Onward Technologies Ltd. — Interim / Quarterly Report 2019

May 17, 2019

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: info@onwardgroup.com

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

					Ormwvrerel TECHNOLOGIESLIMITED
	Onward Corporate Identity Number: L28920MH1991PLC062542	Technologies Limited
	Registered Office: Sterling Centre, 2nd Floor, Dr. A. B. Road, Worli, Mumbai- E-mail: info@onwardgroup.com Website: www.onwardgroup.com	400 018,India. Tel: +91 22 2492 6570 Fax: +91 22 2492 6549	YEAR ENDED MARCH31,
		Quarter ended		2019 Year ended	(Rs. In lakhs) March 31, 2018 (Audited)
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND Particulars Sr. No.	March 31, 2019	December31, 2018	March 31, 2018	March 31, 2019
Revenue from operations 1 Other income (net) 2 3 Total Income (1+2)	(Unaudited Refer Note 3) 6,567.61 86.44 6,654.05	(Unaudited) 6,245.30 282.38 6,527.68	(Unaudited Refer Note 3) 6,203.99 219.35 6,423.34	(Audited) 25,949.89 270.80 26,220.69	24,446.02 475.34 24,921.36
4 Expenses a) Purchase of traded goods b) Employee benefits expense c) Finance costs d) Depreciation and amortisation expense e) Other expenses	46.43 4,808.20 78.22 131.43 1,170.05	17.25 4,810.44 64.41 147.02 1,078.67	165.24 4,738.37 63.52 131.70 1,308.52	440.00 18,870.86 274.17 565.99 4,549.71	372.14 18,582.05 302.98 548.52 4,364.73
Total Exp 5 Profit before tax (3-4) 6 Tax Expense a) Current Tax	6,234.33 419.72 114.64	6,117.79 409.89 136.62	6,407.35 15.99 39.61	24,700.73 1,519.96 520.89	24,170.42 750.94 223.44
b) Short/(Excess) provision of taxation for previous periods c) Deferred Tax Total tax / (credits) exp 7 Net profit for the period (5 - 6)	- (15.32) 99.32 320.40	- (20.32) 116.30 293.59	0.01 (138.78) (99.16) 115.15	3.50 (17.84) 506.55 1,013.41	(9.14) (134.98) 79.32 671.62
8 Other comprehensive income, net of income tax a) i) items that will not be reclassified to profit or loss ii) income tax relating to items that will not be reclassified to profit or loss b) i) items that will be reclassified to profit or loss ii) income tax relating to items that will be reclassified	(75.55) 21.28 9.99 -	2.55 (0.59) (71.33) -	18.89 (5.92) 4.16 -	(67.90) 19.65 123.45 -	3:31 (0.77) 4.16 -
to profit or loss Total other comprehensive income,net of income tax for the period (7-8) 9 Total comprehensive i 10 Net Profit/ (loss) attributable to: a) Owners	(44.28) 276.12 320.40	(69.37) 224.22 293.59	17.13 132.28 115.15	75.20 1,088.61 1,013.41	6.70 678.32 671.62
b) Non-controlling interests 11 Total comprehensive incomeattributable to: a) Owners b) Non-controlling interests	= 276.12 -	= 224.22 -	- 132,28 as	= 1,088.61 e	* 678.32 S
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.)	1,580.49 2.03 1.96	1,575.17 1.86 1.79	1,554.21 0.74 0.74	1,580.49 6.45 6.17	1,554.21 4.35 4.07

