Onward Technologies Revenue Grows by 10 percent and PAT Grows by 482.8 percent YoY

Business Wire India

• Consolidated Revenues in Q3FY19 were at INR 65.28 Cr, up 10% from INR 59.33 Cr in Q3 FY18 & up by 5.8% to INR 195.67 Cr in YTD Dec FY19 from 184.98 Cr in YTD Dec FY18
• Consolidated EBITDA were at INR 6.21 Cr for Q3FY19, up 135% from INR 2.64 Cr in Q3FY18
• Profit before Tax (PBT) at INR 4.10 Cr for Q3FY19, up 901.5% from INR 0.41 Cr in Q3FY18
• Profit after Tax (PAT) at INR 2.94 Cr for Q3FY19, up 482.8% from INR 0.50 Cr in Q3FY18
• Earnings Per Share (EPS) reported at INR 1.86 for Q3FY19, up 464.9% from INR 0.33 in Q3FY18

Mr. Harish Mehta, Onward Technologies Founder & Executive Chairman, commented on the performance of the Company, saying, “We are very pleased to announce that Onward Technologies has shown a consistent growth Year To Date over similar period last year. The medium and long-term growth prospects for Onward Technologies services and solutions in USA, UK, Germany and India remain robust. The company will continue to play a crucial role in supporting the next generation of Mechanical Design and IT Consultancy services and succeed in client digitalization initiatives at its best.”
 

• Started the Embedded & Electronics practice out of all 3 locations in India (Mumbai, Pune & Chennai) with an initial team size of 25 engineers which will be ramped to 100+ over the next few quarters.
• Joined the SAP partnership program to expand the SAP HANA solutions to the Indian market. The entire new Sales & Delivery teams will be driven from its Mumbai offices.
• Invested in a large new Design Centre at Magarpatta city in Pune, focused on mechanical product design services for our OEM clients. This is the company’s 3^rd design center in Pune and 5^th in India, the other 2 being in Mumbai & Chennai respectively. This investment is important to meet the growth demands of our customers in 2019.
• Selected SAP S/4 HANA cloud solution to implement internally in the organization (OTL & subsidiaries).  The implementation will GO LIVE within the next 4 months.