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Onward Technologies Ltd. Earnings Release 2019
60726_rns_2019-05-17_4ccc8e72-b4d8-4eed-b47f-796680f9751c.pdf
Earnings Release
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Press Release
Onward Technologies delivers PAT growth of 50.9% in FY 18-19,
Board RecommendsFinal Dividend at 15%
Highlights for the Financial Year ended March 31, 2019
- Consolidated Revenuesclosed at INR 262.21 Cr in FY19 as against INR 249.21 Cr of FY18, a growthof 5.2%.
- Consolidated EBITDA closed at INR 23.60Cr in FY19, up 47.3% from INR 16.02 Cr of FY18.
- Consolidated Profit before Tax (PBT) at INR 15.20 Cr in FY19, up 102.4% from INR 7.51 Cr of FY18
- Consolidated Profit after Tax (PAT) was at INR 10.13 Cr in FY19 as against INR 6.72 Cr of FY18, a YoY growthof 50.7%,
- Companydeclared an EPS of INR 6.45 in FY19, up 48.2 % from previousfinancial year
- For the financial year ended March 31, 2019, the Board recommendeda final dividend ofRs. 1.50 paise per share, to be confirmed at the 28Annual General Meeting.
Highlights for the Quarter (Q4) ended March 31, 2019
- Consolidated Revenuesin Q4 of FY19 were at INR 66.54 Cr, up by 3.6% from INR 64.23 Cr in Q4 FY18
- Consolidated EBITDA wereat INR 6.29Cr for Q4 of FY19, up 198% from INR 2.11 Cr in Q4 FY18.
- Consolidated Profit before Tax (PBT) at INR 4.20 Cr for Q4 of FY19, up 2524.9% from INR 0.16 Cr inQ4 FY18
- Consolidated Profit after Tax (PAT) at INR 3.20 Cr for Q4 FY19, up 178.2% from INR 1.15 Cr in Q4 FY18
- Earnings Per Share (EPS) for Q4 wasthe highest at INR 2.03
Mr. Harish Mehta, Onward Technologies' Founder & Executive Chairman, commented on the performance of the Company, saying "I am pleased to share that Onward Technologies has performed well in Q4 and the company has delivered consistent growth quarter after quarter. We have beeninvesting for the future over the last few years & during the year and we are expecting these investments to yield both a healthy top line growth and continuous margin improvements. | am happy to inform you that the Board of Directors have recommendedto the AGMto increase the dividendfrom 10% last year to 15%for the current year".
2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai - 400018 Tel. +91 22 2492 6570 Fax: +91 22 2492 6549 CIN:L28920MH1991PLC062542 www.onwardgroup.com
Mumbai | Pune | Chennai | Chicago | Detroit | Milwaukee | Cleveland | Frankfurt | Birmingham
About Onward Technologies Limited
Onward Technologies (NSE, BSE : ONWARDTEC)is oneof the India's leading engineering and IT services companies, providing integrated product developmentsolutions and services to many of the Fortune 1000 companies.
Foundedin 1991, the companydeals in mechanical engineering, embedded products and systems development, mobile and enterprise software development, data analytics and digital transformation, robotic process automation, and managed services for infrastructure, applications and databases. We have worked with a wide range of clients in 10 industries, including automotive, aerospace, off-highway, industrial equipment and machinery, medical laboratory equipment, pharmaceutical and life sciences, banking, financial services, and insurance.
Onward Technologies brings its expertise to clients through our 2,500+ employees, who continue to invest in deepening their expertise in relevant industries and technologies. In addition, the strategic alliances with large enterprise software OEMshelpsin providing a comprehensive range of end-to-end solutions and services.
With engineering design and delivery centers in India, Onward Technologies has sales offices in Chicago, Detroit, Cleveland and Milwaukee in North America, Birmingham in the United Kingdom, Frankfurt in Germany, and Mumbai, Pune, and Chennaiin India. All the 12 offices across North America, Europe and India are equipped with state of the art and secure infrastructure, equipmentandfacilities that aim to provide our clients with business continuity support, as well as proximity and access to a world class talent pool.
To learn more on how OnwardTechnologies helpsits clients please visit our website at www.onwardgroup.com.
