Netweb Q1 net profit doubles to Rs 30 crore

New Delhi, Jul 31 (PTI) IT server maker Netweb Technologies on Thursday reported over 100 per cent jump in its profit after tax to Rs 30.5 crore in the first quarter ended June 30, driven by a robust demand environment for artificial intelligence technologies.

The company had posted a profit after tax of Rs 15.24 crore a year ago.

The operating income of Netweb also more than doubled to Rs 301.21 crore from Rs 149.3 crore in the June 2024 quarter.

"Our operating income grew by 101.7 per cent year-on-year to Rs 3,012.1 million, reflecting the robust demand environment and our continued focus on disciplined execution. Profit after tax increased by 100 per cent YoY to Rs 304.8 million, with a margin of 10.1 per cent," Netweb Technologies Chairman and Managing Director Sanjay Lodha said.

The company during the quarter executed a large AI order in the critical defence sector, he added.

"We firmly believe that a country's defence strength in today’s world is not just defined by its military firepower alone, but increasingly by its technological superiority," Lodha said. PTI PRS PRS BAL BAL