Onward Technologies Limited Records Q3 (FY 2020-21) Revenue of INR 578 Mn; Diluted EPS at 1.39

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Business Wire IndiaOnward Technologies Limited (BSE: 517536 & NSE: ONWARDTEC), a niche Digital & Engineering Services company announces its results for the quarter and nine months ending December 31, 2020.
 
Q3/9M-FY 2020-21 Consolidated Financial Performance:
 

 
Q3-FY21 Operational Highlights:
 

• We accelerated our transition to become a 100% Digital Engineering Services company focused on India, North America and Europe markets.
   
• We continue to remain Net Debt Zero Company with a clear Goal of becoming Debt Free in FY 2021-22.
   
• From April 2020 till December 2020, we added 600 new talented professional across all our offices and have a clear visibility to invest and expand our Delivery organization which will create 1000+ more jobs in FY 2021-22.
   
• We have strengthened our Leadership and Sales Team across all offices and continue to hire experienced professionals in our Digital and Embedded practices. 
   
• Expanded in new cities/countries like Bangalore and Netherlands with the addition of multiple new customers and highly competent regional teams. Our first new office in Bangalore will be opened on 23^rd Jan 2021 in the Whitefield area with a team of 30 employees which will be ramped to 200+ in next few quarters.
   
• Our young team globally has embraced WFH culture and received numerous accolades for exceeding customer expectations. We continue to have a WFH policy and will make a further decision by end of Q4 (FY 2020-21).
   
• Automation:
  • We are in the final stages of going live with the investment in our new Adrenaline – HRMS & Salesforce – CRM tools.

• We are in process of implementing our new Microsoft ERP system which will go live in early 2021.
   
•  We plan to accelerate our investment in automation and digitizing all our internal workflows to support our customer focused growth.

• The revenue decline in Q3 (FY 2020-21) is attributed to the gradual exit from low margin ITS business. Our Headcount reduced by approximately 500 engineers in our Mumbai office respectively.
   
• Our North American, Germany and UK entities, received the Covid-19 financial support from local governments to continue our investments in those regions. We are committed and continue to hire locally in these important growth markets as we gear up to meet the growing Digital & Engineering customer requirements. 

 
Management Comments:
 
Commenting on the performance of the company, Jigar Mehta – Managing Director said, " In early Q3, we have started seeing green shoots from our investments in new Digital & Engineering capabilities with multiple new wins across existing and new customers. We continue to ramp up capacity and have been onboarding approximately 20 + new lateral hires every week. I’m also looking forward for our investment in the new systems to GO LIVE which will help us scale and support our customers much faster. We remain optimistic that the hard decisions of cost optimization, accelerating towards the all new Digital world, etc. we made at the start of the pandemic will start seeing double digit growth in FY 2021-22.”