Onward Technologies Ltd. — Investor Presentation 2021

Nov 10, 2021

INVESTOR PRESENTATION NOVEMBER 2021

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Value Proposition of Onward Tech

The Power of One

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Digital play across all lines of business

• Agile, diverse, global team of 2250+ employees

• Mechanical Engineering

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• Electronics and Embedded

• 13 Offices in 6 countries for customer proximity

  • Digital Transformation

• Capacity expansions based on • Enterprise IT Customer requirements planned in India centers in FY22

2 Focused industry verticals

• Transportation & Mobility

Global 2000 customers

• Industrial Equipment & Heavy Machinery

• Diversification and investment in 2 highgrowth verticals: Healthcare & Medical Devices, Hi-Tech

• 6 of global top-10 automotive companies

• 5 of global top-8 heavy machinery companies

• Strong customer base and relationships to fuel double digit growth in top line

Strong Financial Turnaround

• Net debt-free, sound balance sheet & cash reserves

Geared for double-digit growth

• Young leadership team from tier-1 companies

  • 5-year PAT CAGR at 18.16%

  • 6-year track-record of consistent dividend payout

• Focused on growing existing top-25 accounts

• Margin expansion through India advantage (talent pyramid, costs)

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----- Start of picture text ----- Revenue (INR Mn) & EBITDA Margin (%)2,610 2,7152,4048.58% 1,4258.58% 7.20%3.72%FY19 FY20 FY21 H1-FY22H1-FY22 Segmental RevenueDigital 8%ITS, 21%ER&D,71%H1-FY22 Segmental RevenueHealthcare 7%Others 21%Industrial Equipment & Transportaion &Heavy Machinery 46% Mobility, 26%----- End of picture text -----

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Who We Are – Some Key Milestones

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• Mr Harish Mehta founded Onward Technologies in 1991

• Pune city chosen for expanding operations

  - An independent 50:50 Joint Venture formed with Novell Inc (Onward Novell Pvt. Ltd). 
  

  • 1991 (Onward Novell Pvt. Ltd). - • Listing on Stock Exchange in India in 1995

  • 2000 • Mr Harish Mehta awarded CEO of the year in 1996 by World HRD Congress in India

    • Expanded footprint in North America by incorporating a wholly owned subsidiary in USA

• Engineering Design Services became the mainstream focus of the company

• Built a dedicated ODC in Pune for one of the company’s top 5 customers

• ISO 9001 and ISO 27001 certification for Pune Center

• Expansion in Europe by incorporating a wholly owned subsidiary in Germany & Branch office in UK

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----- Start of picture text ----- 2001-2010----- End of picture text -----

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----- Start of picture text ----- 2011-2020----- End of picture text -----

• Mr Jigar Mehta appointed Managing Director in May 2016

• Set up multiple ODCs in Pune & Chennai for American & European clients

• Mr Harish Mehta awarded by Prime Minister Narendra Modi for his contributions to the IT Industry

• Investments made in Embedded & Electronics, and Digital capabilities

• Expansions planned in India (Bengaluru & NCR) as well as in North America & Europe

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Board of Directors

Harish S. Mehta - Executive Chairman

Experience: 30 Years

Other Engagements: NASSCOM, Hinditron–Digital (DEC), Indus Entrepreneurs (TiE), Indian Angel Network (IAN), Small Industries Development Bank of India (SIDBI) , Gujarat Venture Funds Limited, Infinity Venture Fund

Education: BE, MS

Parish Meghani - Director

Experience: 15+ Years

Other Engagements: Bangalore Spokes Pvt. Ltd. Education: MBA, Product Engineering

Rahul Rathi - Director

Experience: 16 Years

Other Engagements: Purnartha Investment Advisors Pvt. Ltd, Plastiblends India Limited

Education: MBA, Polymer Engineering

Subrata Kumar Mitra - Director

Experience: 44 Years

Other Engagements: Bank of India, Standard Chartered Bank, American Express Bank, GIC Mutual Fund, Aditya Birla Group and Independent Director and Committee member in the board of reputed organizations like Asia Asset Management & Governing Council Member of Association of Corporate Independent Directors

Education: M Sc, MBA

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- Jigar H. Mehta Managing Director Experience: 19 Years

