Netweb Technologies logs 20% PAT growth, revenue up over 44%

NEW DELHI: Netweb Technologies, a leading high-end computing solutions (HCS) provider in the country, on Wednesday said it registered 20 per cent growth in profit after tax (PAT) for the Q3 FY24 to Rs 26 crore from Rs 21.68 crore in the same quarter last year.

The company posted a revenue of Rs 257.91 crore, an over 44 per cent growth from Rs 178.69 crore in Q3 FY23.

Netweb Technologies’ stock locked at 5 per cent upper circuit on Wednesday after robust Q3 results.

Earnings before interest, tax, depreciation, and amorisation (EBITDA) was at Rs 39 crore, up 24 per cent (on-year).

The revenue from the AI systems and enterprise workstations segment increased by 340 per cent YoY, said the company.

“We are happy to announce that the company achieved strong growth in the quarter gone by. Total Income increased by 44.3 per cent year-over-year (YoY) and 74.3 per cent quarter-over-quarter (QoQ),” said Sanjay Lodha, Chairman and Managing Director, Netweb Technologies.

Netweb recently received a supercomputer order from the Indian Space Research Organisation's (ISRO's) Department of Space valued at around Rs 150 crore.

The company offers a full stack of products and solutions to various end-user industries such as IT, ITES, BFSI, national data centres and government entities such as defense, education and R&D institutions.