						Ormwverel TECHNOLOGIES LIMITED
Sr.	CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND Particulars		LIABILITIES FOR THE QUARTER AND Quarter ended		YEAR ENDED MARCH31, 2019 Year ended
No.	1]Segment Revenue (netof inter-seqment revenue)	March 31, 2019 (Unaudited Refer Note 3)	December31, 2018 (Unaudited)	March 31, 2018 (Unaudited Refer Note 3)	March 31, 2019 (Audited)	March 31, 2018 (Audited)
	Mechanical Engineering Design Services Information Technology Services Revenuefrom operations 2 SegmentResults	5,087.92 1,479.69 6,567.61	4,642.40 1,602.90 6,245.30	4,806.25 1,397.74 6,203.99	19,800.88 6,149.01 25,949.89	18,841.00 5,605.02 24,446.02
	Profit before tax and finance cost Mechanical Engineering Design Services Information Technology Services Total profit before tax and finance cost Less: Finance cost Less: Tax expense	444.90 53.04 497.94 78.22 99.32	416.77 57.52 474.29 64.41 116.30	57.41 22.10 79.51 63.52 (99.16)	1,478.68 315.45 1,794.13 274.17 506.55	692.70 361.22 1,053.92 302.98 79.32
Sr. No.	Total Segment Net Profit for the period Particulars	320.40 March 31, 2019	293.59 March 31, 2018	115.15	1,013.41	671.62
	SegmentAssets 3}Mechanical Engineering Design Services Information Technology Services Total Segment Assets	(Audited) 7,247.55 3,418.85 10,666.40	(Audited) 6,942.60 3,132.10 10,074.70
	4/S Liabilities Mechanical Engineering Design Services Information Technology Services Total SegmentLiabilities	2,256.54 2,307.89 4,564.43	3,847.19 1,247.40 5,094.59
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 published reviewed 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 The Companyis in 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)				Rs. 1.50 per equity share of Rs. 10 each for the year 2018-19, subject to shareholders approval.
	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 non exclusion 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 madein these 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.com Particulars	March 31, 2019 (Unaudited	Quarter ended December31, 2018 Unaudited	March 31, 2018 (Unaudited	Year ended March 31, 2019 Audited	March 31, 2018 Audited
	Revenue from operations and other income Profit before tax	Refer Note 3) 2,942.12 340.20	3,003.56 342.53	Refer Note 3) 3,084.85 66.46	12,320.29 1,313.99	11,310.03 334.98

Particulars		Quarter ended		Year ended
	March 31, 2019	December31, 2018	March 31, 2018	March 31, 2019	March 31, 2018
	(Unaudited Refer Note 3)	Unaudited	(Unaudited Refer 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
Place : Mumbai Date : May 17, 2019 Pune ing Centre, Registere Tel.; +91 6570 (22) 2492	2nd Dr. Floor, +91 Fax: (22) www.onwardgroup	Annie Besant CIN 6549 2492 com	Harish Mehta Executive Chairman Worli, Mumbai Road,	No.: L28920MH1991PLC62542.

Place : 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.

—
Onward Technologies Identity Number: Corporate Office: Sterling Centre, 2nd Registered Mumbai - 400 Tel: +91 22 2492 6570 Fax: +91	Limited L28920MH1991PLC062542 Floor, Dr. A. B. Road, 018,India. 22 2492 6549 E-mail: info@onwardgroup.com Website: www.onwardgroup.com	Worli,
BALANCESHEET CONSOLIDATED Particulars	MARCH AS AT 31, 2019 As at	(Rs. In lakhs) As at
ASSETS Non-current assets	March 31, 2019	March 31, 2018
Property, plant and equipment Intangible assets Intangible assets under development	977.97 566.00 17.89	856.24 703.41 10.50
Financial assets (a) Loans (b) Other financial assets	286.37 6.95	227.53 4.51
Deferred tax assets Income-tax assets Other non-current assets	169.69 1,581.33 61.61	119.39 1,318.70 5.15
Current assets Financial Assets	3,667.81	3,245.43
(a) Trade receivables (b) Cash and cash equivalents (c) Bank balances other than (b) above	4,891.25 434.04 76.33	4,560.14 755.72 30.76
(d) Contract assets (e) Loans (f) Other financial assets	855.04 = 105.83	876.76 41.99 15.87
Income-tax assets Othercurrent assets	194.28 441.82 6,998.59	142.23 405.80 6,829.27
TOTAL ASSETS AND LIABILITIES EQUITY	10,666.40	10,074.70
Equity Equity share capital Other equity	1,580.49 4,521.48	1,554.21 3,425.90
Non-currentliabilities	6,101.97	4,980.11
Financial Liabilities (i) Borrowings Employee benefit obligations	64.70 61.02
Deferred tax liabilities Currentliabilities	51.95 177.67
Financial Liabilities
Borrowings (i) (ii) Trade payables	1,545.44
-Total outstanding dues of micro enterprises and small enterprises	43.82	-
-Total outstanding duesof creditors other than micro enterprises and small enterprises (iii) Other financial liabilities	562.22 266.09
Employee benefit obligations Income-tax Liabilities Contract Liabilities	375.74 - 6.38
Other current Jiabiliti	1,587.07 4,386.76
		231.20 121.02 33:52 385.74 1,717.74 780.16 332.60 249.66 32.83 74.07 1,521.79 4,708.85
tre, 2nd Floor, Dr. Annie +91 (22) 2492 0 Fax:	Worli, Mumbai Besant Road, CIN 6549 www.onwardgroup.com	400 (MH)- 018. No.: L28920MH1991PLC62542.

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

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