IT Consulting & Software company Onward Technologies announced consolidated Q1FY24 results: Revenue Growth of 27.7% YoY to Rs 119.6 crore PAT grew by 9 times YoY to Rs 10.9 crore EBITDA Margin of 12.1%; up 900 bps YoY The company continued to experience substantial growth in its focused verticals in Q1FY24 Industrial Equipment & Heavy Machinery contributed 53% of consolidated revenues Transportation & Mobility contributed 35% of consolidated revenues Healthcare contributed 9% of consolidated revenues The Digital Services Line of Business (LOB) continued good traction and contributed 37% of revenue Top 25 clients contributed 85% of total revenues Total headcount stood at 2,646 employees Commenting on the Q1FY24 results, Jigar Mehta, Managing Director, Onward Technologies, said, “We are pleased to report another strong quarter driven by our continuous focus on execution and transformation journey. Despite macroeconomic challenges, we reported revenue growth of 27.7% on a YoY basis and maintained a double-digit EBITDA margin of 12.1%. One of the most remarkable achievements is robust growth in our PAT, which grew by 9 times as compared to the previous year. This demonstrates our long-term relationships with customers and the dedication of our talented team. Going forward, we remain focused on sustaining the growth trajectory and maximizing value for our shareholders. We will continue to invest in building capabilities and offshore expansion to drive our future growth. I would like to extend my sincere gratitude to our shareholders, customers, and employees for their support throughout this journey.” Result PDF
Conference Call with Onward Technologies Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.