Data Center Group at the Intel Partner Connect Asia 2019
2020: Seagate Certificate for for a Record of Outstanding Accomplishments
2020: In recognition of outstanding contribution towards growing AMD EPYC Business H1 for FY20
2021: Top Software Tools Bundled with IA Partner of the Year 2021 at the Intel Software India Partner Summit, 2021
2021: Partner of the Year 2021, System Integrator by Seagate
2021: Outstanding Contribution in Promotion of electronics and manufacturing of servers Ministry of Electronics and Information Technology, Government of India, Celebration of Azadi ka Amrit Mahotsav
2022: MAIT Indias Apex Industry body empowering IT,
Telecom and Electronics and Hardware for outstanding leadership and guidance to the Electronics Industry of India
2022: Best "Software Tools Bundled with IA" Partner for 2022 by Intel Developer Tools Summit 2022
2023: Awarded by Government e-Marketplace as a winner in "Top Sellers (MSE)" Category
CREDIT RATING
In FY2024, CRISIL (aS&PGlobalCompany)reaffirmed the
Companys long-term rating as A-/ Stable and short-term In Recognition rating as A2+.
DIVIDEND PAYOUT
With the Companys listing in July 2023, the Board of Directors formalised a dividend policy which is in line with good corporate governance practices. Some of the salient features of the policy are:
Follow a consistent dividend policy that balances the objective of appropriately rewarding shareholders through dividends and to support future growth.
Consider financial parameters like earnings outlook, future capex requirements, liquidity and cash flow positions, inorganic growth opportunities etc.
Consider external factors like economic environment, business cycle, changes in government policies, industry specific rulings and regulatory provisions, statutory restrictions tec.
For FY2024, in line with the guidelines of dividend policy, the Board of Directors recommended a total dividend of Rs.2 per share.
For detailed perspective on dividend policy, please refer to the Companys website at www.netwebindia.com
FINANCIAL HIGHLIGHTS
Profit & Loss
| Particulars (Rs. in Mn) | FY2024 | FY2023 | YoY (%) |
| Income | |||
| Revenue from operations | 7,240.75 | 4,449.72 | 62.7% |
| Other income | 118.87 | 6.78 | 1,653.2% |
| Total income | 7,359.62 | 4,456.50 | 65.1% |
| Expenses | |||
| Cost of materials consumed | 5,638.12 | 3,252.40 | 73.4% |
| Change in inventories of finished goods and work-in-progress | (192.67) | (8.75) | 2,101.9% |
| Employee benefits expense | 500.44 | 293.53 | 70.5% |
| Finance costs | 62.08 | 40.73 | 52.4% |
| Depreciation and amortisation expenses | 62.52 | 36.57 | 71.0% |
| Other expenses | 269.57 | 212.39 | 26.9% |
| Total expenses | 6,340.06 | 3,826.87 | 65.7% |
| Profit before tax | 1,019.56 | 629.63 | 61.9% |
| Tax expense | 260.53 | 160.27 | 62.6% |
| Profit for the year | 759.03 | 469.36 | 61.7% |
| Particulars (Rs. in Mn) | March 31, 2024 | March 31, 2023 |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 348.71 | 169.41 |
| Capital work-in-progress | 5.51 | 17.63 |
| Right-of-use assets | 75.00 | 49.46 |
| Other intangible assets | 18.08 | 14.75 |
| Intangible assets under development | 0.12 | 0.23 |
| Financial assets | ||
| (i) Investments | - | - |
| (ii) Other financial assets | 36.62 | 10.00 |
| Deferred tax assets (net) | 9.14 | 6.64 |
| Other non-current assets | 31.06 | 9.74 |
| Total non-current assets (1) | 524.24 | 277.86 |
| Current assets | ||
