Onward Technologies Q2 net profit up 21% to Rs. 17.78 mn

Onward Technologies Ltd. (OTL), a leading global player in mechanical engineering designing and information technology consulting services has recorded a 43% in its consolidated sales to Rs. 339.89 million from Rs. 237.46 million in the same period last year.

Net profit increased 21% to Rs. 17.78 mn in Q2 FY12 compared to Rs. 14.75 mn in Q2 FY11. For the same period, EBIDTA stood at Rs. 35.39 mn as against Rs. 30.29 mn. EPS for Q2 FY12 was at Rs. 1.32 compared to Rs. 1.11 in Q2 FY11.

On standalone basis, OTL has reported 33 per cent jump in its turnover to Rs. 155.24 mn compared to Rs. 114.22 million in the same period previous year.

Commenting on the Company’s performance, Harish Mehta, Chairman and Managing Director, Onward Technologies said, “We are satisfied with our performance during the second quarter as the growth recorded is in line with our strategy. We have maintained 20% CAGR in consolidated revenue and we are committed to maintain the momentum even for the rest of the current financial year.”

During the half-year ended 30 September 2011, Net Sales grew 34% to Rs. 619.66 million against Rs. 462.45 mn in the corresponding period last year. During the same period, Profit after Tax increased 22% to Rs. 34.58 million as against Rs28.43million. EPS for H1 FY12 stood at Rs. 2.57 compared to Rs. 2.14 in H1 FY11.

“We have strengthened our teams with net addition of 150 engineers globally in H1 FY 12 and have planned to add 200 more Engineers in H2 FY12. We have been investing in upgrading the operational framework in Mumbai, Pune, Chennai, Europe & North America”. Our key strength lies in offering Product Engineering & Manufacturing Engineering Services & Solutions to Manufacturing Customers, added “Harish Mehta.