For more information, please contact: [email protected]
2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai - 400018 Tel. +91 22 2492 6570 Fax: +91 22 2492 6549 CIN:L28920MH1991PLC062542 www.onwardgroup.com
Mumbai| Pune | Chennai | Chicago | Detroit | Milwaukee | Cleveland | Frankfurt | Birmingham
Onward Technologies Limited
Corporate Identity Number: L28920MH1991PLC062542 Registered Office: Sterling Centre, 2nd Floor, Dr. A. B. Road, Worli, Mumbai- 400 018,India. Tel: +91 22 2492 6570 Fax: +91 22 2492 6549
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| TECHNOLOGIESLIMITED | |||||
| OnwardCorporate Identity Number: L28920MH1991PLC062542Registered Office: Sterling Centre, 2nd Floor, Dr. A. B. Road, Worli,Mumbai- | Technologies Limited400018,India.Tel: +91 22 2492 6570 Fax: +91 22 2492 6549 | ||||
| STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND | E-mail: [email protected] Website: www.onwardgroup.com | YEAR ENDED MARCH31, | 2019 | (Rs. In lakhs) | |
| ParticularsSr. | March 31, 2019(UnauditedRefer Note 3) | Quarter endedDecember31,2018(Unaudited) | March 31, 2018(UnauditedRefer Note 3) | Year endedMarch 31, 2019(Audited) | March 31, 2018(Audited) |
| No.Revenue from operations1Other income (net)23 Total Income (1+2)4 Expenses | 6,567.6186.446,654.05 | 6,245.30282.386,527.68 | 6,203.99219.356,423.34 | 25,949.89270.8026,220.69 | 24,446.02475.3424,921.36 |
| a) Purchase of traded goodsb) Employee benefits expensec) Finance costsd) Depreciation and amortisation expensee) Other expenses | 46.434,808.2078.22131.431,170.05 | 17.254,810.4464.41147.021,078.67 | 165.244,738.3763.52131.701,308.52 | 440.0018,870.86274.17565.994,549.71 | 372.1418,582.05302.98548.524,364.73 |
| TotalExp5 Profit before tax (3-4)6 Tax Expensea) Current Tax | 6,234.33419.72114.64 | 6,117.79409.89136.62 | 6,407.3515.9939.61 | 24,700.731,519.96520.89 | 24,170.42750.94223.44 |
| b) Short/(Excess) provision of taxation for previous periodsc) Deferred TaxTotal tax/ (credits)exp7 Net profit for the period (5 - 6) | -(15.32)99.32320.40 | -(20.32)116.30293.59 | 0.01(138.78)(99.16)115.15 | 3.50(17.84)506.551,013.41 | (9.14)(134.98)79.32671.62 |
| 8 Other comprehensive income, net of income taxa) i) items that will not be reclassified to profit or lossii) income tax relating to items that will not bereclassified to profit or loss | (75.55)21.28 | 2.55(0.59) | 18.89(5.92) | (67.90)19.65 | 3:31(0.77) |
| b) i) items that will be reclassified to profit or lossii) income tax relating to items that will be reclassifiedto profit or lossTotal other comprehensive income,netof income taxfor the period (7-8)9 Total comprehensivei | 9.99-(44.28)276.12 | (71.33)-(69.37)224.22 | 4.16-17.13132.28 | 123.45-75.201,088.61 | 4.16-6.70678.32 |
| 10 Net Profit/ (loss) attributable to:a) Ownersb) Non-controlling interests | 320.40= | 293.59= | 115.15- | 1,013.41= | 671.62* |
| 11 Total comprehensive incomeattributable to:a) Ownersb) Non-controlling interests | 276.12- | 224.22- | 132,28as | 1,088.61e | 678.32S |
| 12 Paid-up equity share capital : (Face value Rs. 10 each)13 Earnings per share (of Rs. 10 each) (not annualised)Basic: (in Rs.)Diluted: (in Rs.) | 1,580.492.031.96 | 1,575.171.861.79 | 1,554.210.740.74 | 1,580.496.456.17 | 1,554.214.354.07 |
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| CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND | LIABILITIES FOR THE QUARTER AND | YEAR ENDED MARCH31,2019 | TECHNOLOGIESLIMITED | |||
| Sr.No. | Particulars | March 31, 2019 | Quarter endedDecember31, 2018 | March 31, 2018 | Year endedMarch 31, 2019 | March 31, 2018 |
| 1]Segment Revenue (netofinter-seqment revenue)Mechanical Engineering Design ServicesInformation Technology Services | (UnauditedRefer Note 3)5,087.921,479.69 | (Unaudited)4,642.401,602.90 | (UnauditedRefer Note 3)4,806.251,397.74 | (Audited)19,800.886,149.01 | (Audited)18,841.005,605.02 | |
| Revenuefromoperations2 SegmentResultsProfit before tax and finance costMechanical Engineering Design Services | 6,567.61444.90 | 6,245.30416.77 | 6,203.9957.41 | 25,949.891,478.68 | 24,446.02692.70 | |
| Information Technology ServicesTotal profit before tax and finance costLess: Finance costLess: Tax expenseTotal Segment Net Profit for the period | 53.04497.9478.2299.32320.40 | 57.52474.2964.41116.30293.59 | 22.1079.5163.52(99.16)115.15 | 315.451,794.13274.17506.551,013.41 | 361.221,053.92302.9879.32671.62 | |
