Tata Steel bounces back with Rs 833 crore net profit in Q2
The company’s revenue from operations in the quarter fell 3 per cent year-on-year to Rs 53,905 crore.
Netweb Technologies, a leading high-end computing solutions (HCS) provider in India, has achieved strong growth in the quarter ended September 30, where its total income increased by 100.4 per cent year-over-year, reaching Rs 1,480 million.
Gross profit was at Rs 392 million, marking a YoY increase of 71.4 per cent and a QoQ increase of 76.6 per cent, the company said in a statement.
“While the margin for the quarter decreased, the margin for H1 FY24 increased to 30 per cent, up from 29.5 per cent in H1 FY23. This emphasises that assessing our business on a quarter-to-quarter basis may not provide a holistic perspective,” said Sanjay Lodha, Chairman and Managing Director, Netweb Technologies.
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While gross profit for the quarter grew by 71.4 per cent YoY, EBITDA increased by 64.4 per cent to Rs 223 million. The EBITDA margin for the quarter was at 15 per cent.
“Profit after tax (PAT) for the quarter increased by 65.9 per cent YoY, reaching Rs 151 million, and the PAT margin for the quarter was at 10.2 per cent,” said Lodha.
Netweb offers a full stack of products and solutions to various end-user industries such as IT, ITES, BFSI, national data centres and government entities such as defense, education and R&D institutions.
“Our business pipeline and order book remain robust. Our ongoing capability enhancements and the expansion of our operations and product portfolio position us well for sustainable growth while maintaining our technological leadership,” Lodha said.
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