Education: Business Administration from Boston University, MA (USA)

Jay Sonawala - Director Experience: 22 Years

Other Engagements: HDFC Bank Education: MMS- Finance, B.Com

Prachi Mehta - Director Experience: 15 Years

Other Engagements: Founder of The Next Level an organisation that promotes Chess at School and state levels in Maharastra and associated with Indian Angel Network Education: MBA

Harsha Raghavan - Director

Experience: 25 Years

Other Engagements: Fairbridge Capital Private Limited (a Fairfax Company), Candover Investments, Goldman Sachs Principal Investment Area, Indocean Chase Capital Education: MBA, MS

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Leadership Team

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Vignesh Kumar - EVP - Sales (International Business) Experience: ~28 years Previous stint: Siemens, TCS Education: BE / MBA

Pratish Mehta - EVP - USA Operations & Global Marketing Head Experience: ~15 years Education: BE / MBA

Pramod Patil - EVP – Sales (India Business) Experience: ~32 years Previous Stint: JCB, John Deere Education: BE / MBA / Executive MBA

Sujata Singh - SVP and Global Head - HR Experience: ~21 years Previous Stint: Aker Powergas, WNS Education: MBA

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Satish Ramanan - SVP and Global Head – Digital Transformation Experience: ~32 years Previous Stint: Teradata, Siemens Education: MCom / MBA

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CA Devanand Ramandasani - Chief Financial Officer Experience: ~15 years Previous Stint: Datamatics, Infosys Education: CA

V Sankar – EVP - Strategic Accounts Experience: ~30 years Education: BCom

Manish Soni - SVP – Sales (USA) Experience: ~21 years Previous Stint: LTTS, Aricent, Education: BE / MBA

Nirmala Bhat – SVP – Client Engagements Experience: ~21 years Previous Stint : Altran, Safran Education: BSc / Masters in HRM

Rajesh Nikam – SVP – Delivery Experience: ~30 years Previous Stint: LTTS , Tata Elxsi Education: BE

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Strategic Presence Across Geographies

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----- Start of picture text ----- StockholmClevelandChicago Troy LondonFrankfurtToronto AmsterdamParisTokyoNCRPuneMumbaiHyderabad FY21 Revenue Breakup – Client LocationBengaluruChennaiIndia USA53% 36%Europe5%UKHQ6%Offshore Development CentreOfficeStrategic presence across 6 Of global top-10 automotive companiesgeographies----- End of picture text -----

5 Of global top-8 heavy machinery companies

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BUSINESS OVERVIEW

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Technology Services for Focus Industry Groups

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----- Start of picture text ----- Digital TechnologiesElectronics & Embedded SoftwareEngineering & Product Design----- End of picture text -----

Information Technology

• Digital with AR/VR

• Engineering Automation

• Big Data Analytics

• Cloud & DevOps

• AI/ML

• Platform Services - Hardware, Software

• Connectivity Solutions

• Product Sustenance & Modernization

• After Market Support

• Verification & Validation

• New Product Design & Development

• Value Engineering

• Virtual Simulation

• Manufacturing Engineering

• Technical Publication

• SW Development & Maintenance

• Enterprise Business Applications

• Data Management & Reporting

• Testing & QA Services

• Enterprise Managed Services

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Core Capabilities & Strengths

Transportation & Mobility

Industrial Equipment & Heavy Machinery Healthcare, Medical Tech & Pharma

Hi Tech & Manufacturing Investing to enhance Capabilities

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Growth Strategy Enablers

Pivot to digital engineering services•Invested in the digital maturity curveof our customers•See a clear roadmap of growth indigital budgets•WitnessingashiftfromPOCtoadoption at scale•CoreareasincludeIndustry4.0,AI/ML, ADAS, cloud and DevOpsGrowth in top-accounts	Focused verticals and structured LOBs•Leadershipteamwithastrongexperience across verticals•Focus on Transportation & Mobility,IndustrialEquipment&HeavyMachinery•Hi-Tech, Healthcare & Medical Devicesunlock new, high-growth areas•Digital play across all lines of businessPeople policies and performance
•Suitably positioned to scale up TCVfrom top-25 clients•These accounts are part of Global2000, projecting large R&D allocations•Growth/technology-partner status isseveral accounts•Focused on long-duration contracts,recurring revenues, consistent billinggrowth	,,•Continue to upskill, hire the finest talentin digital engineering•Agile operations with steadily increasingoffshoreleveragedrivingmarginexpansion•HR policies, growth opportunities tunedto enhance career path•Benefits aligned with industry standards