| Inventories | 1,146.57 | 540.74 |
| Financial assets | ||
| (i) Trade receivables | 1,838.29 | 1,515.32 |
| (ii) Cash and cash equivalents | 896.75 | 70.92 |
| (iii) Bank balances other than cash and cash equivalents | 1,319.39 | 65.22 |
| (iv) Other financial assets | 84.28 | 22.25 |
| Other current assets | 315.16 | 167.19 |
| Total current assets (2) | 5,600.44 | 2,381.64 |
| Total assets (1+2) | 6,124.68 | 2,659.50 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 112.73 | 101.85 |
| Other equity | 4,114.79 | 834.81 |
| Total equity (1) | 4,227.52 | 936.66 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 12.72 | 93.12 |
| (ii) Lease liabilities | 59.98 | 40.61 |
| Other non-current liabilities | 9.00 | 1.05 |
| Provisions | 25.78 | 14.92 |
| Total non-current liabilities (2) | 107.48 | 149.70 |
| Current liabilities | ||
| Financial liabilities | ||
| (i) Borrowings | 3.57 | 210.86 |
| (ii) Lease liabilities | 19.46 | 11.44 |
| (iii) Trade payables | ||
| - Total outstanding dues of micro enterprises and small enterprises | 2.06 | 0.98 |
| - Total outstanding dues of creditors other than micro enterprises and small enterprises | 1,264.10 | 1,032.69 |
| (iv) Other financial liabilities | 186.90 | 118.21 |
| Other current liabilities | 300.75 | 112.63 |
| Provisions | 3.99 | 1.97 |
| Current Tax Liabilities (net) | 8.85 | 84.36 |
| Total current liabilities (3) | 1,789.68 | 1,573.14 |
| Total equity and liabilities (1+2+3) | 6,124.68 | 2,659.50 |
Total Income
The Companys total income increased by 65.1% from Rs.4,456.50 Mn in the FY2023 to Rs.7,359.62 Mn in FY2024, primarily due to an increase in its revenue from operations from Rs.4,449.72 Mn in FY2023 to Rs.7,240.75 Mn in FY2024, and other income from Rs.6.78 Mn in FY2023 to Rs.118.87 Mn in FY2024.
Revenue from Operations
The Companys revenue from operations increased by 62.7% from Rs.4,449.72 Mn in FY2023 to Rs.7,240.75 Mn in FY2024. This increase was on account of an increase in the sale of products by 63.7% from Rs.4,315.36 Mn in FY2023 to Rs.7,064.96 Mn in FY2024, primarily due to an increase in the sale of private cloud and HCI from Rs.1460.60 Mn to Rs.2,643.87 Mn; supercomputing systems from Rs.1,728.38 Mn to Rs.2,623.59 Mn; High Performance Storage solutions from Rs.308.09 Mn to Rs.339.09 Mn; and AI systems and enterprise workstations from Rs.309.30 Mn to Rs.799 Mn. There was an increase in the sale of services from Rs.94.66 Mn in FY2023 to Rs.175.72 Mn in FY2024, primarily due to increased demand for our services.
Other Income
Other income increased by 1,653.2% from Rs.6.78 Mn in FY2023 to Rs.118.87 Mn in FY2024, primarily on account of increase in interest income from bank deposits from Rs.3.60
Mn to Rs.80.56 Mn and gain from exchange fluctuation Rs.1.13 Mn to Rs.29.33 Mn.
Expenses
The Companys total expenses increased by 65.7% from Rs.3,826.87 Mn in FY2023 to Rs.6,340.06 Mn in FY2024. This was primarily due to (i) an increase in the cost of goods sold from Rs.3,243.65 Mn to Rs.5,445.45 Mn, (ii) an increase in employee benefits expense fromRs.293.53 Mn to Rs.500.44 Mn, and (iii) increase in other expenses from Rs.212.39 Mn to Rs.269.57 Mn.
Cost of Materials Consumed
The Companys cost of materials consumed increased by 73.4% from Rs.3,252.40 Mn in FY2023 to Rs.5,638.12 Mn in FY2024. This was commensurate with increase in revenue and change in inventories before tax by 61.9% from of finished goods and work-in-progress.
