Product Engineering

Onward Technologies Revenue Grows by 5% YoY

Commenting on the performance of the Company, Mr. Harish Mehta, Founder & Executive Chairman, said, “December quarter is traditionally a slow quarter for our business due to holidays in USA, Europe and India. In addition, rupee appreciation also affected the top line coupled with deferment of a few large deals to next quarter. For Q4’18, we have a strong pipeline to close the year on a positive note.”

Highlights for the quarter ended December 31, 2017:

  • Consolidated revenues in Q3FY18 reported at INR 59.33 Cr, up 5.0% from INR 56.52 Cr in Q3FY17 & down by 7.6% from INR 64.19 Cr in Q2FY18
  • Consolidated EBITDA reported at INR 2.64 Cr for Q3FY18 as against INR 4.54 Cr in Q3FY17 & INR 6.16 Cr in Q2FY18.
  • EPS for the Quarter stands at INR 0.33. YTD (Apr’17-Dec’17) consolidated EPS recorded at INR 3.62.

Commenting on the performance of the Company, Mr. Harish Mehta, Founder & Executive Chairman, said, “December quarter is traditionally a slow quarter for our business due to holidays in USA, Europe and India. In addition, rupee appreciation also affected the top line coupled with deferment of a few large deals to next quarter. For Q4’18, we have a strong pipeline to close the year on a positive note.”

Other Important highlights for the quarter

Company moved into its new office in North America in Cleveland, Ohio. This expansion is in line with company’s objective of making client focused investments.

About Onward Technologies Limited

Onward Technologies Limited is a global player in Mechanical Engineering Design Services and IT consulting services. The Company offers a range of engineering design services including product design, engineering analysis, engineering documentation and maintenance, and manufacturing solutions for automotive, off highway, aerospace, industrial equipment and consumer goods. With its footprints in India, North America, Germany and UK, the Company’s global design and delivery centres has grown to 2500+ employees servicing Fortune 1000 companies.

The Company is listed on the following stock exchanges under the ISIN INE 229A01017: BSE Limited: Scrip Code: 517536 National Stock Exchange of India Limited: Scrip Code: ONWARDTEC

For more information, please contact: info@onwardgroup.com