Onward Technologies Ltd. — Interim / Quarterly Report 2021

May 14, 2021

EARNINGS PRESENTATION Q4-FY21/FY21

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Snapshot

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Legacy

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Execution Capabilities

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Team Strength

Ø 3 Decades of Experience Ø Founder, Mr. Harish Mehta also cofounded NASSCOM

Ø Global Footprint Ø Leading Engineering R&D and Digital Transformation service provider

Ø Over 8500 of Projects Delivered Ø Over 50 Million of Hours of engineering work

Ø Among select few specialised ER&D Service providers in India

Ø Dynamic & Experienced Leadership Team

Ø 2,000+ Experienced employees Ø Continuously investing in training for skilling, upskilling , reskilling

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Flexible Business Model

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Marquee Clientele

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Key Financial Metrics

Ø Onsite / Offshore blended services Ø Ability to ramp up globally to meet client demands Ø Agility & Speed in Execution

Ø Enviable Customer base of marquee companies Ø Preferred partner to 30+ Large Global companies across North America, Europe and India.

Ø 5-year Revenue CAGR: 3.98% Ø 5-year PAT CAGR: 18.16% Ø FY21 ROE: 9.85%, ROCE: 14.22% Ø Net Debt Free

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Company Overview

Key Business Segments

• Established in 1991 Onward Technologies Ltd is a leading player today in Engineering Research & Development (ER&D), Digital Transformation and IT consulting services (ITS).

• Headquartered at Mumbai, the company caters to a wide set of customers who are leading global players in their respective areas and it is a trusted service provider for many leading MNC companies across sectors like Transportation, Industrial & Heavy Machinery, Hi-Tech and Healthcare & Medical Devices.

• The company prides itself in possessing high-end capabilities and providing flawless execution across Digital suite of Engineering Design services.

Engineering Research & Development (ER&D)

• The Company offers wide range of engineering design services including product design, electronics and embedded engineering, engineering analysis, engineering documentation and maintenance and manufacturing solutions.

Digital Transformation

• Onward has a strong team of more than 2,000 experienced employees operating from multiple offices and client locations across India, USA, UK & Europe.

• With the changes occurring in the global manufacturing space, Onward Technologies enables companies become more dynamic, flexible, and efficient while optimising costs significantly.

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Revenue & EBITDA Margin (INR Mn) FY21 Segmental Revenue
3,000 2,610 2,715 10.00%
2,445
2,236 2,404 Digital, 2%
8.58% 8.58%
2,000
7.20% ITS, 26%
5.00%
5.01% 4.58%
1,000
EDS, 72%
0 0.00%
FY17 FY18 FY19 FY20 FY21
Revenue EBITDA Margin
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• With the Industry 4.0 revolution, digital transformation is the newest but fastest growing vertical, with services like digital factory, data architecture design & modelling, big data and advanced analytics, IoT, cloud services, automation and data visualization.

IT Services (ITS)

• The IT consulting vertical also provides application management services, database maintenance support, technical helpdesk support, infrastructure support and retail banking solutions.

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Geographical Presence

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FY21 Revenue Breakup – Client Location
USA
36%
India Europe
Onward London 53% 5%
Cleveland Onward Germany UK
Chicago Troy London 6%
Frankfurt
Amsterdam
Pune
Mumbai
Bengaluru
Chennai Onward Mumbai HQ
Onward Troy
HQ
Offshore Development Centre
Office Onward Pune
Large Customers with more than 10 Years of Association 7
Large Customers with more than 5 Years of Association 10
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Onward Chicago
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Key Strengths

Ø Proven expertise in delivering mechanical engineering and digital transformation services to global 1000 companies

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Ø Ability to ramp-up on-demand across the globe on a short notice

Ø Flexible business and engagement model to provide agility and cost effectiveness

Ø Right size organization to provide Stability as well as responsiveness

Ø Agile, young and dynamic team with a hunger for excellence, supported by experienced and respected promoters & board of directors

Ø Consistent dividend (5 years in a row), with commitment to improving shareholder return

Ø Robust cash generation achieved in FY19-21, with clear visibility of cash generation over the next 3-5 years

Ø Net Debt Free

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Strategic Transformation

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FY2021 TARGET FY2025
Top 10 Top 10
Customers Customers
(45%) (70%)
Top 11-50 Customers Top 11-50 Customers
(41%) (20%)
Remaining Customers Remaining Customers
(14%) (10%)
Digital 2%
ITS
Digital
26%
ER&D Transfor ER&D
72% mation 50%
50%
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• Ø Over its 3-decade legacy, Onward Tech has developed an enviable working relationship with marquee companies like Caterpillar, Wabtec, GE, John Deere, Volkswagen, Cummins, JCB, Daimler, and many more.

