Onward Technologies records 21% yoy growth in Q2 FY22 revenue

The sales rose 21.20% to Rs72.94cr in the quarter ended September 2021 as against Rs60.18cr during the previous quarter ended September 2020.

Oct 25, 2021 04:10 IST India Infoline News Service

Quarterly Results
Onward Technologies Limited, a niche Digital ER&D Engineering Services company announces its results for the second quarter of financial year 2021‐22.

The net profit of the company jumped 130.04% to Rs5.59cr in the quarter ended September 2021 as against Rs2.43cr during the previous quarter ended September 2020.

The sales rose 21.20% to Rs72.94cr in the quarter ended September 2021 as against Rs60.18cr during the previous quarter ended September 2020.

Onward Technologies Ltd shares ended at Rs215.40 down by Rs3.75 or 1.71% from its previous closing of Rs219.15 on the BSE.

Commenting on the performance of the Company, Jigar Mehta – Managing Director said “I’m pleased with the overall team performance last quarter with record 21% YoY revenue growth. We were able to deliver continuous double‐digit growth due to our focus on aligning our investments on strengthening our delivery capabilities for primary verticals Transportation, Mobility, Industrial Equipment & Heavy Machinery.” 

“From Q3, we are investing in hiring 400+ freshers in our offshore centers to expand our digital & embedded engineering capabilities with customized training programs focused on our OEM customer needs.  We continue to witness strong demand for our services & capabilities and are positive on closing FY22 with record growth,” the company’s MD added

Key Business Highlights for Q2‐FY22:
  • The Company has signed LOI to purchase 26,000 sq.ft of additional office space in Kharadi, Pune. This design centre will be home to 300+ offshore engineers supporting our USA & European customers. This centre is both ISO and TISAX certified.  
  • Steady Growth from Top 20 customers for Digital ER&D Engineering Services across Electronics/ Embedded, Mechanical Engineering & Enterprise IT Services.  
  • Added 10 large customers across 3 regions in the Transportation, Mobility & Industrial Equipment verticals.  
  • Net Addition of 150 employees in Q2 across offices, taking the Global Headcount to 2271 employees.  

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