High Growth Tech Stocks In India To Watch This August 2024 #IndiaFinance

The Indian market is up 2.6% in the last 7 days, with all sectors gaining ground, and has surged 44% over the last 12 months, driven by a forecasted annual earnings growth of 17%. In this thriving environment, identifying high-growth tech stocks that align with these robust market conditions can be crucial for investors looking to capitalize on India’s dynamic economic landscape.

Top 10 High Growth Tech Companies In India

Click here to see the full list of 38 stocks from our Indian High Growth Tech and AI Stocks screener.

We’ll examine a selection from our screener results.

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Affle (India) Limited, along with its subsidiaries, offers mobile advertisement services and software development for mobiles both in India and internationally, with a market cap of ₹233.19 billion.

Operations: Affle (India) Limited generates revenue primarily through mobile advertisement services and software development for mobile devices across both domestic and international markets. The company leverages information technology to deliver targeted advertising solutions.

Affle (India) Limited’s earnings have grown 31.8% annually over the past five years, with a forecasted annual growth of 23.1%. The company’s revenue is projected to increase by 17.4% per year, outpacing the Indian market’s average of 10%. Recent Q1 results showed sales of ₹5.20 billion and net income rising to ₹865.90 million from ₹661.78 million a year ago, highlighting strong performance despite a competitive media industry landscape where Affle’s R&D expenses play a crucial role in maintaining its innovative edge.

Simply Wall St Growth Rating: ★★★★★☆

Overview: Coforge Limited offers IT and IT-enabled services across various regions including India, the Americas, Europe, the Middle East and Africa, and the Asia Pacific with a market cap of ₹406.19 billion.

Operations: The company generates revenue primarily from its software solutions, amounting to ₹93.59 billion. Its services span multiple regions including India, the Americas, Europe, the Middle East and Africa, and the Asia Pacific.

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Coforge’s revenue is forecasted to grow at 14.1% annually, outpacing the Indian market’s average of 10%. The company’s earnings are expected to rise by 22.4% per year, bolstered by a robust R&D expenditure that reached ₹1.32 billion last year, ensuring continuous innovation in AI and digital transformation services. Despite a slight net income decrease to ₹1.33 billion from ₹1.65 billion YoY, strategic leadership changes and strong client relationships in financial services position Coforge for sustained growth in the tech sector.

Simply Wall St Growth Rating: ★★★★★★

Overview: Netweb Technologies India Limited designs, manufactures, and sells high-end computing solutions (HCS) in India with a market cap of ₹141.23 billion.

Operations: Netweb Technologies India Limited generates revenue primarily from the manufacturing and sale of computer servers, amounting to ₹8.14 billion. The company focuses on high-end computing solutions within the Indian market.

Netweb Technologies India has demonstrated impressive growth, with earnings increasing by 85.8% over the past year and forecasted to grow at 35.6% annually, outpacing the Indian market’s average of 16.9%. The company reported Q1 sales of ₹1.49 billion compared to ₹598 million a year ago, reflecting robust demand for its high-performance computing solutions. Notably, Netweb’s R&D expenses have been pivotal in driving innovation, contributing significantly to their revenue growth rate of 33.6% per year.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include NSEI:AFFLE NSEI:COFORGE and NSEI:NETWEB.

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