Change in inventories of finished goods and work-in-progress
The Companys change in inventories of finished goods and work-in-progress moved from Rs.(8.75) Mn in FY2023 to Rs.(192.67) Mn in FY2024. This was primarily due to an increase in the inventory of work-in-progress goods due to execution and billing of customer orders.
Employee Benefits Expense
The Companys employee benefits expense increased by 70.5% from Rs.293.53 Mn in FY2023 to Rs.500.44 Mn in FY2024, primarily due to (i) an increase in salary and wages from Rs.264.43 Mn to Rs.357.79 Mn on account of increase in number of employees from 264 to 362 and an average increase in compensation paid to employees and (ii) an increase in share-based payment to employees from Rs.23.18 Mn in FY2023 to Rs.128.53 Mn in FY2024.
Finance Costs
The Companys finance costs increased by 52.4% from Rs.40.73 Mn in FY2023 to Rs.62.08 Mn in FY2024, primarily due to an increase in (i) interest on borrowings from Rs.22.77 Mn to Rs.40.12 Mn, (ii) interest on lease liabilities from Rs.3.52 Mn to Rs.5.93 Mn and (iii) interest on others from Rs.3.05 Mn to Rs.9.69 Mn, which was partially offset by a decrease in other borrowing costs from Rs.11.39 Mn to Rs.6.34 Mn.
Depreciation and Amortisation Expenses
The Companys depreciation and amortisation expenses increased by 71% from Rs.36.57 Mn in FY2023 to Rs.62.52 Mn in FY2024, due to increase in (i) gross carrying value of the plant and equipment by Rs.109.02 Mn, buildings by Rs.22.72 Mn, furniture and fixtures byRs.18.56 Mn, office by Rs.14.79 Mn and vehicles by Rs.21.94 Mn, (ii) increase in gross carrying value of other intangible assets by Rs.6.90 Mn and (iii) and increase in from carrying amount of right to use assets by Rs.41.24 Mn, resulting in (i) increase in depreciation of tangible assets from Rs.21.93 Mn to Rs.41.39 Mn, (ii) decrease in amortisation of intangible assets from Rs.4.47 Mn to Rs.3.57 Mn and (iii) increase in depreciation of right-of-use assets from Rs.10.17 Mn to Rs.17.56 Mn.
Other Expenses
The Companys other expenses increased by 26.9% from Rs.212.39 Mn in FY2023 to Rs.269.57 Mn in FY2024. This was primarily due to an increase in (i) technical support expenses from Rs.6.68 Mn to Rs.32.55 Mn, (ii) corporate social responsibility expenses from Rs.3.30 Mn to Rs.7.03 Mn, and (iii) from office expenses Rs.9.74 Mn to Rs.17.33 Mn.
Profit/(loss) Before Taxes
The above led to increase in profit
Rs.629.63 Mn in FY2023 to Rs.1019.56 Mn in FY2024.
Tax Expenses
The Companys total tax expenses increased by 62.6% from Rs.160.27 Mn in FY2023 to Rs.260.53 Mn in FY2024 due to an increase in our current tax expense from Rs.156.16 Mn to
Rs.256.65 Mn caused by increase in profit before tax.
Profit/(loss) for the year
For the reasons discussed above, the Companys profit for the year increased by 61.7% from Rs.469.36 Mn in FY2023 to Rs.759.03 Mn in FY2024.
