New Delhi, Domestic computer server maker NetWeb Technologies said its net profit nearly tripled to Rs 29.6 crore in the fourth quarter ended March 31, 2024, due to growth in demand for artificial intelligence-based solutions.
In the same period a year ago, the company had earned a net profit of Rs 10.5 crore.
NetWeb Technologies' revenue from operations more than doubled to Rs 265.8 crore during the reported quarter from Rs 123.39 crore in the year-ago period.
NetWeb Technologies' revenue from AI systems has grown nearly 2.6 times on a year-on-year basis and now accounts for more than 11 percent of operating income.
“We are pleased to announce that our company has achieved its highest-ever quarterly and annual revenues and profits. As stated earlier, AI systems are clearly not on their way to becoming our third pillar of development.This is reflected in the 2.6 times increase in its revenue. Year-on-year, its contribution to the company's total revenue has increased from 7 per cent in FY2013 to 11 per cent in FY2014, underscoring its importance as an important revenue source,'' Netway said. Said. Technologies Chairman and Managing Director, Sanjay Lodha said. ,
He said that NetWeb is the only manufacturing partner of Nvidia in India and I am getting shipments from GPU (graphics processing unit) chip manufacturers without any delay.
Lodha said, “We have estimated that our growth rate in the next two years will be between 30-35 percent.,
Nvidia currently dominates the GPU market with about 88 percent market share. The rapid increase in demand for AI-based services has led to an increase in the demand for GPU-based servers.
For the year ending March 31, 2024, NetWeb Technologies' net profit rose 66 per cent to Rs 75.9 crore, from about Rs 47 crore in the March 2023 quarter.
NetWeb Technologies' annual income from operations increased by nearly 63 per cent to Rs 724 crore in financial year 2022-23 from Rs 445 crore.
The company's order book grew nearly six times to Rs 411 crore by March 31, 2024, from Rs 71.2 crore in March 2023.Lodha said, “Given the widespread adoption of generative AI models and the significant contribution of the global AI developer community across different sectors and innovative use cases, India is poised to become the AI factory of the world. “This will be driven by the expansion of our diverse product offerings.” "Presents a promising opportunity." ,
NetWeb added 171 new customers during the reported fiscal year.
In the same period a year ago, the company had earned a net profit of Rs 10.5 crore.
NetWeb Technologies' revenue from operations more than doubled to Rs 265.8 crore during the reported quarter from Rs 123.39 crore in the year-ago period.
NetWeb Technologies' revenue from AI systems has grown nearly 2.6 times on a year-on-year basis and now accounts for more than 11 percent of operating income.
“We are pleased to announce that our company has achieved its highest-ever quarterly and annual revenues and profits. As stated earlier, AI systems are clearly not on their way to becoming our third pillar of development.This is reflected in the 2.6 times increase in its revenue. Year-on-year, its contribution to the company's total revenue has increased from 7 per cent in FY2013 to 11 per cent in FY2014, underscoring its importance as an important revenue source,'' Netway said. Said. Technologies Chairman and Managing Director, Sanjay Lodha said. ,
He said that NetWeb is the only manufacturing partner of Nvidia in India and I am getting shipments from GPU (graphics processing unit) chip manufacturers without any delay.
Lodha said, “We have estimated that our growth rate in the next two years will be between 30-35 percent.,
Nvidia currently dominates the GPU market with about 88 percent market share. The rapid increase in demand for AI-based services has led to an increase in the demand for GPU-based servers.
For the year ending March 31, 2024, NetWeb Technologies' net profit rose 66 per cent to Rs 75.9 crore, from about Rs 47 crore in the March 2023 quarter.
NetWeb Technologies' annual income from operations increased by nearly 63 per cent to Rs 724 crore in financial year 2022-23 from Rs 445 crore.
The company's order book grew nearly six times to Rs 411 crore by March 31, 2024, from Rs 71.2 crore in March 2023.Lodha said, “Given the widespread adoption of generative AI models and the significant contribution of the global AI developer community across different sectors and innovative use cases, India is poised to become the AI factory of the world. “This will be driven by the expansion of our diverse product offerings.” "Presents a promising opportunity." ,
NetWeb added 171 new customers during the reported fiscal year.
