AI assistant
Onward Technologies Ltd. — Earnings Release 2023
Jan 20, 2023
60726_rns_2023-01-20_63f21db3-9e9b-486e-b64c-7ca3baf5a8bb.pdf
Earnings Release
Open in viewerOpens in your device viewer
==> picture [155 x 45] intentionally omitted <==
January 20, 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 for the quarter ended December 31, 2022.
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 for the quarter ended December 31, 2022.
Kindly acknowledge the receipt of the same.
For Onward Technologies Limited
SHAMA Digitally signed by SHAMA SHIVAJI SHIVAJI PAWAR Date: 2023.01.20 PAWAR 17:43:34 +05'30'
Shama Pawar Company Secretary M. No. A28393
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
Media Release
==> picture [116 x 32] intentionally omitted <==
Onward Technologies Limited – Reported Highest Quarterly Revenue of INR 116 Crs in Q3 FY23 with 50%+ growth Y-o-Y
January 20[th] , 2023: Onward Technologies Limited (NSE: ONWARDTEC), a software outsourcing company, specializing in digital and ER&D services, announced its results for the quarter and nine months ended December 2022.
Q3 FY23 Consolidated Financial Performance:
| Revenue INR 1,158 Mn |
EBITDA INR 66 Mn |
EBITDA Margin 5.70% |
PAT INR 25 Mn |
EPS INR 1.08 |
|---|---|---|---|---|
9M FY23 Consolidated Financial Performance:
| Revenue INR 3,196 MN |
EBITDA INR 132 Mn |
EBITDA Margin 4.13% |
PAT INR 42 Mn |
EPS INR 1.87 |
|---|---|---|---|---|
Key highlights for Q3/9M FY23
-
Revenue in Q3 FY23 grew by 50% year-on-year and by 5% quarter-on-quarter, while for 9M FY23 revenue grew by 45% year-on-year.
-
The company experienced substantial growth in revenue from focus verticals Industrial Equipment & Heavy Machinery and Transportation & Mobility, which contributed 55% and 30% respectively of the 9M-FY23 consolidated revenues.
-
The Digital Services line of business saw continued traction and reported double digit contribution at 16% of the 9M-FY23 consolidated revenues.
-
Top 25 clients contributed to 80% of 9M FY23 total revenue from operations.
-
The total global headcount has reached 2,973 employees.
Management Comments:
Commenting on the performance, Jigar Mehta, Managing Director said, “Our team was able to deliver yet another record quarter with excellent growth in both topline and bottom-line. We continue to see robust demand from our focus verticals—Industrial Equipment, Heavy Machinery, Transportation, Mobility and Healthcare verticals. Both our international and India businesses have a strong growth visibility for the next few quarters. We will continue to invest in both these markets across Digital and ER&D capabilities to meet the customer demand”.
About Onward Technologies Limited
Onward Technologies (ONWARDTEC: NSE) 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 2973 employees across 15 offices in 6 countries and offshore development centers in India, we support multiple
Page 1
Media Release
==> picture [116 x 32] intentionally omitted <==
businesses in Transportation, Mobility, Industrial Products, Heavy Machinery and Healthcare verticals.
Investor Relations Contact Details:
Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: [email protected]
- Follow Onward Technologies on LinkedIn: https://www.linkedin.com/company/onward technologies/ Address: 2nd floor, Sterling Centre, Dr. A.B. Road, Worli, Mumbai – 400018. CIN: L28920MH1991PLC062542 Email: [email protected] | Tel: +91-22 2492 6570 | www.onwardgroup.com
Page 2