Netweb Technologies shares hit 5% upper circuit after Q4 net profit soars 182% YoY
For the fourth quarter of FY24, the company's net profit surged 181.8% to Rs 29.66 crore as against Rs 10.52 crore in the corresponding period of last year.
Shares of smallcap cloud services firm were locked at 5% upper circuit at Rs 1,765.4 in Thursday's trade on the BSE after the company reported robust earnings for the quarter ended March 2024.For the fourth quarter of FY24, the company's net profit surged 181.8% to Rs 29.66 crore as against Rs 10.52 crore in the corresponding period of last year. Additionally, Netweb Technologies achieved its highest-ever quarterly income of Rs 269 crore, marking a substantial 116.5% increase from Rs 126 crore reported in the same quarter of the previous year.
The company posted EBITDA of Rs 44.4 crore, an increase of 170.6% over Rs 16.4 crore in Q4FY23. Furthermore, Netweb Technologies witnessed an improvement in its EBITDA margin, which rose to 16.4%.
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The company board recommended a dividend of Rs 2 per share, subject to shareholders’ approval.
Netweb Technologies' income from AI Systems has grown about 2.6 times on a YoY basis and is now over 11% of the operating income.
The company’s order book stood at Rs 411.2 crore as against Rs 71.2 crore on March 31, 2023. It has onboarded 171 clients in FY24.
“We are delighted to announce that our company has achieved its highest-ever quarterly and annual income and profits. As stated earlier, AI systems are now clearly progressing towards becoming the third pillar of our growth. This is reflected by its revenue growing 2.6 times YoY, while its contribution to the company's total revenue has grown from 7% in FY23 to 11% in FY24, underscoring its importance as a significant revenue stream,” said Sanjay Lodha, chairman and managing director, Netweb Technologies.
Netweb Technologies shares debuted on the stock market in July 2023, listing at Rs 947 per share. Since then, the share price has surged 86%. Compared to its issue price of Rs 500, it has yielded returns of 253%.
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Source: Stocks-Markets-Economic Times
