Onward Technologies Ltd. — Interim / Quarterly Report 2021

Jan 15, 2021

EARNINGS PRESENTATION 9M/Q3-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 in IT Industry Ø Founder, Mr. Harish Mehta also cofounded NASSCOM

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

Ø 8,500+ Projects Delivered Ø 50 Million Hours of engineering work Ø Among select few specialised ER&D Service providers in India

Ø Dynamic & Experienced Leadership Team Ø 1,900+ 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: 7.5% Ø 5-year PAT CAGR: 16.5% Ø FY20 ROE: 9.16%, ROCE: 15.97% Ø Net Debt Free

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Company Overview

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

Key Business Segments

Engineering Research & Development (ER&D)

• 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.

• Onward has a strong team of ~1,900 employees operating from multiple offices and client locations across India, USA, UK & Europe.

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

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Revenue & EBITDA Margin (INR Mn) FY20 Segmental Revenue
3,000 2,610 2,715 10.00%
2,445
1,979 2,236 7.70%
8.58% 8.58% ITS
2,000 6.85% 1,740 27%
5.00%
5.01% 4.58%
1,000
ER&D
0 0.00% 73%
FY16 FY17 FY18 FY19 FY20 9M-FY21
Revenue EBITDA Margin
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FY20 Segmental Revenue
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• 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

• 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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Cleveland
FY20 Revenue Breakup – Client Location
Chicago Troy London
Frankfurt
Amsterdam
USA
41%
Pune India
Mumbai 50%
Bengaluru Europe
Chennai
UK 4%
5%
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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 Zero Net Debt

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 FY19-20, with clear visibility of cash generation over the next 3-5 years

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Strategic Transformation

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FY2020 TARGET FY2025
Top 10 Top 10
Customers Customers
(47%) (70%)
Top 11-50 Customers Top 11-50 Customers
(37%) (20%)
Remaining Customers Remaining Customers
(16%) (10%)
ITS
27% Digital
Transfor ER&D
ER&D
mation 50%
73%
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 and slowly transforming its service offering from low margin traditional IT Services to high margin, high tech services in ER&D and Digital Transformation.

• 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 contributing more deeply towards their complex high tech digital transformation, mechanical engineering and embedded technology requirements.

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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

• Technical collaborations & partnerships

• Higher margin paying practices in EDS and Digital ER&D suite

• Strict focus on further improvement of bottom line i.e. profitability and generation of Free Cash Flow

International Business

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

• Robust pipeline for new deals with large global manufacturers

Financials

• Increase wallet share from existing clients

• M&A – capability acquisition strategy

• Income Tax Refund – ~Rs. 14 Crs of TDS (advance Income tax) refund expected over the next 24-30 months

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9M/Q3-FY21 FINANCIAL OVERVIEW

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9M/Q3-FY21 Key Financial Highlights

Q3-FY21 Standalone Financial Performance Q3-FY21 Consolidated Financial Performance INR 306 Mn INR 37 Mn 12.09% INR 578 Mn INR 39 Mn 6.75% Revenue from Revenue from EBITDA EBITDA Margins EBITDA EBITDA Margins Operations Operations INR 25 Mn 8.17% INR 1.50/share INR 23 Mn 3.98% INR 1.39/share PAT PAT Margins Diluted EPS PAT PAT Margins Diluted EPS

9M-FY21 Standalone Financial Performance 9M-FY21 Consolidated Financial Performance INR 839 Mn INR 122 Mn 14.54% INR 1,740 Mn INR 134 Mn 7.70% Revenue from Revenue from EBITDA EBITDA Margins EBITDA EBITDA Margins Operations Operations INR 75 Mn 8.94% INR 4.46/share INR 52 Mn 2.99% INR 3.08/share PAT PAT Margins Diluted EPS PAT PAT Margins Diluted EPS

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Q3-FY21 Operational Highlights

• We accelerated our transition to become a 100% Digital Engineering Services company focused on India, North America and Europe markets.

• We continue to remain Net Debt Zero company with a clear Goal of becoming Debt Free in FY2022.

• From April 2020 till Dec 2020, we added 600 new talented professional across all our offices and have a clear visibility to invest and expand our Delivery organization which will create 1000+ more jobs in 2021.

• We have strengthened our Leadership and Sales Team across all offices and continue to hire experienced professionals in our Digital and Embedded practices.

• Expanded in new cities/countries like Bangalore and Netherlands with the addition of multiple new customers and highly competent regional teams. Our first new office in Bangalore will be opened on 23[rd] Jan 2021 in the Whitefield area with a team of 30 employees which will be ramped to 200+ in next few quarters.

