Onward Technologies Ltd Q2FY21 consolidated PAT at Rs. 2.42 crore

ONWARD TECHNOLOGIES LTD. has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.61 crores during the period ended September 30, 2020 as compared to Rs.56.35 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.2.42 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.0.39 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.1.45 for the period ended September 30, 2020 as compared to Rs.0.23 for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 61 crs	₹ 56.35 crs	8.25%
Net Profit	₹ 2.42 crs	₹ 0.39 crs	520.51%
EPS	₹ 1.45	₹ 0.23	530.43%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.61 crores during the period ended September 30, 2020 as compared to Rs.68.94 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.2.42 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.3 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.1.45 for the period ended September 30, 2020 as compared to Rs.1.82 for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 61 crs	₹ 68.94 crs	-11.52%
Net Profit	₹ 2.42 crs	₹ 3 crs	-19.33%
EPS	₹ 1.45	₹ 1.82	-20.33%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.117.35 crores during the 6 months period ended September 30, 2020 as compared to Rs.136.83 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.2.81 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.6.36 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.1.68 for the 6 months period ended September 30, 2020 as compared to Rs.3.85 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 117.35 crs	₹ 136.83 crs	-14.24%
Net Profit	₹ 2.81 crs	₹ 6.36 crs	-55.82%
EPS	₹ 1.68	₹3.85	-56.36%

Commenting on the performance of the company, Jigar Mehta - Managing Director said, "Our entire team of 1850+ employees continued to work from home (WFH) globally, through the entire quarter. We could see substantial overall productivity improvement which was well appreciated by our customers and led to an improvement in overall EBDITA margins.

Our deal wins with Global 2000 companies & sales pipeline for Digital Engineering services also increased multi-fold during the quarter. This has given us the confidence to re-start aggressive hiring to support all our major customers in India (Mumbai, Pune, Chennai), Europe, and North America. We also successfully launched our operations in Bangalore last quarter & are looking forward to Garden City becoming an integral part of the Global Delivery Model.

Going forward, we are expecting a higher percentage of business from customers in North America and Europe."

Shares of ONWARD TECHNOLOGIES LTD. was last trading in BSE at Rs.64.85 as compared to the previous close of Rs. 65.85. The total number of shares traded during the day was 1054 in over 117 trades.

The stock hit an intraday high of Rs. 66.4 and intraday low of 64.7. The net turnover during the day was Rs. 68739.

Source : Equity Bulls

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