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----- Start of picture text ----- FY 2021Top 10Customers(45%)Top 11-50 Customers(41%)Remaining Customers(14%)----- End of picture text -----

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----- Start of picture text ----- Digital 2%ITS26%ER&D72%----- End of picture text -----

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----- Start of picture text ----- TARGET FY2025Top 10Customers(70%)Top 11-50 Customers(20%)Remaining Customers(10%)----- End of picture text -----

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----- Start of picture text ----- DigitalTransfor ER&Dmation 50%50%----- End of picture text -----

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Customer Success Stories

Global off-highway equipment manufacturer

World’s largest construction equipment manufacturer

Leading healthcare major

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Global transportation and locomotive company

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AWS Cloud Toolchest Platform

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Engineering Automation framework

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Product Re-design

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Value Engineering

Business Issue

Multiple Web based applications for all platform services, most of them are microservices

Challenge/s No single unified platform for multiple tools

Not able to focus on core activities

Services & Benefits

Created web-based platform bridging applications & engineers Role based access control, single sign on, detailed log

Predictions for future investments New tools development did not require rebuild of platform capabilities

Business Issue:

Effort intensive and manual review of 2D & 3D drawings

Challenge/s:

Errors due to absence of intuitive & automated tools

Services & Benefits :

Designed and developed containerbased architecture on the cloud

ML model that could learn test cell output and feedback to NPI programs Image processing and Image-based search

Productivity doubled to 55% with 92% accuracy

Business Issue

A major healthcare facility was looking to revamp and re-design their hospital beds

Challenge/s

Old Hospital beds were uncomfortable and posing risks to patients Services & Benefits

Design specialists reverse engineered the entire hospital bed basis only photographs and w/o any CAD models/drawings

Embedded new electronic parts to automate the bed for enhanced patient safety and comfort

Compatible 3D printing designs developed for cost-effective production.

Business Issue:

Steadily increasing costs to build a locomotive engine

Challenge/s

Too many parts and suppliers across the globe

Services & Benefits

Consulting led by domain experts in the manufacturing and design process Cost engineered the client’s entire diesel locomotive engine Also supported the client in finding low-cost vendors >$4 mn in overall cost savings

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INDUSTRY OVERVIEW

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Engineering R&D Service Industry

• In 2020, the global Engineering R&D spend was USD 1.2 Tn, with corporate Engineering R&D spend being USD 772 Bn.

• In 2021, Indian firms clocked USD 35.9 Billion in ER&D service exports, according to NASSCOM.

• As the largest exporter of ER&D services, this has huge implications for India, and the opportunity could be as large as USD 100 Billion.

• India is rapidly emerging as the destination for innovation and technology by tapping into its robust and thriving start-up ecosystem. Additionally, proactive and supportive policies are also an attractive advantage.

• Recent investments and government initiatives such as Make in India, Skill India, Digital India, and Start-up India have significantly contributed to establishing the country as an attractive destination for ER&D and innovation.

• India surpassed China in attracting funds for engineering R&D, clearly marking India as the next destination for high-end ER&D. Of the overall USD 100 Billion spent globally on outsourced ER&D, India accounted for about USD 31 to USD 32 Billion. Global companies across Asia are increasing investment in India to leverage the country’s advantages in talent, cost, and policy support.

• India, today, is home to more than 1,430+ Global Capability Centers (GCCs) that conduct offshore product development and provide product engineering services for their headquarters. These GCCs represent some of the largest Fortune 500 companies that have their largest or second-largest R&D centers located here, including GE, Samsung, Cisco, Intel, Daimler Benz, Airbus, Boeing, and Bosch.

• Currently, there are approximately 1.4 Mn+ engineers involved in ER&D in the country. To service a USD 85 Billion market, we will need to add another one million engineers in the next five years.

