Netweb Zooms to Upper Limit as Stellar Q3 Ignites Investor Frenzy

24 Jan 2024 , 02:15 AM

On January 24, Netweb Technologies’ shares were stuck at the 5% upper circuit following the release of the company’s impressive Q4 2023 financial results.

On the BSE, the stock was up 5% at Rs 1432.40.

According to the company, its earnings after tax for the quarter climbed by 20% year over year to Rs 26 crore from Rs 21.68 crore in the same quarter of the previous year. Revenue increased by 44.3 percent to Rs 257.91 crore from Rs 178.69 crore.

EBITDA for Netweb was Rs 38.76 crore, up 23.9% year over year. Nevertheless, throughout the quarter, its EBITDA margin decreased by 248 basis points to 15%.

‘Noteworthy to mention is that the revenue generated by the AI Systems and Enterprise Workstations Segment grew by 340% year over year,’ stated Sanjay Lodha, Netweb Technologies’ chairman and managing director.

‘The use of generative AI models has grown significantly in recent months, integrating extensively throughout a wide range of industries and indicating a dynamic growth in our way of living and working. Notably, recent events demonstrate India’s enormous potential and emphasise the nation’s ability to take advantage of possibilities in this changing environment. This bodes well for the diversification of our product offerings.

According to Lodha, Netweb’s order book and business pipeline are solid and demonstrate its ongoing expansion.

The company further stated that it has secured an order of Rs 147.7 crore from VSSC (ISRO) for their future supercomputer, which is expected to be the largest for the Department of Space.

‘We are in a favourable position for sustained growth while maintaining our technological leadership thanks to continuous improvements in our capabilities, as well as the expansion of our operations and product portfolio,’ Lodha stated.

Netweb provides a comprehensive range of goods and solutions to a diverse range of end user industries, including IT, ITES, BFSI, National Data Centres, and government agencies such as education, defence, and research and development centres.

For feedback and suggestions, write to us at [e-mail]