Onward Technologies Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2023

1. The Statement has been reviewed by Members of the Audit Committee and approved by the Board of Directors at their respective meetings held on July 17, 2023. The statutory auditors have issued an unmodified review opinion on these results. This Statement has been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act, 2013 and rules amended from time to time.

2. During the period ended June 30, 2023, 65,500 shares of INR 10 each fully paid up were allotted upon exercise of vested stock options under the ESOP schemes, which results in an increase in paid up share capital of INR 6.55 lakhs and premium by INR 94.24 lakhs.

3. The figures for the quarter ended March 31, 2023 are balancing figure between the audited figures for the year ended March 31, 2023 and the published unaudited year-to date figures for nine months ended December 31, 2022. The results for the corresponding period have been reviewed by a firm other than B S R & Co. LLP whose report dated July 18, 2022 had expressed an unmodified conclusion.