• Ø Onward Tech is consciously transforming its service offering from low margin traditional IT Services to high margin, high tech services in ER&D and Digital Transformation.

• Ø IT services clients are being transitioned to Digital services gradually, and clients spend is increasing on digital transformation, which will also lead to margin expansion.

• Ø The company’s clear future growth strategy is to entrench deeper into the existing customers by investing in people and enhancing its capabilities and

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Future Growth Strategy

New Capabilities

Focus

• Focus on newly established capabilities in Digital Transformation, Industrial IoT, and Industry 4.0

• Build capabilities in sector agnostic practices

• We have already made investments in the right technologies and people.

• People: reskilling, hiring as per industry trends Process: constant upgrade of internal systems to automate and improve efficiency

• Clear strategy for winning larger deals from existing customers and new customers in target markets: (North America, Europe & India)

• Focus on Operational excellence through Automation & simplifying our business model

• Bring the DSO down to 60 days in line with industry levels

• Deepen existing customer relationships, leverage “digital” into ER&D to become a one-stop-shop solution provider with end-to-end capabilities

• Exclusive focus on design thinking, digital transformation and product engineering

Margin Expansion

• Higher margin paying practices in Digital ER&D suite

• Strict focus on further improvement of bottom line i.e. profitability

International Business

• Increase share of overseas business from wellestablished US, UK, and Germany offices

• Robust pipeline for new deals with large global manufacturers

• Technical collaborations & partnerships

• Increase the wallet share from the large 25 OEMS

• Win more clients in Healthcare & Hi-tech segment

Financials

• Increase wallet share from existing clients

• M&A – capability acquisition strategy

• Positive cash flow over the years

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FY21/Q4-FY21 FINANCIAL OVERVIEW

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FY21/Q4-FY21 Key Financial Highlights

Q4-FY21 Standalone Financial Performance Q4-FY21 Consolidated Financial Performance INR 497 Mn INR 41 Mn 8.25% INR 663 Mn INR 38 Mn 5.73% Revenue from Revenue from EBITDA EBITDA Margins EBITDA EBITDA Margins Operations Operations INR 29 Mn 5.84% INR 1.75/share INR 21 Mn 3.17% INR 1.27/share PAT PAT Margins Diluted EPS PAT PAT Margins Diluted EPS

FY21 Standalone Financial Performance FY21 Consolidated Financial Performance INR 1,727 Mn INR 196 Mn 11.35% INR 2,404 Mn INR 173 Mn 7.20% Revenue from Revenue from EBITDA EBITDA Margins EBITDA EBITDA Margins Operations Operations INR 127 Mn 7.35% INR 7.50/share INR 74 Mn 3.08% INR 4.35/share PAT PAT Margins Diluted EPS PAT PAT Margins Diluted EPS

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Operational Highlights

Q4-FY21 Standalone:

• Standalone Revenues witnessed healthy double digit growth on both QoQ and YoY basis due to increase the wallet share from existing growth clients.

• Standalone EBITDA Margins have declined due to increase in employee costs for strengthening delivery and sales team.

Q4-FY21 Consolidated:

• Q4-FY21 revenue increased by 15% QoQ due to an increase in demand from existing growth clients, while the low growth YoY is primarily due to exiting of low margin work in the international markets.

• During the quarter the company added 5 new customers.

• During the quarter and year, the company has received INR 40 Mn and INR 143 Mn respectively, as refunds from Income Tax Department.

FY21 Consolidated:

• During the year the company received funds under the Paycheck Protection Program ("PPP") in the USA to the tune of $ 2mn (INR 14.6 Cr ). After receipt of the approval for forgiveness of Loan from the regulatory authorities, this amount and interest there on will be represented as Income in the statement of profit & loss account in the corresponding quarter. It is important to note that if the waiver had come through in the current financial year, the actual consolidated EBITDA margin would have been reported at 13.3% and not 7.2%.

• The board of directors has recommended a final dividend of Rs. 3/Share for the year 2020-21, subject to shareholders approval.

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Future Growth Outlook

• Ø The future growth outlook continues to remain positive due to increasing demand from Top 20 customers.