• Our young team globally has embraced WFH culture and received numerous accolades for exceeding customer expectations. We continue to have a WFH policy and will make a further decision by end of Q4.

• Automation:

• We are in the final stages of going live with the investment in our new Adrenaline - HRMS & Salesforce - CRM tools.

• KPMG has been implementing our new Microsoft ERP system which will go live in early 2021.

• We plan to accelerate our investment in automation and digitizing all our internal workflows to support our customer focused growth.

• The revenue decline in Q3-FY21 is attributed to the gradual exit from low margin ITS business. Our Headcount reduced by approximately 500 engineers in our Mumbai office respectively.

• Our North American, Germany and UK entities, received the Covid-19 financial support from local governments to continue our investments in those regions. We are committed and continue to hire locally in these important growth markets as we gear up to meet the growing Digital & Engineering customer requirements.

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Inaugurated Lab for Embedded Electronics

• Onward has set up a state-of-the-art Embedded Electronics lab at Pune

• The Lab infrastructure supports development for Automotive, Off Highway, Medical, Industrial & Consumer Electronics.

• It will help the company to develop end-to-end products and program gate reviews from concept, design, product and process validation to series.

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Ongoing Developmental Activities:

1. Powertrain Engine Control Unit(ECU) Software

2. ASICS (Firmware) for Gasoline, Diesel, Hybrid & Electric Vehicles

3. Boot Loader

4. System Engineering Simulation & Automation

5. ADAS(Advance Driver Assist Systems) Models Simulations

6. Functional safety ISO 26262

7. ASPICE

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Q3-FY21 Standalone Income Statement (IND-AS)

Particulars (INR Mn)	Q3-FY21	Q3-FY20	Y-O-Y	Q2-FY21	Q-O-Q
Operational Income	306	310	(1.3)%	282	8.5%
Total Expenses	269	259	3.9%	238	13.0%
EBITDA	37	51	(27.5)%	44	(15.9)%
EBITDA Margins (%)	12.09%	16.45%	(436) bps	15.60%	(351) bps
Other Income	22	9	NA	30	(26.7)%
Depreciation	18	23	(21.7)%	21	(14.3)%
Finance Costs	6	8	(25.0)%	4	50.0%
PBT	35	29	20.7%	49	(28.6)%
Tax	10	7	42.9%	11	(9.1)%
Profit After tax	25	22	13.6%	38	(34.2)%
PAT Margins (%)	8.17%	7.10%	107 bps	13.48%	(531) Bps
Other Comprehensive Income	(1)	-	NA	(2)	NA
Total Comprehensive Income	24	22	9.1%	36	(33.3)%
Diluted EPS (INR)	1.50	1.33	12.8%	2.28	(34.2)%

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9M-FY21 Standalone Income Statement (IND-AS)

Particulars (INR Mn)	9M-FY21	9M-FY20	Y-O-Y
Operational Income	839	914	(8.2)%
Total Expenses	717	768	(6.6)%
EBITDA	122	146	(16.4)%
EBITDA Margins (%)	14.54%	15.97%	(143) bp
Other Income	56	59	(5.1)%
Depreciation	63	69	(8.7)%
Finance Costs	16	25	(36.0)%
PBT	99	111	(10.8)%
Tax	24	28	(14.3)%
Profit After tax	75	83	(9.6)%
PAT Margins (%)	8.94%	9.08%	(14) bp
Other Comprehensive Income	(3)	(1)	N
Total Comprehensive Income	72	82	(12.2)%
Diluted EPS (INR)	4.46	5.05	(11.8)%

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Q3-FY21 Consolidated Income Statement (IND-AS)

Particulars (INR Mn)	Q3-FY21	Q3-FY20	Y-O-Y	Q2-FY21	Q-O-Q
Operational Income	578	697	(17.1)%	602	(4.0)%
Total Expenses	539	622	(13.3)%	545	(1.1)%
EBITDA	39	75	(48.0)%	57	(31.6)%
EBITDA Margins (%)	6.75%	10.76%	(401) bps	9.47%	(272) bps
Other Income	22	3	NA	8	NA
Depreciation	24	29	(17.2)%	27	(11.1)%
Finance Costs	6	8	(25.0)%	6	NA
PBT	31	41	(24.4)%	32	(3.1)%
Tax	8	12	(33.3)%	8	NA
Profit After tax	23	29	(20.7)%	24	(4.2)%
PAT Margins (%)	3.98%	4.16%	(18) bps	3.99%	(1) bps
Other Comprehensive Income	(2)	4	NA	(2)	NA
Total Comprehensive Income	21	33	(36.4)%	22	(4.5)%
Diluted EPS (INR)	1.39	1.72	(19.2)%	1.45	(4.1)%

