Onward Technologies Q3 FY22 revenue up by 33.7% to Rs 773m

Mumbai-based Onward Technologies Limited has registered a 33.74% year-over-year growth in its revenues for the third quarter of the fiscal year 2022 (Q3 FY22) at INR 773 million.

Onward Technologies said that the growth in its Q3 FY22 revenues was primarily driven by increased outsourcing by all its top clients.

The profit after tax for the digital and engineering research and development (ER&D) services company for the reported quarter was INR 50 million. Its earnings per share (EPS) for Q3 FY22 were INR 2.52.

For the first nine months of FY22, the revenue of Onward Technologies was INR 2,198 million, while its profit after tax stood at INR 205 million.

During Q3 FY22, Onward Technologies is said to have added three new strategic customers. For one of them, which is a European automotive major, the company has become a preferred supplier.

Jigar Mehta — Managing Director of Onward Technologies said: “The Q3 financial performance is a testament of our hard work and commitment to perform and deliver for all our stakeholders. As we continue to witness strong demand with existing and new clients, we are rapidly expanding capabilities across geographies.

“In 2022, we plan to ramp up our teams across our existing design centers in India. We will also be starting our new Centers of Excellence (COEs) with additional capacity of 500 engineers in Mumbai, Pune, Chennai, Bangalore & Hyderabad.

“These new COEs will be focusing on expanding our Embedded & Electronic capabilities in the areas of Automotive Electronics, V&V (Verification and Validation) & ADASautonomous domains & and on building capabilities in Digital across Cloud, DevOps, data science, visualization skills.”