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Onward Technologies Ltd. — Earnings Release 2023
May 12, 2023
60726_rns_2023-05-12_4c49b6b6-8199-455f-beb3-22aa475f824c.pdf
Earnings Release
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May 12, 2023
To,
BSE Limited National Stock Exchange of India Ltd., Corporate Relations Department Exchange Plaza, 5th Floor, P J Towers, Dalal Street Plot No. C/1, G Block, Mumbai 400 001 Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051.
Ref: Scrip Code - BSE: 517536 NSE: ONWARDTEC
Sub.: Press Release on Standalone and Consolidated Audited Financial Results of the Company for the quarter and year ended March 31, 2023.
Dear Sir,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of Press Release on Standalone and Consolidated Audited Financial Results of the Company for the quarter and year ended March 31, 2023.
Kindly acknowledge the receipt of the same.
For Onward Technologies Limited
SHAMA Digitally signed by SHAMA SHIVAJI SHIVAJI PAWAR Date: 2023.05.12 PAWAR 15:17:08 +05'30' Shama Pawar Company Secretary
Regd. address. : 2[nd] Floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai 400018. Tel: +91 22 24926570 CIN: L28920MH1991PLC062542 | email: [email protected] | website : www.onwardgroup.com
Mumbai | Pune | Chennai | Bengaluru | Hyderabad | Chicago | Detroit | Cleveland | London | Frankfurt | Amsterdam | Toronto
Press Release – Q4FY23
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Onward Technologies Reported Highest-ever Revenue of ₹ 440.9 crore in FY23, up by 43.5% YoY
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Q4FY23 Revenue at ₹ 121.4 crore, up 38.8% YoY
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Q4FY23 EBITDA Margin at 11.6%
Mumbai, India – May 12th, 2023: Onward Technologies Limited (BSE: 517536) (NSE: ONWARDTEC), a software outsourcing company, specializing in digital and ER&D services, announced today its financial results for the Fourth Quarter and Full Year ended on 31[st] March 2023.
Commenting on the FY23 results, Jigar Mehta, Managing Director, Onward Technologies, said, “FY23 was a remarkable year with several corporate milestones for Onward Technologies. As it continues to address the robust demand for software services, the team has once again demonstrated its commitment to profitable growth. On year-on-year basis, North America grew at 70% while Europe and India closed the year with 33% and 30% growth respectively. Additionally, our focus on verticals and strategic clients, all supported by a network of offshore capability centers has contributed meaningfully to both the top line and the bottom line.”
Consolidated Financial Highlights for the Quarter and Full Year Ended 31[st] March 2023
| Particulars (in ₹ Crore) | Q4FY23 | Q3FY23 | QoQ Growth | Q4FY22 | YoY Growth |
|---|---|---|---|---|---|
| Revenue from Operations | 121.4 | 115.8 | 4.8% | 87.5 | 38.8% |
| Other Income | 1.7 | 1.1 | 55.8% | 1.6 | 8.7% |
| Total Revenue | 123.1 | 116.9 | 5.3% | 89.1 | 38.2% |
| EBITDA | 14.1 | 6.6 | 114.6% | 6.3 | 122.0% |
| EBITDA Margin (%) | 11.6% | 5.7% | 593bps | 7.2% | 435bps |
| Profit After Tax (PAT) | 7.2 | 2.5 | 194.4% | 3.2 | 124.5% |
| PAT Margin (%) | 6.0% | 2.1% | 384bps | 3.7% | 228bps |
| EPS (₹) – Diluted | 3.19 | 1.08 | 194.3% | 1.42 | 124.6% |
| Particulars (in ₹ Crore) | FY23 | FY22 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 440.9 | 307.3 | 43.5% |
| Other Income | 5.4 | 21.5 | (74.9%) |
| Total Revenue | 446.3 | 328.8 | 35.7% |
| EBITDA | 27.3 | 21.4 | 27.4% |
| EBITDA Margin (%) | 6.2% | 7.0% | (78bps) |
| Profit After Tax (PAT) | 11.5 | 23.7 | (51.5%) |
| PAT Margin (%) | 2.6% | 7.7% | (510bps) |
| EPS (₹) – Diluted | 5.05 | 12.17 | (58.5%) |
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Other Business Highlights
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The company con�nued to experience substan�al growth in its focused ver�cals in FY23.
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Industrial Equipment & Heavy Machinery contributed 55% of consolidated revenues.
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Transporta�on & Mobility contributed 30% of consolidated revenues.
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Healthcare contributed 8% of consolidated revenues.
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The Digital Services Line of Business (LOB) con�nued trac�on and contributed 17% of FY23 consolidated revenues.
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Top 25 clients contributed 81% of total revenues.
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Board recommended payment of final Dividend of Rs.3/- per equity share having face value of Rs. 10/each for the financial year ended March 31, 2023, subject to the approval of the shareholders at the ensuing 32[nd] Annual General Mee�ng (AGM). The cut-off date and record dates will follow separately.
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Total global headcount has reached 2,798 employees.
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This is post exit of non-strategic ITS projects in the domes�c Indian market.
About Onward Technologies Limited
Onward Technologies (BSE: 517536) (NSE: ONWARDTEC) is a software outsourcing company specializing in digital and ER&D services. We help global OEMs improve speed to market, accelerate innovation, and maximize returns on their R&D investments. Headquartered in Mumbai, India, we are also an employer of choice driving positive change as a responsible corporate citizen. With over 2,798 employees across 14 offices in 6 countries and offshore development centers in India, we support multiple businesses in Transportation, Mobility, Industrial Products, Heavy Machinery and Healthcare verticals. For more information, please visit www.onwardgroup.com
For Further Information, Please Contact:
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Ms. Asha Gupta - [email protected] Ms. Anushka Khanna - [email protected] Mr. Pratik Jagtap - [email protected]