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9M-FY21 Consolidated Income Statement (IND-AS)

Particulars (INR Mn)	9M-FY21	9M-FY20	Y-O-Y
Operational Income	1,740	2,060	(15.5)%
Total Expenses	1,606	1,820	(11.8)%
EBITDA	134	240	(44.2)%
EBITDA Margins (%)	7.70%	11.65%	(395) Bp
Other Income	33	8	N
Depreciation	79	86	(8.1)%
Finance Costs	19	27	(29.6)%
PBT	69	135	(48.9)%
Tax	17	43	(60.5)%
Profit After tax	52	92	(43.5)%
PAT Margins (%)	2.99%	4.47%	(148) Bp
Other Comprehensive Income	(6)	7	N
Total Comprehensive Income	46	99	(53.5)%
Diluted EPS (INR)	3.08	5.56	(44.6)%

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FINANCIAL OVERVIEW

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Historical Standalone Profit & Loss

Particulars (INR Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	1,066	1,182	1,221	839
Total Expenses	1,030	1,032	1,054	717
EBITDA	36	150	167	122
EBITDA Margins (%)	3.38%	12.69%	13.68%	14.54%
Other Income	65	50	67	56
Depreciation	46	48	91	63
Finance Costs	22	21	32	16
PBT	33	131	111	99
Tax	11	37	29	24
Profit After tax	22	94	82	75
PAT Margins (%)	2.06%	7.95%	6.72%	8.94%
Other Comprehensive Income	(1)	(4)	-	(3)
Total Comprehensive Income	21	90	82	72
Diluted EPS (INR)	1.33	5.70	4.93	4.46

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Historical Standalone Balance Sheet
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Particulars (INR Mn)	FY19	FY20	H1-FY21		Particulars (INR Mn)	FY19	FY20	H1-FY21
ASSETS					EQUITY AND LIABILITIES
Non-CurrentAssets					Equity
Property,Plant & Equipment	75	62	154
					Share Capital	158	160	162
Intangible assets	56	40	33
					Other Equity	454	526	556
Intangible assets under development	2	-	1
					Total Equity	612	686	718
Right of use asset	-	133	91		Non Current Liabilities
Financial Assets					(i)Borrowings	1	-	33
(i) Investments	388	378	378		(ii)Lease liabilities	-	97	66
(ii)Loans	20	21	16		Employee benefit obligations	21	23	27
Deferred tax assets	5	9	14
					Sub Total Non Current Liabilities	22	120	126
Income tax assets(net)	101	109	92
					Current Liabilities
Other non-current assets	4	1	-
					(i)Borrowings	161	68	60
Sub Total Non Current Assets	651	753	779
					(ii)Trade Payables	46	69	62
Current Assets
Financial Assets					(iii)Other Financial Liabilities	79	57	118
(i)Trade Receivables	215	251	185		(iv)Lease Liabilities	-	41	32
(ii)Cash & cash equivalents	21	13	6		Employee benefit obligations	9	8	10
(iii)Bank balance other than above	3	42	46
					Contract liabilities	24	58	13
(iv)Contract assets	36	25	107
					Other current liabilities	27	36	31
(v)Other financial assets	21	7	1
					Sub Total Current Liabilities	346	337	326
Other Current Assets	33	52	46
					Sub Total Liabilities	368	457	452
Sub Total Current Assets	329	390	391
TOTAL ASSETS	980	1,143	1,170		TOTAL EQUITY and LIABILITIES	980	1,143	1,170

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Historical Consolidated Profit & Loss

Particulars (INR Mn)	FY18	FY19	FY20	9M-FY21
Operational Income	2,445	2,610	2,715	1,740
Total Expenses	2,333	2,386	2,482	1,606
EBITDA	112	224	233	134
EBITDA Margins (%)	4.58%	8.58%	8.58%	7.70%
Other Income	48	12	11	33
Depreciation	55	57	113	79
Finance Costs	30	27	35	19
PBT	75	152	96	69
Tax	8	51	34	17
Profit After tax	67	101	62	52
PAT Margins (%)	2.74%	3.87%	2.28%	2.99%
Other Comprehensive Income	1	8	19	(6)
Total Comprehensive Income	68	109	81	46
Diluted EPS (INR)	4.07	6.17	3.76	3.08