Key Performance Indicators
| Particulars | FY2024 | FY2023 |
| Sale of products (in Rs. Mn) | 7,064.96 | 4,315.36 |
| Sale of services (in Rs. Mn) | 175.72 | 94.66 |
| Other operating revenue | 0.07 | 39.7 |
| (in Rs. Mn) | ||
| Revenue from operations | 7,240.75 | 4,449.72 |
| (in Rs. Mn) | ||
| Cost of goods sold (COGS) | 5,445.45 | 3,243.65 |
| (in Rs. Mn)1 | ||
| Gross margin (in %)1 | 24.79 | 27.1 |
| EBITDA (in Rs. Mn)2 | 1144.16 | 706.93 |
| EBITDA margin (in %)2 | 15.8 | 15.89 |
| Profit for the year | 759.03 | 469.36 |
| (in Rs. Mn) | ||
| Profit margin (in %) 3 | 10.48 | 10.55 |
| Return on equity (ROE) (in %)4 | 29.4 | 68.01 |
| Return on capital employed | 38.52 | 64.42 |
| (ROCE) (in %)5 | ||
| Total borrowings (Rs. Mn)6 | 95.73 | 356.03 |
| Net debt (in Rs. Mn)7 | -801.02 | 285.11 |
| Net debt - equity ratio | -0.19 | 0.3 |
| (in times)8 | ||
| Net debt - EBITDA (in times)9 | -0.7 | 0.4 |
| Asset turnover ratio | 16.18 | 17.69 |
| (in times)10 |
Notes:
1. Gross Margin: Percentage of total revenue from operations for the year less cost of goods sold for the year divided by total revenue from operations for the year. Cost of goods sold is taken as a sum of cost of material consumed and change in inventories of finished goods and work in progress.
2. EBITDA is calculated as profit for the year plus tax expense, depreciation and amortisation and financecost for the year, while EBITDA margin is the percentage of EBITDA divided by total revenue from operations for the year.
3. Profit revenue from operations for the year.
4. Return on Equity is calculated as profit for the year divided by average equity.
5. Return on Capital Employed is calculated as earnings before interest and taxes expenses (EBIT) for the year divided by average capital employed.
EBIT is calculated as EBITDA for the year less depreciation for the year and capital employed is sum of equity, total borrowings and deferred tax liabilities.
6. Total borrowings are current and non-current borrowings plus current and non-current lease liabilities.
7. Net Debt is total borrowings reduced by cash & cash equivalents.
8. Net Debt to equity is calculated as Net Debt divided by equity.
9. Net Debt to EBITDA is calculated as Net Debt divided by EBITDA for the year.
10. Asset Turnover Ratio: Total revenue from operations for the year divided by total assets, where total assets are sum of property, plant and equipment (net block), capital work in progress, right of use assets, intangible assets (net block) and intangible assets under development.
RESEARCH AND DEVELOPMENT
The Company has a dedicated team continuously working towards innovation in the software and the hardware domain. The R&D teams in-depth understanding of high-end computing solutions, their ability to meet the advanced technological challenges and their constant efforts at innovation, coupled with experience in working on innovative products in India, enable the Company to stay at the forefront of technological evolution and anticipate and envision the future needs of its customers and the market. A dedicated R&D Facility has enabled the Company to expand to eight product lines viz., Tyrone Cluster Manager, KUBYTS, VERTA, ParallelStor, Collectivo, SKYLUS and Tyrone Camarero AI Systems and GPU System. Further, R&D capabilities have helped to design and build an extensive range of over 200 server models and a wide range of over 30 AI systems and workstation models and over 15 storage systems which makes the Company a self-reliant and a proven OEM. The Companys R&D team works from dedicated facilities in Faridabad, Gurgaon, and Hyderabad. As of March 2024, the team comprised 57 members, representing approximately 16% of the total workforce, with plans for additional hires.
ESG INITIATIVES
As a responsible corporate, the Company has taken giant steps to adhere to all applicable environmental, social and governance objectives. A key step was the establishment of an ESG Committee. The Companys existing strengths, capabilities, as well as gaps within the system, process and data are identified by the Committee. Based on these, the Committee develops a strategic ESG roadmap and executes it responsibly. During the year under review, the Company has identified/taken several initiatives, which are as follows:
To ensure smooth governance, the Company has laid down various policies relating to employee grievances, gender equality and equal employment opportunities and anti-corruption.
The Company aims to provide at least 25 hours of training to each employee.
Every employee of the Company is covered under the marginMediclaim is percentage insurance scheme and accidental insurance of profit for the year divided by total coverage of the Company. The Company aims to extend life insurance coverage to its employees, going forward.
