Onward Technologies H1FY24: Strong revenue surge with PAT increasing 11.5 times YoY


Onward Technologies Limited, a renowned player in software outsourcing specializing in digital and ER&D services, revealed its H1FY24 financial outcomes with a remarkable 17.7% YoY revenue growth. Additionally, the EBITDA margin stood at 12.3% and the Profit After Tax (PAT) saw an astonishing 11.5 times YoY surge.

Q2FY24 Financial Overview

Key Metrics and Figures

For Q2FY24 ending on 30th September 2023, revenue from operations recorded 120.2 ₹ Crore, marking a 9.2% YoY growth from 110.1 ₹ Crore in Q2FY23. EBITDA reported an increase of 375.4% YoY, and the EBITDA margin showed a remarkable 962bps YoY growth. The Profit After Tax (PAT) for the quarter stood at 9.6 ₹ Crore, experiencing a massive 1556.0% YoY growth.

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Jigar Mehta Speaks on the Performance

Jigar Mehta, the Managing Director at Onward Technologies, commented on the Q2FY24 results, stating, “We are glad to report another quarter of consistent performance… We will continue to invest in building capabilities and offshore expansion to drive our future growth.”

Sectorial and Operational Highlights for Q2FY24

Revenue Distribution by Vertical

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Onward Technologies has experienced consistent growth across various focused sectors in Q2FY24:

  • Industrial Equipment & Heavy Machinery: 52% of consolidated revenues.
  • Transportation & Mobility: 37% of consolidated revenues.
  • Healthcare: 8% of consolidated revenues.

Moreover, during Q2FY24, Onward Technologies secured four new contracts with notable Original Equipment Manufacturers (OEMs) from the USA and Europe.

Digital Engineering and Business Contributions

Digital Engineering Services Line of Business (LOB) had a significant presence, contributing 41% to the consolidated revenue for Q2FY24. Furthermore, the company’s top 25 clientele brought in 85% of the total revenues.

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Operational Insights and Recognitions

By the close of Q2FY24, Onward Technologies’ total headcount reached 2,674 employees. The company also garnered recognition as a Major Contender in the realm of engineering services for electric mobility, acknowledged by the Everest Group ACES Automotive Engineering Services PEAK Matrix 2023.

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