Onward Technologies Limited (OTL), a leading global player in mechanical engineering designing and information technology consulting services has recorded a 36% jump in its consolidated sales to Rs 34.2 crore for Q3FY12 from Rs 25.1 crore in the corresponding period last year.
Net profit increased 33% to Rs 1.5 crore in Q3FY12 compared to Rs 1.1 crore in Q3FY11. EBIDTA stood at Rs 3.7 crore for the quarter ended December 2011.
Commenting on the Company’s performance, Harish Mehta, Chairman and Managing Director, Onward Technologies said, “We have been consistently maintaining growth above 20% which is reflected in our current financial performance. This current quarter has seen both the sales and profits surpassing our projections for the quarter. The growth has been mainly the outcome of our strong performance in both the verticals i.e Engineering Design & IT consulting Services across markets. With new market expansion in Germany, we would be able to cater to ever growing Engineering Design Services market in Europe. We are hoping to continue with the trend.”
For 9 months ended, Net Sales grew 35% to Rs 96.1 crore against Rs 71.3 crore in the corresponding period last year. During the same period, Profit after Tax increased 25% to Rs 4.9 crore as against Rs 3.9 crore. EPS for 9M FY12 stood at Rs 3.68 as compared to Rs 2.99 in 9MFY11.
About Onward Technologies Ltd
Onward Technologies Limited is a global player in Mechanical engineering design and IT consulting services (BSE: 517536), (NSE: ONWARDTEC).
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Onward Technologies Ltd offers a range of engineering design services including product design, engineering analysis, engineering documentation and maintenance, and manufacturing solutions, and training for automotive, off highway, aerospace, industrial equipment and consumer goods.
The company’s IT services subsidiary –Onward eServices Ltd (OeSL) offers services that encompasses application development and maintenance, enterprise services, software testing, infrastructure management, and professional consulting services across BFSI, Manufacturing, Healthcare and high-tech verticals.
Onward Technologies Limited has its footprints with operations in India, North America, Germany, UK and UAE. Its global design & delivery centres are present in Pune, Chennai & Mumbai. OTL has grown to 1500+ employees globally servicing Fortune1000 companies.