Onward Technologies Ltd (OTL), a global player in mechanical engineering designing and information technology consulting services has recorded a 43% in its consolidated sales to Rs 34 crore from Rs 24 crore in the same period last year.
Net profit increased 21% to Rs 1.78 crore in Q2FY12 compared to Rs 1.5 crore in Q2 FY11. For the same period, EBIDTA stood at Rs 3.54 crore as against Rs 3.029 crore.
EPS for Q2FY12 was at Rs 1.32 compared to Rs 1.11 in Q2FY11.
On standalone basis, OTL has reported 33% jump in its turnover to Rs 15.5 crore compared to Rs 11.42 crore in the same period previous year.
Commenting on the Company’s performance, Harish Mehta, Chairman and Managing Director, Onward Technologies said, “We are satisfied with our performance during the second quarter as the growth recorded is in line with our strategy. We have maintained 20% CAGR in consolidated revenue and we are committed to maintain the momentum even for the rest of the current financial year.”
During the half-year ended 30 September 2011, Net Sales grew 34% to Rs 620 crore against Rs 46.25 crore in the corresponding period last year. During the same period, Profit after Tax increased 22% to Rs 3.5 crore as against Rs 2.84 crore. EPS for H1FY12 stood at Rs 2.57 compared to Rs 2.14 in H1 FY11.
About Onward Technologies
Onward Technologies Ltd is a global player in Mechanical engineering design and IT consulting services (BSE: 517536), (NSE: ONWARDTEC).
Onward Technologies offers a range of engineering design services including product design, engineering analysis, engineering documentation and maintenance, and manufacturing.
