Onward Technologies reports 482.8 per cent PAT growth
The consolidated revenues of Onward Technologies Limited (OTL) rose 10 per cent YoY to Rs. 65.28 crore in Q3FY19 from Rs. 59.33 crore in Q3FY18. Consolidated EBITDA reached Rs. 6.21 crore in Q3FY19 from Rs. 2.64 crore in Q3FY18, thereby rising 135 per cent.
Consequently, PAT stood at Rs. 2.94 crore in Q3FY19 from Rs. 0.50 crore in Q3FY18, posting an impressive growth of 482.8 per cent.
EPS climbed to Rs. 1.86 in Q3FY19 as against EPS of Rs. 0.33 in Q3FY18, thereby surging 464.9 per cent.
OTL has invested in numerous growth initiatives for 2019. It started the Embedded & Electronics practice with an initial team size of 25 engineers and intends to scale it up to over 100 in the upcoming quarters. It also joined the SAP partnership program in order to expand the SAP HANA solutions to the Indian market.
Furthermore, OTL invested in a new Design Centre at Magarpatta city in Pune to focus specifically on mechanical product design services for its OEM clients. The company selected SAP S/4 HANA cloud solution to implement internally in the organization, both within the parent company and its subsidiaries. The implementation is expected to commence within the next 4 months.
On Thursday, the shares of OTL opened at Rs. 63.45 per share and hit a high and low of Rs. 66.75 and Rs. 61.55, respectively. At 2:53 pm, the stock was selling at Rs. 62.00, down 0.48 per cent.