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Historical Consolidated Balance Sheet
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Particulars(INR Mn)	FY19	FY20	H1-FY21		Particulars(INR Mn)	FY19	FY20	H1-FY21
ASSETS					EQUITY AND LIABILITIES
Non-Current Assets					Equity
Property,Plant & Equipment	98	80	168		Share Capital	158	160	16
Intangible assets	57	41	33		Other Equity	452	520	52
Intangible assets under development	2	-	1		Total Equity	610	680	69
					Non Current Liabilities
Right of use asset	-	159	110
					(i)Borrowings	6	-	18
Financial Assets
					(ii)Lease liabilities	-	109	7
(i)Loans	29	30	25
					Employee benefit obligations	34	25	3
Deferred tax assets	17	28	29
					Deferred tax liabilities	5	7
Income tax assets(net)	158	193	144
					Sub Total Non Current Liabilities	45	141	28
Other non-current assets	6	2	1
					Current Liabilities
Sub Total Non Current Assets	367	533	511
					(i)Borrowings	155	181	6
Current Assets
					(ii)Trade Payables	61	76	6
Financial Assets
					(iii)Other Financial Liabilities	141	133	17
(i)Trade Receivables	489	498	389
					(iv)Lease Liabilities	-	57	4
(ii)Cash & cash equivalents	43	178	301
					Employee benefit obligations	10	21	2
(iii)Bank balance other than above	8	44	47
					Income tax liabilities	-	5
(iv)Contract assets	86	42	106
(v)Other financial assets	11	1	-		Contract liabilities	1	5	2
Income tax assets(net)	19	-	1		Other current liabilities	44	62	4
Other Current Assets	44	65	56		Sub Total Current Liabilities	412	540	43
Sub Total Current Assets	700	828	900		Sub Total Liabilities	457	681	72
TOTAL ASSETS	1,067	1,361	1,411		TOTAL EQUITY AND LIABILITIES	1,067	1,361	1,41

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Consolidated Financial Highlights

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Revenue (INR Mn) EBITDA (INR Mn) PAT (INR Mn)
233
224
2,610 2,715 101
2,445
8.58% 8.58%
1,740 7.70%134 67 3.87% 62 2.99%
112
52
2.74%
4.58% 2.28%
FY18 FY19 FY20 9M-FY21 FY18 FY19 FY20 9M-FY21 FY18 FY19 FY20 9M-FY21
EBITDA EBITDA Margin PAT PAT Margin
Net D/E (x) Cash per Share (INR) ROE and ROCE (%)
0.23
21.49
0.18
27.36%
19.64%
13.80 15.97%
5.06 16.61%
3.27 13.49%
(0.06) (0.16) 9.16%
FY18 FY19 FY20 H1-FY21 FY18 FY19 FY20 H1-FY21 FY18 FY19 FY20
RoE (%) RoCE (%)
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Key Metrics (Consolidated)

Revenue by Business

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Revenue by Industry
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14% 9% 5%5% 7%
4% 7%
33% 31% 27% 29% 4%
22%
25% 21%
24%
26% 22%
26%
27%
67% 69% 73% 71%
42% 43%
31% 36%
FY18 FY19 FY20 9M-FY21 FY18 FY19 FY20 9M-FY21
ER&D ITS
Industrial Transportation Hi Tech Healthcare Other
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Revenue by Client
8% 12%
7%
7%
29% 32% 32%
26%
40% 46% 47% 45%
FY18 FY19 FY20 9M-FY21
Top 10 Clients Top 5 Clients Top Client
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Revenue Mix
30% 30% 32% 29%
70% 70% 68% 71%
FY18 FY19 FY20 9M-FY21
Onsite Offshore
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Revenue by Contract Type
31% 26% 22% 24%
69% 74% 78% 76%
FY18 FY19 FY20 9M-FY21
Time and Material Fixed Time, Fixed Price
Employees Metrics
134 128 120
114
2,357 2,429 2,377 1,859
FY18 FY19 FY20 9M-FY21
India Headcount Headcount Outside India
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Capital Market Data

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80%
60%
40%
20%
0%
-20%
-40%
-60%
Jan/ 20 Feb/ 20 Mar/ 20 Apr/ 20 May/ 20 Jun/ 20 Jul/ 20 Aug/ 20 Sep/ 20 Oct/ 20 Nov/ 20 Dec/ 20
Onward Sensex
Shareholding Pattern (as on 31st December 2020)
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Price Data (As of 31st December 2020)*	Price Data (As of 31st December 2020)*	Price Data (As of 31st December 2020)*
	Price Data (As of 31st December 2020)*
	Face Value	10.00
	Market Price	107.4
	52 Week H/L	111.5/34.65
	Market Cap (INR Mn)	1,749.01
	Equity Shares Outstanding (Mn)	16.28
	1 Year Avg. Trading Volume ('000)	79.4
	1 Year Avg. Net Turnover (Mn)	6.4

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Public
38.13%
Promoters
61.85%
FII & DII's
0.02%
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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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