• Over the last 5 years, this industry has witnessed a 75% growth in employee-base and a 11% CAGR in revenues, while significantly supporting their global organizations digital transformation journey.

Source: Nasscom, Zinnov, FutureFactor360

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----- Start of picture text ----- USD 2020 Global ER&D Spend1.2 Tn Expected future CAGR of 7%USD Indian ER&D Exports35.9 18-20% share of Indian ITBn industry revenueER&D employees1.412-13% share of industryMn+workforceGlobal Capability Centres+1,430in IndiaER&D Market Size (In USD Bn)2,2001,20036 852020 E2025India Global----- End of picture text -----

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Digital Transformation

• The covid-19 pandemic has accelerated the demand for hi-tech by shrivelling human activity into a world of apps. The explosion in online activity has galvanized massive cloud-led adoption, digital adoption, and transformation of the core. Global digital penetration has been reset at lower levels in light of emerging realities, thereby resetting the high-growth phase for technology from up to FY24 to up to FY27 in the least.

• Software & Internet vertical is the largest contributor to ER&D Spend, with USD 196 Billion and also contributes ~40% to the overall Digital Engineering spend, driven by investments in Digital Engineering Stack and new-age technologies such as AI/ML, AR/VR, Big Data Analytics, and Blockchain.

• Digital Engineering is accelerating across industries and is led by Software & Internet, which accounts for USD 160 Billion and is expected to grow at a 22% CAGR to reach USD 527 Billion by 2025.

• Enterprises are making significant investments in Digital Engineering initiatives to continue to stay relevant. Services-led verticals such as BFSI, Media & Technology, Retail, Healthcare Payers & Providers, and Travel & Hospitality are rushing to build new products and services to drive differentiation, thereby creating ER&D opportunities for providers.

• Indian software industry body Nasscom forecasts 15-20% CAGR growth in digital transformation spend globally. Enterprise digital transformation spend globally is currently at USD 1.04 Trillion.

• It also forecasts Indian digital economy would catapult to a USD 1 Trillion industry by 2025 from USD 200 Billion in 2020.

• According to a report by EY, Of the 500 corporates surveyed, for the largest share of their investment over the past two years, the top four were cloud (60%), data and advanced analytics (52%), the Internet of Things (IoT) (50%) and AI (47%).

Source: Zinnov, Nasscom, Edelweiss Research, EY

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----- Start of picture text ----- Indian Digital EconomyUSD USDUSD200 Bn 200 Bn1 Tn2020 20202025Key DriversHealthCare Digital Payments e-Commerce----- End of picture text -----

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FINANCIAL OVERVIEW

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Historical Consolidated Profit & Loss

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Particulars (INR Mn)	FY19	FY20*	FY21*	H1-FY22
Operational Income	2,610	2,715	2,404	1,425
Total Expenses	2,386	2,482	2,231	1,372
EBITDA	224	233	173	53
EBITDA Margins (%)	8.58%	8.58%	7.20%	3.72%
Other Income	12	11	53	196
Depreciation	57	113	104	49
Finance Costs	27	35	23	5
PBT	152	96	99	195
Tax	51	34	25	41
Profit After tax		62	74	154
PAT Margins (%)	3.87%	2.28%	3.08%	10.81%
Other Comprehensive Income	8	19	(3)	1
Total Comprehensive Income	109	81	71	155
Diluted EPS (INR)	6.17	3.76	4.35	8.49

