Onward Tech Q2FY12 net sales up 43% at Rs 340 mn

NET PROFIT JUMPS 21% TO RS. 17.78mn; EBIDTA GREW BY 17% TO RS. 35.39mn

Mumbai, October 21, 2011: Onward Technologies (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 million in Q2 FY12 compared to Rs 14.75 million in Q2 FY11. For the same period, EBIDTA stood at Rs.35.39 million as against Rs. 30.29 million.

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 million compared to Rs 114.22 million in the same period previous year.

Commenting on the Company’s performance, Mr. 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 million 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.