Lenovo Group Ltd delivered an exceptionally robust financial result in the quarter which ended in March, the company said, posting the strongest fiscal year in the company's history on the back of AI growth.

During the quarter, overall revenue reached an all-time fourth quarter high of $21.6 billion, up 27 percent year-on-year, marking the highest year-on-year growth rate in five years, with adjusted net income doubling year-on-year to $559 million.

AI-related revenue stood out as a leading growth engine, growing 84 percent year-on-year to account for 38 percent of total group revenue in the quarter which ended in March, Lenovo said.

For the full year, Lenovo delivered record revenue of $83.1 billion, with adjusted net income growing 42 percent year-on-year to $2 billion.

All business groups achieved solid double-digit year-on-year revenue growth, with a notable record full-year performance from Lenovo's infrastructure solutions group with revenue of $19.2 billion, full-year profitability, and $142 million year-on-year improvement in operating profit.

Lenovo said the results demonstrate its ability to sustain growth and strengthen its competitive position while navigating a complex external environment marked by supply shortages and rising component costs. Its operational excellence – underpinned by a balanced global business and manufacturing footprint and global-local operating model – has delivered strong structural resilience in a volatile environment, according to the company.

"Lenovo concluded its best year ever with an exceptional fourth quarter, where we delivered on our promises," Yang Yuanqing, chairman and CEO of Lenovo, said. "We returned our infrastructure solutions group to a sustainable and profitable growth trajectory and achieved hyper-growth by capturing the opportunity of the booming AI infrastructure market."

"Through firm execution of our Hybrid AI strategy, we are uniquely positioned to lead in the new wave of AI inferencing and democratization," Yang said.

"With strong momentum across all our businesses, we are confident in our ambition to become a $100 billion-company within the next two years, while continuing to deliver strong returns for our shareholders," he added.

Lenovo said it has continued to increase investment in innovation, with R&D expenses rising 16 percent year-on-year to 3.5 percent of company revenue in the quarter which ended in March.