• 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)FY19FY20FY21	H1-FY2217433863136147-50714345436291534-611,1861,693	Particulars(INR Mn)FY19FY20FY21	H1-FY22
	ASSETS		EQUITY AND LIABILITIES
	Non-Current Assets		Equity
	Property, Plant & Equipment9880171		Share Capital158160163	176
	Intangible assets574139
			Other Equity452520581	950
	Intangible assets underdevelopment2-1
			Total Equity610680744	1,126
			Non Current Liabilities
	Right of use asset-15988
			(i) Borrowings6-6	6
	Financial Assets
			(ii) Lease liabilities-10955	55
	(i) Loans293031
	Deferred tax assets172833		Provisions342548	48
	Income tax assets (net)158193111		Deferred tax liabilities57-	27
	Other non-current assets62-		Sub Total Non Current Liabilities45141109	136
	Sub Total Non Current Assets367533474		Current Liabilities
	Current Assets		(i) Borrowings155181146	1
	Financial Assets
			(ii) Trade Payables617672	89
	(i) Investment1
			(iii) Other Financial Liabilities141133151	172
	(ii) Trade Receivables489498408
			(iv) Lease Liabilities-5743	41
	(iii) Cash & cash equivalents43178285
			Provisions102114	20
	(iv) Bank balance other than above8449
			Income tax liabilities-5-
	(v) Contract assets8642134
			Contract liabilities1530	34
	(vi) Other financial assets1111
			Other current liabilities446267	74
	Income tax assets (net)19--
			Sub Total Current Liabilities412540523	431
	Other Current Assets446564
			Sub Total Liabilities457681632	567
	Sub Total Current Assets700828902
			TOTAL EQUITY AND LIABILITIES1,0671,3611,376	1,693
	TOTAL ASSETS1,0671,3611,376
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Historical Standalone Profit & Loss

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Particulars (INR Mn)	FY19	FY20*	FY21*	H1-FY22
Operational Income	1,182	1,806	1,727	1,083
Total Expenses	1,032	1,660	1,531	1,030
EBITDA	150	145	196	53
EBITDA Margins (%)	12.69%	8.03%	11.35%	4.89%
Other Income	50	65	85	29
Depreciation	48	102	93	44
Finance Costs	21	33	21	4
PBT	131	75	167	34
Tax	37	21	40	9
Profit After tax	94	54	127	25
PAT Margins (%)	7.95%	2.99%	7.35%	2.31%
Other Comprehensive Income	(4)	3	1	(1)
Total Comprehensive Income	90	57	128	24
Diluted EPS (INR)	5.70	3.26	7.50	1.36

• 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)FY19FY20FY21	H1-FY22
ASSETS
Non-Current Assets
Property, Plant & Equipment7570164	166
Intangible assets564139	33
Intangible assets under development2-1
Right of use asset-14683	72
Financial Assets
(i) Investments388121121	136
(ii) Loans2029-	-
(iii) Other Financial Assets28	29
Deferred tax assets52723	32
Income tax assets (net)101193111	146
Other non-current assets41-	-
Sub Total Non Current Assets651628570	615
Current Assets
Financial Assets
(i)Investments1	143
(ii) Trade Receivables215339283	322
(iii) Cash & cash equivalents2175119	158
(iv) Bank balance other than above34210	9
(v) Contract assets3632127	167
(vi) Other financial assets2132	7
Other Current Assets335861	59
Sub Total Current Assets329549602	865
TOTAL ASSETS9801,1781,172	1,480

Particulars(INR Mn)FY19FY20FY21	H1-FY22
EQUITY AND LIABILITIES
Equity
Share Capital158160163	176
Other Equity454455573	810
Total Equity612615736	986
Non Current Liabilities
(i) Borrowings1-6	5
(ii) Lease liabilities-10455	47
Employee benefit obligations212546	54
Sub Total Non Current Liabilities22129107	106
Current Liabilities
(i) Borrowings16168-	1
(ii) Trade Payables469678	88
(iii) Other Financial Liabilities7992126	131
(iv) Lease Liabilities-4838	35
Provisions92011	10
Contract liabilities245828	82
Other current liabilities275248	41
Sub Total Current Liabilities346434329	388
Sub Total Liabilities368563436	494
TOTAL EQUITY and LIABILITIES9801,1781,172	1,480

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Consolidated Financial Highlights

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----- Start of picture text ----- Revenue (INR Mn) EBITDA (INR Mn) PAT (INR Mn)1542,610 2,715 1012,404 224 2331,425 8.58% 8.58% 173 62 74 10.81%7.20%3.72% 3.87% 3.08%2.28%53FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22EBITDA EBITDA Margin PAT PAT MarginNet D/E (x) DSO ROE and ROCE (%)27.36%0.1873.97 75.5371.4367.4315.97%14.22%53.4362.9662.20 16.61%(0.06) (0.19) 56.86(0.27) 9.16% 9.85%FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21FY19 FY20 FY21 H1-FY22DSO with Unbilled in Days Billed DSO in Days RoE (%) RoCE (%)----- End of picture text -----

