Netweb Technologies Q1 Results: Profit declines 9% YoY to Rs 5 crore, revenue drops 13%

economictimes.indiatimes.com:

Netweb Technologies on Sunday reported a profit after tax of Rs 5.1 crore for the June quarter of the financial year 2023-24. This is a decline of 9.2% from Rs 5.6 crore clocked in the corresponding quarter of last year. On a quarter-to-quarter (QoQ) basis, Netweb Technologies posted a 51.6% decline in profit after tax at Rs 5.1 crore in Q1 FY24 compared to Rs 10.5 crore in Q4 FY23.

Its total income stood at Rs 60.2 crore in the June quarter of the current financial year, down 13.2% YoY as compared to Rs 64.9 crore in the same quarter of the previous financial year. On a QoQ basis, total income fell 51.7% to Rs 60.2 crore in Q1 FY24 from Rs 12.46 crore in Q4 FY23. Meanwhile, its EBITDA also declined by 4.6% to Rs 9 crore in Q1 FY24 against Rs 9.5 crore in Q1 FY23.

EBITDA margin stood at 15%, up 135 bps YoY from 13.7%. Total expenses during the quarter declined to Rs 53.4 crore against Rs 61.8 crore in the previous year period. Sanjay Lodha, Chairman and Managing Director of Netweb Technologies, said, «Despite the decline observed in the current quarter, we maintain our confidence in achieving robust growth in the current financial year.

It is worth noting that evaluating our business solely on a quarter-to-quarter basis might not provide a comprehensive understanding. An assessment based on the overall annual performance would offer a more accurate reflection of our progress.» «The combination of our robust pipeline, ongoing capability enhancements, new strategic partnerships, and expansion of our operations and product portfolio positions us well for sustainable growth while upholding our technological leadership,» he added. «The recent notification from DGFT restricting the import of Servers wef 1st November 2023 opens