Business Wire IndiaOnward Technologies Limited (BSE: 517536 & NSE: ONWARDTEC) announces its results for the quarter ending June 30, 2020.
Highlights for the quarter ended June 30, 2020
| Revenue Q1 20-21: ₹ 56.35 Cr Q4 19-20: ₹ 65.81 Cr | EBITDA Q1 20-21: 7% Q4 19-20: (-) 1% | PBT Q1 20-21: ₹ 0.51 Cr Q4 19-20: (-) 3.87 Cr | PAT Q1 20-21: ₹ 0.39 Cr Q4 19-20: (-) 2.98 | EPS Q1 20-21: ₹ 0.24 Q4 19-20: ₹ (-) 1.87 |
Commenting on the performance of the company, Jigar Mehta – Managing Director said, "Our priority for Q1, was to ensure we minimise impact of the impending lockdown which came into effect in the last week of March 2020. We moved very quickly to ensure our business continuity program (BCP) was implemented robustly & today 90%+ of our team is working from home (WFH).
We are now starting to see resumption in decision making about projects, from the complete halt we witnessed at the beginning of Q1. As organisations look to evolve, digital transformation areas are set to command major share of spends. Coupled with our existing relationships with Fortune 1000 companies & ability to serve our partners from design to decision making, gives us a great platform to capitalise on opportunities in the new normal.
We closed the quarter with approximately 7% EBITDA margin and are aiming to get back to double digit margin by the end of the year through both operational efficiencies in our India Business Unit & higher % business from Customers in North America and Europe. “
Follow Onward Technologies on LinkedIn: https://www.linkedin.com/company/onward-technologies/
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