Onward Technologies Revenue Grows by 10 percent and PAT Grows by 482.8 percent YoY
Highlights for the quarter ended December 31, 2018
- Consolidated Revenues in Q3FY19 were at INR 65.28 Cr, up 10% from INR 59.33 Cr in Q3 FY18 & up by 5.8% to INR 195.67 Cr in YTD Dec FY19 from 184.98 Cr in YTD Dec FY18
- Consolidated EBITDA were at INR 6.21 Cr for Q3FY19, up 135% from INR 2.64 Cr in Q3FY18
- Profit before Tax (PBT) at INR 4.10 Cr for Q3FY19, up 901.5% from INR 0.41 Cr in Q3FY18
- Profit after Tax (PAT) at INR 2.94 Cr for Q3FY19, up 482.8% from INR 0.50 Cr in Q3FY18
- Earnings Per Share (EPS) reported at INR 1.86 for Q3FY19, up 464.9% from INR 0.33 in Q3FY18
Mr. Harish Mehta, Onward Technologies Founder & Executive Chairman, commented on the performance of the Company, saying, “We are very pleased to announce that Onward Technologies has shown a consistent growth Year To Date over similar period last year. The medium and long-term growth prospects for Onward Technologies services and solutions in USA, UK, Germany and India remain robust. The company will continue to play a crucial role in supporting the next generation of Mechanical Design and IT Consultancy services and succeed in client digitalization initiatives at its best.”
Other Important highlights for the quarter
Onward Technologies (OTL) has invested in several new growth initiatives for 2019 as we wrapped up 2018 on a strong note.
- Started the Embedded & Electronics practice out of all 3 locations in India (Mumbai, Pune & Chennai) with an initial team size of 25 engineers which will be ramped to 100+ over the next few quarters.
- Joined the SAP partnership program to expand the SAP HANA solutions to the Indian market. The entire new Sales & Delivery teams will be driven from its Mumbai offices.
- Invested in a large new Design Centre at Magarpatta city in Pune, focused on mechanical product design services for our OEM clients. This is the company’s 3rd design center in Pune and 5th in India, the other 2 being in Mumbai & Chennai respectively. This investment is important to meet the growth demands of our customers in 2019.
- Selected SAP S/4 HANA cloud solution to implement internally in the organization (OTL & subsidiaries). The implementation will GO LIVE within the next 4 months.
About Onward Technologies Limited
Onward Technologies’ service delivery experience of over 27+ years and strength in both mechanical engineering and software development areas puts it in a unique position to provide integrated product development solutions to its fortune 1000 customers. Onward Technologies supports its customers through its offerings in Mechanical Engineering, Embedded Software Development, managed Infrastructure support, mobile & enterprise software development and robotic business process automation segments. Onward Technologies offers various flexible engagement models to suit client specific needs.
It focuses on Automotive, Aerospace, Off-Highway, Industrial Equipment & Machinery, Medical & Laboratory Equipment, Pharmaceutical & Healthcare, and banking and financial segments. Its strategic alliances with large enterprise software OEMs helps in providing comprehensive services.
Onward Technologies leverages the diverse engineering and IT consulting expertise of its 2500+ employees. It has established 13 offices across North America, Europe, United Kingdom and India, each equipped with state of art infrastructure. These locations aim to provide the proximity to client and access to required talent.
Follow Onward Technologies on LinkedIn @ https://www.linkedin.com/company/onward-technologies/.. (BSE: 517536 & NSE: ONWARDTEC).
To view the Q3 Financial Report Jan 2019, please click on the link below:
Onward Technologies Ltd Q3 Financial Report Jan 2019