| Sr.No. | Particulars | March 31, 2019(Audited) | March 31, 2018(Audited) | |||
| SegmentAssets3}Mechanical Engineering Design ServicesInformation Technology ServicesTotal Segment Assets4/SLiabilities | 7,247.553,418.8510,666.40 | 6,942.603,132.1010,074.70 | ||||
| Mechanical Engineering Design ServicesInformation Technology ServicesTotal SegmentLiabilities | 2,256.542,307.894,564.43 | 3,847.191,247.405,094.59 | ||||
| Notes:1 Thestatementhas been reviewed by the Audit Committee and approved by the Board of Directors atit's meeting held on May 17, 2019.2 This statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act, 2013 and other | ||||||
| recognised accounting practices andpolicies to the extent applicable.3 The figures for the quarter ended March 31, 2019 and March 31, 2018 are the derived figures between the audited figures for the year ended March 31, 2019 and March 31, 2018 and publishedreviewed figures of December 31, 2018 and December 31, 2017 respectively.4 During the quarter and twelve months ended March 31, 2019, the Companyissued 53,200 and 2,62,800 equity shares respectively following the exercise of stock options by certain employees under}the ESOP scheme, 2009. | ||||||
| oa | 5 Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" using the modified retrospective option which is applied to contracts that were not completed'as at April 1, 2018. Accordingly the comparatives have not been retrospectively adjusted. The adoption of Ind AS 115 did not have any material impact to the financial results of the Company.The board ofdirectors in its meeting held on May 17, 2019 has recommended final dividendof | Rs. 1.50 per equity share of Rs. 10 each for the year 2018-19, subject to shareholders approval. | ||||
| ~ | The Companyisin the process of evaluating the impact of the recent Supreme Court Judgment in case of "Vivekananda Vidyamandir And Others Vs The Regional Provident Fund Commissioner(II)West Bengal" and the related circular (Circular No. C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees' Provident Fund Organisation in relation to nonexclusion of certain allowances from the definition of "basic wages" of the relevant employees for the purposes of determining contribution to provident fund under the Employees' Provident Funds &MiscellaneousProvisions Act, 1952. In the assessment of the managementwhich is supported byinternal legal advice, the aforesaid matteris notlikely to have a significant impact and accordingly, no}provision has been madeinthese Financial Statements. | |||||
| 8 The consolidated financial results include the results of Onward Technologies Limited's subsidiaries in India, USA and Germany.9 Results of Onward Technologies Limited on a standalonebasis are hosted at Company's website www.onwardgroup.comParticulars | Quarter ended | Year ended | ||||
| Revenue from operations and other incomeProfit before tax | March 31, 2019(UnauditedRefer Note 3)2,942.12340.20 | December31,2018Unaudited3,003.56342.53 | March 31, 2018(UnauditedRefer Note 3)3,084.8566.46 | March 31, 2019Audited12,320.291,313.99 | March 31, 2018Audited11,310.03334.98 | |
| Profit after tax | 196.60 | 300.94 | 23.20Sis | 935.02 | 220.15 |
| Particulars | Quarter ended | Year ended | |||
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| March 31, 2019 | December31,2018 | March 31, 2018 | March 31, 2019 | March 31, 2018 | |
| (UnauditedRefer Note 3) | Unaudited | (UnauditedRefer Note 3) | Audited | Audited | |
| Revenue from operations and other income | 2,942.12 | 3,003.56 | 3,084.85 | 12,320.29 | 11,310.03 |
| Profit before tax | 340.20 | 342.53 | 66.46 | 1,313.99 | 334.98 |
| 196.60 | 300.94 | 23.20 | 935.02 | 220.15 | |
| Date : May 17, 2019PuneingCentre,RegistereTel.; +916570(22) 2492 | 2ndDr.Floor,+91Fax:(22)www.onwardgroup | AnnieBesantCIN65492492com | Harish MehtaExecutive ChairmanWorli, MumbaiRoad, | No.: L28920MH1991PLC62542. |
Place : Mumbai
Sis Harish Mehta Executive Chairman Date : May 17, 2019 Worli, Mumbai
10,666.40 10,074.70
Onward Technologies Limited
Corporate Identity Number: L28920MH1991PLC062542 Registered Office: Sterling Centre, 2nd Floor, Dr. A. B. Road, Worli, Mumbai - 400 018,India.