• Ø An increase in orders from the healthcare industry has been witnessed during the quarter, and the company is positive that healthcare segment will be a significant contributor to revenues in coming years.

• Ø The Company is also seeing significant opportunity in Embedded and Digital line of services and plans to increase focus to meet client demands.

• Ø During the quarter the company has also set up new offices in Amsterdam, Netherlands and plans to setup another office in Toronto, Canada to increase the global geographical footprint and garner new potential customers from these geographies

• Ø The newly inducted sales team for USA have been completely aligned with offshore delivery team, which will result in increasing the offshore revenue & boost margins as well.

• Ø Onward Tech has added various global marquee companies as customers during the year which are expected to become million dollar account in the future.

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Q4-FY21 Standalone Income Statement (IND-AS)

Particulars (INR Mn)	Q4-FY21	Q4-FY20	Y-O-Y	Q3-FY21	Q-O-Q
Operational Income	497	439	13.21%	424	17.22%
Total Expenses	456	454	0.44%	370	23.24%
EBITDA	41	(15)	NA	54	(24.07)%
EBITDA Margins (%)	8.25%	NA	NA	12.74%	(448)Bps
Other Income	25	8	NA	24	4.17%
Depreciation	22	25	(12.00)%	21	4.76%
Finance Costs	4	7	(42.86)%	6	(33.33)%
PBT	40	(39)	NA	51	(21.57)%
Tax	11	(9)	NA	13	(15.38)%
Profit After tax	29	(30)	NA	38	(23.68)%
PAT Margins (%)	5.84%	NA	NA	8.96%	(312) Bps
Other Comprehensive Income	1	4	(75.00)%	(1)	NA
Total Comprehensive Income	30	(26)	NA	37	(18.92)%
Diluted EPS (INR)	1.75	(1.79)	NA	2.21	(20.81)%

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FY21 Standalone Income Statement (IND-AS)

Particulars (INR Mn)	FY21	FY20	Y-O-Y
Operational Income	1,727	1,806	(4.37)%
Total Expenses	1,531	1,660	(7.77)%
EBITDA	196	145	35.17%
EBITDA Margins (%)	11.35%	8.03%	332 Bp
Other Income	85	65	30.76%
Depreciation	93	102	(8.82)%
Finance Costs	21	33	(36.36)%
PBT	167	75	N
Tax	40	21	90.48%
Profit After tax	127	54	N
PAT Margins (%)	7.35%	2.99%	436 Bp
Other Comprehensive Income	1	3	(66.67)%
Total Comprehensive Income	128	57	N
Diluted EPS (INR)	7.50	3.26	N

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Q4-FY21 Consolidated Income Statement (IND-AS)

Particulars (INR Mn)	Q4-FY21	Q4-FY20	Y-O-Y	Q3-FY21	Q-O-Q
Operational Income	663	656	1.07%	578	14.71%
Total Expenses	625	662	(5.59)%	539	15.96%
EBITDA	38	(6)	NA	39	(2.56)%
EBITDA Margins (%)	5.73%	NA	NA	6.75%	102 bps
Other Income	20	2	NA	22	(9.09)%
Depreciation	25	27	(7.41)%	24	4.17%
Finance Costs	4	8	(50.00)%	6	(33.33)%
PBT	29	(39)	NA	31	(6.45)%
Tax	8	(9)	NA	8	NA
Profit After tax	21	(30)	NA	23	(8.70)%
PAT Margins (%)	3.17%	NA	NA	3.98%	(81) bps
Other Comprehensive Income	3	12	(75.00)%	(2)	NA
Total Comprehensive Income	24	(18)	NA	21	14.29%
Diluted EPS (INR)	1.27	(1.78)	NA	1.39	(8.63)%

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FY21 Consolidated Income Statement (IND-AS)

Particulars (INR Mn)	FY21	FY20	Y-O-Y
Operational Income	2,404	2,715	(11.45)%
Total Expenses	2,231	2,482	(10.11)%
EBITDA	173	233	(25.75)%
EBITDA Margins (%)	7.20%	8.58%	(138) Bp
Other Income	53	11	N
Depreciation	104	113	(7.96)%
Finance Costs	23	35	(34.29)%
PBT	99	96	3.13%
Tax	25	34	(26.47)%
Profit After tax	74	62	19.35%
PAT Margins (%)	3.08%	2.28%	80 Bp
Other Comprehensive Income	(3)	19	N
Total Comprehensive Income	71	81	(12.35)%
Diluted EPS (INR)	4.35	3.76	15.69%

