800 per cent jump in net profit: This multibagger small-cap stock reports stellar quarterly results (Q1FY24)!
The stock gave multibagger returns of 115 per cent in just 1 year, 935 per cent returns in 3 years and over 1,500 per cent in 1 decade.
Onward Technologies Limited (BSE: 517536) (NSE: ONWARDTEC), a software outsourcing company, specializing in digital and ER&D services, announced its financial results for the first quarter of the financial year 2024 ended on June 30, 2023.
According to the Quarterly Results:
- Revenue from Operations increased by 27.70 per cent from Rs 93.67 crore in Q1FY23 to Rs 119.63 crore in Q1FY24.
- Operating profit skyrocketed by 240.85 per cent from Rs 5.02 crore in Q1FY23 to Rs 17.11 crore in Q1FY24.
- Net profit skyrocketed by 802.24 per cent from Rs 1.21 crore in Q1FY23 to Rs 10.88 crore in Q1FY24.
- The EPS for Q1FY24 stood at Rs 4.86 compared to Rs 3.24 in Q1FY23.
According to the annual results, the net sales increased by 43.50 per cent to Rs 440.93 crore in FY23 over FY22. The company reported a net profit of Rs 11.48 crore in FY23 compared to a net profit of Rs 23.68 crore in FY22. The EPS for FY23 stood at Rs 9.48. The company recently gave Rs 3 per share as a dividend to its shareholders as the final dividend for the financial year 2023-2024 and it has been maintaining a healthy dividend payout of 51 per cent.
Onward Technologies Limited is a software outsourcing company. The company specializes in connected systems, engineering research and development, and digital transformations. Onward Technologies focuses on verticals of transportation, mobility, industrial equipment, heavy machinery, and health care and life science industries worldwide.
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On Wednesday, shares of Onward Technologies surged 1.21 per cent to an intraday high of Rs 615.65 per share from its previous closing of Rs 608.30. At the closing bell, shares of the company were trading at Rs 584 per share, down 3.99 per cent with a spurt in volume by more than 1.77 times on BSE.
The stock gave multibagger returns of 115 per cent in just 1 year, 935 per cent returns in 3 years and over 1,500 per cent in 1 decade. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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