Netweb Technologies, an IT hardware company preparing for its Initial Public Offering (IPO), has reported an impressive surge in its profit after tax for the financial year ending March 31, 2023. According to a regulatory filing, the company's profit after tax soared to Rs 46.93 crore, more than doubling its previous year's figure of Rs 22.45 crore. Netweb Technologies also experienced substantial growth in its revenue from operations, which increased by 80 percent to reach Rs 444.97 crore in FY23, compared to Rs 247 crore in the previous year, as stated in a ROC filing.
In March 2023, the company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an IPO. The IPO will comprise a fresh issue of equity shares worth up to Rs 257 crore, along with an offer-for-sale (OFS) of up to 85 lakh equity shares by existing shareholders.
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According to a PTI report, Netweb Technologies emphasised its improved profitability, with EBITDA margins expanding to 15.86 percent in FY23, up from 14.32 percent in FY22. Similarly, the profit after tax (PAT) margins increased to 10.53 percent in FY23, compared to 9.06 percent in FY22.
The company experienced substantial revenue growth in its supercomputing system vertical, with a 67.77 percent rise to Rs 172.80 crore in FY'23. Additionally, revenue from the private cloud and Hyperconverged Infrastructure (HCI) segment saw significant growth, increasing from Rs 47.90 crore in FY22 to Rs 146.10 crore in FY23.
During fiscal year 2023, Netweb Technologies expanded its customer base by adding 195 new clients. The company also collaborates with prominent firms such as Intel, Samsung, AMD, and NVIDIA to enhance its product offerings.
Netweb Technologies stands out as one of the few Original Equipment Manufacturers (OEMs) in India that qualified for the production-linked incentives scheme for IT hardware and networking products manufacturing within the country.