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HISTORICAL FINANCIAL OVERVIEW

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Historical Standalone Profit & Loss

Particulars (INR Mn)	FY18	FY19	FY20*	FY21*
Operational Income	1,066	1,182	1,806	1,727
Total Expenses	1,030	1,032	1,660	1,531
EBITDA	36	150	145	196
EBITDA Margins (%)	3.38%	12.69%	8.03%	11.35%
Other Income	65	50	65	85
Depreciation	46	48	102	93
Finance Costs	22	21	33	21
PBT	33	131	75	167
Tax	11	37	21	40
Profit After tax	22	94	54	127
PAT Margins (%)	2.06%	7.95%	2.99%	7.35%
Other Comprehensive Income	(1)	(4)	3	1
Total Comprehensive Income	21	90	57	128
Diluted EPS (INR)	1.33	5.70	3.26	7.50

• FY20 and FY21 numbers have been restated after inclusion of Onward eServices Ltd, a wholly owned subsidiary, which has been merged with Onward Technologies Ltd as on March 25, 2021.

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Historical Standalone Balance Sheet
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Particulars (INR Mn)	FY19	FY20	FY21		Particulars (INR Mn)	FY19	FY20	FY21
ASSETS					EQUITY AND LIABILITIES
Non-CurrentAssets					Equity
Property,Plant & Equipment	75	70	164
					Share Capital	158	160	163
Intangible assets	56	41	39
					Other Equity	454	455	573
Intangible assets under development	2	-	1
					Total Equity	612	615	736
Right of use asset	-	146	83		Non Current Liabilities
Financial Assets					(i)Borrowings	1	-	6
(i) Investments	388	121	121		(ii)Lease liabilities	-	104	55
(ii)Loans	20	29	23		Employee benefit obligations	21	25	46
Deferred tax assets	5	27	23
					Sub Total Non Current Liabilities	22	129	107
Income tax assets(net)	101	193	111
					Current Liabilities
Other non-current assets	4	1	5
					(i)Borrowings	161	68	-
Sub Total Non Current Assets	651	628	570
					(ii)Trade Payables	46	96	78
Current Assets
Financial Assets					(iii)Other Financial Liabilities	79	92	126
(i)Trade Receivables	215	339	283		(iv)Lease Liabilities	-	48	38
(ii)Cash & cash equivalents	21	75	119		Provisions	9	20	11
(iii)Bank balance other than above	3	42	10
					Contract liabilities	24	58	28
(iv)Contract assets	36	32	127
					Other current liabilities	27	52	48
(v)Other financial assets	21	3	2
					Sub Total Current Liabilities	346	434	329
Other Current Assets	33	58	61
					Sub Total Liabilities	368	563	436
Sub Total Current Assets	329	549	602
TOTAL ASSETS	980	1,178	1,172		TOTAL EQUITY and LIABILITIES	980	1,178	1,172

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Historical Consolidated Profit & Loss

Particulars (INR Mn)	FY18	FY19	FY20*	FY21*
Operational Income	2,445	2,610	2,715	2,404
Total Expenses	2,333	2,386	2,482	2,231
EBITDA	112	224	233	173
EBITDA Margins (%)	4.58%	8.58%	8.58%	7.20%
Other Income	48	12	11	53
Depreciation	55	57	113	104
Finance Costs	30	27	35	23
PBT	75	152	96	99
Tax	8	51	34	25
Profit After tax	67	101	62	74
PAT Margins (%)	2.74%	3.87%	2.28%	3.08%
Other Comprehensive Income	1	8	19	(3)
Total Comprehensive Income	68	109	81	71
Diluted EPS (INR)	4.07	6.17	3.76	4.35

• FY20 and FY21 numbers have been restated after inclusion of Onward eServices Ltd, a wholly owned subsidiary, which has been merged with Onward Technologies Ltd as on March 25, 2021.