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| OnwardIdentity Number:Corporate | TechnologiesLimitedL28920MH1991PLC062542 | |
| Office: Sterling Centre, 2ndRegisteredMumbai- 400Tel: +9122 2492 6570 Fax: +91 | Floor, Dr. A. B. Road,018,India.22 2492 6549E-mail: [email protected] Website: www.onwardgroup.com | Worli, |
| BALANCESHEETCONSOLIDATED | ||
| MARCHATAS31, 2019 | (Rs. In lakhs) | |
| Particulars | As atMarch 31, 2019 | As atMarch 31, 2018 |
| ASSETSNon-current assetsProperty, plant and equipmentIntangible assets | 977.97566.00 | 856.24703.41 |
| Intangible assets under developmentFinancial assets(a) Loans | 17.89286.37 | 10.50227.53 |
| (b) Other financial assetsDeferred tax assetsIncome-tax assetsOther non-current assets | 6.95169.691,581.3361.61 | 4.51119.391,318.705.15 |
| Current assetsFinancial Assets | 3,667.81 | 3,245.43 |
| (a) Trade receivables(b) Cash and cash equivalents(c) Bank balances other than (b) above(d) Contract assets | 4,891.25434.0476.33855.04 | 4,560.14755.7230.76876.76 |
| (e) Loans(f) Other financial assetsIncome-tax assetsOthercurrent assets | =105.83194.28441.82 | 41.9915.87142.23405.80 |
| TOTALASSETSAND LIABILITIESEQUITY | 6,998.5910,666.40 | 6,829.2710,074.70 |
| EquityEquity share capitalOther equity | 1,580.494,521.48 | 1,554.213,425.90 |
| Non-currentliabilitiesFinancial Liabilities(i) Borrowings | 6,101.9764.70 | 4,980.11231.20 |
| Employee benefit obligationsDeferred tax liabilities | 61.0251.95177.67 | 121.0233:52385.74 |
| CurrentliabilitiesFinancial LiabilitiesBorrowings(i)(ii) Trade payables | 1,545.44 | 1,717.74 |
| -Total outstanding dues of micro enterprises and smallenterprises-Total outstanding duesofcreditors other than microenterprises and small enterprises | 43.82562.22 | -780.16 |
| (iii) Other financial liabilitiesEmployee benefit obligationsIncome-tax Liabilities | 266.09375.74- | 332.60249.6632.83 |
| Contract LiabilitiesOther current Jiabiliti | 6.381,587.074,386.76 | 74.071,521.794,708.85 |
| tre, 2ndFloor, Dr. Annie | Worli, MumbaiRoad,Besant | 400(MH)-018. |
| +910(22) 2492Fax: | CIN6549www.onwardgroup.com | No.: L28920MH1991PLC62542. |
| Chicago Detroit | ClevelandMilwaukee | Birmingham Frankfurt |
www.onwardgroup.com tre, 2nd Floor, Dr. Annie Besant Road, Worli, Mumbai (MH)- 400 018. 0 Fax: +91 (22) 2492 6549 CIN No.: L28920MH1991PLC62542. Mumbai | Pune | Chennai
| Chicago | Detroit | Milwaukee | Cleveland | Frankfurt | Birmingham