Onward Technologies Limited Records Q2 FY21 Revenue of INR 602 Mn; Diluted EPS at 1.45

Business Wire IndiaOnward Technologies Limited (BSE: 517536 & NSE: ONWARDTEC), a niche Digital & Engineering Services company announces its results for the quarter and half year ending September 30, 2020.

H1/Q2-FY21 Consolidated Financial Performance:

Q2-FY21 Operational Highlights :

• Revenue increased Q-o-Q by 7.5% & Total income grew by 8.3%.
• EPS of Rs 1.45 per share.
• New commercial state of the art property purchased in Pune in Q2 to service long term strategic customer engagement. Entire funding will be from internal accruals.

Management Comments:
Commenting on the performance of the company, Jigar Mehta – Managing Director said, "Our entire team of 1850+ employees continued to work from home (WFH) globally, through the entire quarter. We could see substantial overall productivity improvement which was well appreciated by our customers and led to an improvement in overall EBDITA margins.

Our deal wins with Global 2000 companies & sales pipeline for Digital Engineering services also increased multi-fold during the quarter. This has given us the confidence to re-start aggressive hiring to support all our major customers in India (Mumbai, Pune, Chennai), Europe, and North America. We also successfully launched our operations in Bangalore last quarter & are looking forward to Garden City becoming an integral part of the Global Delivery Model.

Going forward, we are expecting a higher percentage of business from customers in North America and Europe."