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Historical Consolidated Balance Sheet
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Particulars(INR Mn)	FY19	FY20	FY21		Particulars(INR Mn)	FY19	FY20	FY21
ASSETS					EQUITY AND LIABILITIES
Non-Current Assets					Equity
Property,Plant & Equipment	98	80	171		Share Capital	158	160	16
Intangible assets	57	41	39		Other Equity	452	520	58
Intangible assets under development	2	-	1		Total Equity	610	680	74
					Non Current Liabilities
Right of use asset	-	159	88
					(i)Borrowings	6	-
Financial Assets
					(ii)Lease liabilities	-	109	5
(i)Loans	29	30	31
					Employee benefit obligations	34	25	4
Deferred tax assets	17	28	33
					Deferred tax liabilities	5	7
Income tax assets(net)	158	193	111
					Sub Total Non Current Liabilities	45	141	10
Other non-current assets	6	2	-
					Current Liabilities
Sub Total Non Current Assets	367	533	474
					(i)Borrowings	155	181	14
Current Assets
					(ii)Trade Payables	61	76	7
Financial Assets
					(iii)Other Financial Liabilities	141	133	15
(i)Trade Receivables	489	498	408
					(iv)Lease Liabilities	-	57	4
(ii)Cash & cash equivalents	43	178	285
					Provisions	10	21	1
(iii)Bank balance other than above	8	44	9
					Income tax liabilities	-	5
(iv)Contract assets	86	42	134
(v)Other financial assets	11	1	2		Contract liabilities	1	5	3
Income tax assets(net)	19	-	-		Other current liabilities	44	62	6
Other Current Assets	44	65	64		Sub Total Current Liabilities	412	540	52
Sub Total Current Assets	700	828	902		Sub Total Liabilities	457	681	63
TOTAL ASSETS	1,067	1,361	1,376		TOTAL EQUITY AND LIABILITIES	1,067	1,361	1,37

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Consolidated Financial Highlights

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Revenue (INR Mn) EBITDA (INR Mn) PAT (INR Mn)
233
224
101
2,715
173
2,610 8.58% 8.58% 74
67 3.87%
7.20% 62
112
2,445 3.08%
2,404 2.74%
4.58% 2.28%
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
EBITDA EBITDA Margin PAT PAT Margin
0.23 Net D/E (x) 1 0 . 0 DSO ROE and ROCE (%)
0.18 9 . 0 0
8 . 0 0 75.18 73.97 75.53 27.36%
67.43
7 . 0 0 19.64%
6 . 0 0 15.97% 14.22%
63.05 62.96
(0.06) 5 . 0 0 62.20 56.86 16.61%
(0.19) 4 . 0 0 13.49% 9.16% 9.85%
3 . 0 0
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
FY18 FY19 FY20 FY21
DSO with Unbilled in Days Billed DSO in Days RoE (%) RoCE (%)
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Key Metrics (Consolidated)

Revenue by Business

Revenue by Industry

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2%
4% 4% 5% 8%
33% 31% 27% 26% 38% 34% 27% 26%
26% 24%
26%
27%
67% 69% 73% 72%
42% 42%
31% 36%
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
ER&D ITS Digital
Industrial & Heavy Machinery Transportation & Mobility
Others Healthcare
Revenue by Client Revenue Mix
7% 8% 8% 30% 30% 32% 30%
7%
29% 32% 31%
26%
70% 70% 68% 70%
40% 46% 47% 45%
FY18 FY19 FY20 FY21 FY18 FY19 FY20 FY21
Top 10 Clients Top 5 Clients Top Client Onsite Offshore
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Revenue by Contract Type

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31% 26% 22% 25%
69% 74% 78% 75%
FY18 FY19 FY20 FY21
Time and Material Fixed Time, Fixed Price
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Employees Metrics
134 128 120
114
2,357 2,429 2,377 1,973
FY18 FY19 FY20 FY21
India Headcount Headcount Outside India
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Capital Market Data

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250%
200%
150%
100%
50%
0%
-50%
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
Onward Sensex
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Price Data (As of 31st March 2021)*	Price Data (As of 31st March 2021)*
Face Value	10.0
Market Price	113.2
52 Week H/L	137.9/34.6
Market Cap (INR Mn)	1,849.5
Equity Shares Outstanding (Mn)	16.3
1 Year Avg. Trading Volume ('000)	126.4
1 Year Avg. Net Turnover (Mn)	11.7

Shareholding Pattern (as on 31st March 2021)

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Public
38.26%
Promoters
61.71%
FII & DII's
0.03%
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• Source: BSE and NSE

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Disclaimer

Onward Technologies Limited

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forwardlooking statements" based on the currently held beliefs and assumptions of the management of Onward Technologies Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results to differ materially from the results, financial condition, performance, or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment, and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties, and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations, or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

This presentation is confidential and may not be copied or disseminated, in whole or in part, and any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness, and reasonableness of the contents of this Presentation. This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903 9500 Email: onward@valoremadvisors.com

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