900 per cent returns: The multibagger stock zoomed 20 per cent in Friday’s session. Do you own it?
The scrip witnessed massive spurt in volume by more than 7.88 times
On Friday, shares of Onward Technologies zoomed and got locked at 20 per cent upper circuit to trade on Rs 420.35 apiece on BSE. The scrip witnessed massive spurt in volume by more than 7.88 times.
In Q4FY23, the company’s revenue from operations surged by 38.8 per cent from last year’s same quarter to Rs 121.4 crore. The EBITDA level shot up by more than 122 per cent from March 2022 quarter to Rs 14.1 crore. The net profit jumped 124.5 per cent from corresponding quarter last year to Rs 7.2 crore.
Onward Technologies has reported its highest-ever revenue of Rs 440.9 crore in FY23, representing a YoY growth of 43.5 per cent. The growth was driven by an increase in revenues from strategic clients in the Industrial Equipment & Heavy Machinery and Transportation & Mobility verticals. The company continued to experience substantial growth in its focused verticals, with Industrial Equipment & Heavy Machinery contributing 55 per cent of consolidated revenues, Transportation & Mobility contributing 30 per cent and Healthcare contributing 8 per cent.
The Digital Services Line of Business (LOB) also contributed to the consolidated revenue, representing 17 per cent. The top 25 clients contributed 81 per cent of total revenues, and 15 clients now deliver $1+ million in revenues on an annualized basis. The total global headcount has reached 2,798 employees, following the exit of non-strategic ITS projects in the domestic Indian market.
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Onward Technologies is a global engineering and design services company that provides product design, engineering, and manufacturing solutions to clients in various industries. The company offers services in areas such as automotive, aerospace, industrial equipment, healthcare, and transportation, among others
The stock has witnessed significant buying activity as it has given multibagger returns of 908 per cent in just 3 years. Moreover, the stock has surged more than 40 per cent over the past 1 year. Keep a close eye on this trending multibagger stock.