Onward Technologies Limited (BSE: 517536 & NSE: ONWARDTEC), a niche Digital & Engineering Services company announces its results for the quarter and nine months ending December 31, 2020.Business Wire IndiaOnward Technologies Limited (BSE: 517536 & NSE: ONWARDTEC), a niche Digital & Engineering Services company announces its results for the quarter and nine months ending December 31, 2020.
Q3/9M-FY 2020-21 Consolidated Financial Performance:
|Q3 FY21: INR 578 Mn||Q3 FY21: INR 39 Mn||Q3 FY21: INR 31 Mn||Q3 FY21: INR 23 Mn||Q3 FY21: INR 1.39|
|9M FY21: INR 1,740 Mn||9M FY21: INR 134 Mn||9M FY21: INR 69 Mn||9M FY21: INR 52 Mn||9M FY21: INR 3.08|
Q3-FY21 Operational Highlights:
- We plan to accelerate our investment in automation and digitizing all our internal workflows to support our customer focused growth.
- The revenue decline in Q3 (FY 2020-21) is attributed to the gradual exit from low margin ITS business. Our Headcount reduced by approximately 500 engineers in our Mumbai office respectively.
- Our North American, Germany and UK entities, received the Covid-19 financial support from local governments to continue our investments in those regions. We are committed and continue to hire locally in these important growth markets as we gear up to meet the growing Digital & Engineering customer requirements.
Commenting on the performance of the company, Jigar Mehta – Managing Director said, " In early Q3, we have started seeing green shoots from our investments in new Digital & Engineering capabilities with multiple new wins across existing and new customers. We continue to ramp up capacity and have been onboarding approximately 20 + new lateral hires every week. I’m also looking forward for our investment in the new systems to GO LIVE which will help us scale and support our customers much faster. We remain optimistic that the hard decisions of cost optimization, accelerating towards the all new Digital world, etc. we made at the start of the pandemic will start seeing double digit growth in FY 2021-22.”
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