Netweb Technologies Surges with AI-Driven Profit Growth

Netweb Technologies reports a significant 16.56% profit increase to Rs 30.32 crore in Q3 2024, driven by AI-related projects. Revenue grew by 32%, hitting Rs 334 crore, as the company expanded its international market presence. AI remains a pivotal revenue driver, reflecting strategic priorities.

Netweb Technologies, a domestic IT server maker, experienced a 16.56% increase in profit, reaching Rs 30.32 crore in the third quarter ending December 31, 2024. This growth was largely driven by demand for projects related to artificial intelligence, the company disclosed in a regulatory filing on Saturday.

Compared to the previous year's profit of Rs 26 crore in the same period, Netweb's revenue from operations also surged by 32%, totaling Rs 334 crore in the reported quarter, up from Rs 253.4 crore in the December quarter of the last fiscal year.

Chairman and managing director, Sanjay Lodha, expressed satisfaction over achieving the highest quarterly income and PAT, citing a 9.0% contribution to export revenue in Q3 FY25. Highlighting India's thriving AI research scene, supported by government and industry partnerships, Lodha emphasized AI as a major revenue driver, showing a 136.3% growth year-over-year, contributing 14.7% to revenue in the first nine months of FY25. The company's order book stands at Rs 360 crore as of December 2024.

(With inputs from agencies.)