Onward Technologies record steady growth of 33.74% yoy in revenue for Q3 FY'22

14 Jan 2022 , 03:43 PM

Onward Technologies reported stellar growth in revenue at Rs 7,726.49 lakhs for the quarter ending December 2021, 33.74% yoy higher than December 2020 quarter.

It reported EBITDA for Q3 at Rs 97 million, with an EBITDA margin of 12.55%. The company’s consolidated PAT stood at Rs 50 million for Q3, as against Rs 235.34 of the previous period, indicating growth of 111.63%.

On the 9M results front, it reported revenue of Rs 2,198 million for Q3 FY’22 against Rs 17,404 million for the quarter ending December 2020.

While EBITDA for 9m period stood at Rs 151 million, while EBITDA margin for the period settled at 6.87%. PAT for the period settled at Rs 205 million showing growth of 295.67% over the 9M period.

Company attributes the growth in Revenues for the quarter mainly to increased outsourcing by all its top clients. It has added 3 new strategic customers during the quarter, including becoming a preferred supplier to a larger European Automotive major.

It also added 210 new talent heads during the quarter taking the total employees count to 2481.

The company has also successfully launched its first Embedded & Electronics — Center of Excellence (COE) in Pune with a team of 50 engineers in Q3, which will start generating revenues after a 9 month investment period. It also bagged the award from Dun & Bradstreet under SME Category.

Onward Technologies is currently trading at Rs338.25 up by Rs16.1 or 5% from its previous closing of Rs322.15 on the BSE.

The scrip opened at Rs320.05 and has touched a intraday high and low of Rs338.25 and Rs311.55 respectively.