The Companys goal is to have energy from renewal sources fulfilling at least 5% of its total requirement by the year 2027.
RISK AND MITIGATION
| RISK | IMPACT | MITIGATION |
| Technology risk | Rapid advancements in technology can lead to the risk of products or services becoming obsolete. | The Company invests in R&D which helps it to stay ahead of technological trends. Collaboration with various technology partners like Intel, AMD, NVIDIA, etc. helps the Company to regularly update its products and services. |
| Credit risk | Delay in customer payments and receivables may adversely impact profits and cash flows. | The Company has a well laid mechanism of collections and follow up for recovery of payments, thus minimising the chances of unrealised receivables. |
| Forex risk | The Company does not enter into hedging transactions with respect to foreign currency exposure. Any losses, on account of foreign currency exchange rate fluctuations may adversely affect business, results of operations and financial conditions. | The Company mitigates the risk by way of natural hedging through matching of currency inflows and outflows. |
| Customer concentration risk | The Company faces a risk of relying heavily on top 10 of its customers for earning majority of its revenue. Inability to retain any of its customers will affect the revenue of the Company. | Netweb Technologies has, over years, successfully retained its key customers. Also, the Company is continuously expanding its customer base to mitigate the risk. |
HUMAN RESOURCES
Employees are the most valuable asset for the Company. As on March 31, 2024, the Company has 362 permanent employees.
The Company places great emphasis on nurturing in-house talent and promoting a culture of self-motivation and teamwork. Regular training and upskilling are imparted wherever required. The Company aims to be an employer of choice and promotes inclusivity, respects diversity and strong talent retention. As a part of its talent retention programmes, the Company offers Employee Stock Ownership Plan (ESOP) schemes, incentives, performance management systems, rewards and recognitions. The Company values and highly appreciates suggestions from employees and implements it for organisational improvement.
INTERNAL CONTROLS
The Company has established robust and effective internal control systems commensurate with its size and operations. These stringent controls ensure efficient and prudent utilisation of resources, safeguarding the Companys assets and interests. Transactions are meticulously approved, recorded, and accurately reported, with checks and balances in place to ensure the reliability and consistency of accounting data. The internal control systems cover all areas of the Companys operations and undergo periodic reviews and testing to ensure their effectiveness. The Company places great emphasis on the continuous enhancement of its internal control systems to mitigate risks and improve operational efficiency. The efficacy of the and control systems is validated by internal audits and statutory auditors.
QUALITY CONTROL
The Company has implemented quality systems across its Manufacturing Facility which is designed to ensure quality of products and solutions offerings. Strict checks have been built as a part of the supplier selection process to ensure that all components purchased are in compliance with the Restriction on the use of Hazardous Substances (RoHS) directive.
The Company has also obtained BIS certification IS 13252 (Part 1):2010/ IEC 60950-1: 2005 for its servers, workstations and storage solutions. The Manufacturing Facility are ISO 14001:2015, (Environment Management System), ISO 9001:2015 (Quality Management System) and ISO/IEC 27001:2013 (Information Security Management System) certified.
The Companys products are subjected to various tests including the HIPOT test, (dielectric, i.e. insulation barrier between hazardous and non-hazardous part, strength testing) insulation resistance test, burn-in test (where products are run for an extended length of time in order to identify any potential problems) and the test for electrostatic discharge. Further the Manufacturing Facility also has a dedicated performance analyser to run ‘Linpack tests before the final product and solutions offerings are dispatched to the customers.
CAUTIONARY STATEMENT
Certain statements made in this report, including but not limited to the Companys objectives, projections, expectations, and estimates, may constitute "forward looking statements" within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied. Various factors could make a significant difference to the Companys operations and actual results, including but not limited to changes in
Government regulations, tax laws, economic developments in India and other countries where the Company conducts business, litigation, and other related factors. This report serves as a cautionary statement, and the Company takes no responsibility for any decisions made based on the information contained herein.
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