Netweb Technologies Reports Over 100% Increase in Total Income

Netweb Technologies has announced a significant surge in its total income, showcasing remarkable growth in various financial metrics.

Impressive Financial Performance

The company revealed that its gross profit reached Rs 392 million, demonstrating a year-on-year (YoY) increase of 71.4% and a quarter-on-quarter (QoQ) increase of 76.6%. This substantial growth underscores the company’s strong financial performance during the specified period.

Strategic Insights from Leadership

Sanjay Lodha, Chairman and Managing Director of Netweb Technologies, highlighted key insights regarding the company’s financial achievements. He mentioned that while the margin for the quarter experienced a slight decrease, the margin for the first half of FY24 surged to 30%, up from 29.5% in the corresponding period of FY23. Lodha emphasized the importance of assessing the company’s performance holistically rather than solely relying on quarter-to-quarter comparisons.

Growth in Key Metrics

Netweb Technologies witnessed impressive growth in various key metrics. The gross profit for the quarter soared by 71.4% YoY, while the earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 64.4% to reach Rs 223 million. The EBITDA margin for the quarter stood at 15%.

Profit After Tax and Margin Analysis

The company’s Profit After Tax (PAT) for the quarter experienced a notable increase of 65.9% YoY, totaling Rs 151 million. The PAT margin for the quarter was recorded at 10.2%, reflecting the company’s profitability and financial strength.

Diverse Product Offerings and Market Presence

Netweb Technologies caters to various end-user industries, including Information Technology (IT), IT-enabled services (ITES), Banking, Financial Services, and Insurance (BFSI), national data centers, and government entities such as defense, education, and research and development (R&D) institutions. The company’s wide array of products and solutions contributes to its market resilience and growth prospects.

Future Outlook and Growth Strategy

Sanjay Lodha expressed confidence in the company’s future outlook, citing a robust business pipeline and order book. He highlighted ongoing capability enhancements, operational expansions, and the diversification of the company’s product portfolio as key factors driving sustainable growth and maintaining technological leadership in the industry.