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Revenue Metrics (Consolidated)

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----- Start of picture text ----- Revenue by Business2% 8%31% 27% 26% 21%69% 73% 72% 71%FY19 FY20 FY21 H1-FY22ER&D ITS Digital----- End of picture text -----

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----- Start of picture text ----- Revenue by Industry4% 5% 8% 7%34% 27% 26% 21%26%26% 24%26%36% 42% 42% 46%FY19 FY20 FY21 H1-FY22Industrial & Heavy Machinery Transportation & Mobility Others Healthcare----- End of picture text -----

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----- Start of picture text ----- Revenue by Contract Type26% 22% 25% 24%74% 78% 75% 76%FY19 FY20 FY21 H1-FY22Time and Material Fixed Time, Fixed Price----- End of picture text -----

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----- Start of picture text ----- Revenue by Engagement Model30% 32% 30% 33%70% 68% 70% 67%FY19 FY20 FY21 H1-FY22Onsite Offshore----- End of picture text -----

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Customer Metrics (Consolidated)

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----- Start of picture text ----- Client Deal Size Breakup Revenue of Major Clients14%1 7% 8% 12%5 29% 32% 31% 31%28 946% 47% 45% 47%4 3 9 10FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22USD 3 Mn > USD 1 Mn > USD 3 Mn USD 500K > USD 1 Mn Top 10 Clients Top 5 Clients Top ClientRevenue by Client location Strategic Global Customers Added Headcount11% 8% 11% 13%37% 41% 36% 33%52% 51% 53% 54%5 3 3 2FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22----- End of picture text -----

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----- Start of picture text ----- Revenue by Client location11% 8% 11% 13%37% 41% 36% 33%52% 51% 53% 54%FY19 FY20 FY21 H1-FY22India USA Europe----- End of picture text -----

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Employee Metrics (Consolidated)

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----- Start of picture text ----- Headcount by Location Headcount by Business128 102 105120 126111 6 46 1081142331971,466 1,397806824983 949 958 1,1062,429 2,377 1,973 2,160FY19 FY20 FY21 H1-FY22 FY19 FY20 FY21 H1-FY22India Headcount Headcount Outside India ER&D IT Service Digital Transformation G&A----- End of picture text -----

Headcount by Function

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----- Start of picture text ----- 102 10538 32 108 12626 32 443823 392,391 2,3281,918 2,062FY19 FY20 FY21 H1-FY22Billable Bench (Unbilled) Sales G&A----- End of picture text -----

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Hedging & Other Metrics

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	Other Ratios	FY19	FY20	FY21	H1-FY22
	Carpet Area	70,873	71,948	65,285	65,285
	Number of seats	889	906	847	847
	PBT to Revenue%	5.82%	3.55%	4.08%	13.77%
	Number of active clients	199	210	184	210
	Hedging Details for H1-FY22*	Actual Hedge Rate	Hedge Amount (Mn)	Actual Rate Achieved	Gain Over 50% Hedgerate (INR, Lakh)
	USD	74.48	1.77	74.55	1.04
	EUR	88.77	0.51	88.03	(1.98)
	GBP	101.82	0.54	102.77	4.40

*The performance is benchmarked against a 50% hedge rate - average of Day 1 forward rate and spot on maturity/current MTM for outstanding exposure.

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----- Start of picture text ----- Capital Market Data350%300%250%200%150%100%50%0%Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21-50%----- End of picture text -----

	Onward		Sensex
Price Data (As of 30th September 2021)*
Face Value				10.0
Market Price				230.3
52 Week H/L				283.8/57.6
Market Cap (INR Mn)				4,027.8
Equity Shares Outstanding (Mn)				17.4
1 Year Avg. Trading Volume ('000)				171.3
1 Year Avg. Net Turnover (Mn)				22.4

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----- Start of picture text ----- Dividend per Share (INR)3.001.50 1.501.00FY18 FY19 FY20 FY21Shareholding Pattern (as on 30th September, 2021)Public42.49%Promoters57.51%----- End of picture text -----

• Source: BSE and NSE

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Disclaimer

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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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