Onward Tech Ltd. shares surged to an upper circuit of 20%, on Friday, October 16, in response to its September quarter results that were announced during the day.
The company, which provides tech solutions for transport and mobility purposes recorded a 41.7% year-on-year jump in its net profit during the September quarter.
Here’s How Onward Tech Fared In Q2
For the September quarter, Onward Tech’s bottomline rose to ₹17 crore from ₹12 crore it reported during the same quarter last year.
The company, which was listed in 1995, also saw a 22.4% rise in its year-on-year revenue. The revenue figures rose from ₹139 crore to ₹170.2 crore.
The Mumbai-based software solutions company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at ₹26.6 crore, compared to ₹19.9 crore last fiscal, a growth of 34% when compared to last year’s September quarter. EBITDA margin also expanded by over 100 basis points to 15.6% from 14.3% last year.
What Does Onward Tech Do?
Onward Tech is a specialised software outsourcing firm that delivers comprehensive Digital and Engineering Research & Development (ER&D) services. The company provides strategic support in transportation & mobility, industrial equipment & heavy machinery, and healthcare & life sciences. The company has a footprint across North America and Europe.
The stock is listed on both BSE and NSE and currently commands a market capitalisation of over ₹950 crore.
How Did Onward Tech Shares React After Q2 Results
Onward Tech shares are now in a 20% upper circuit at ₹427.4. The stock recovered over 24% from the lows of the day after the results were announced. The stock has risen 53% in the last one month, as a result of which, it also turned positive on a year-to-date basis, and now trades 45% higher for the year so far.
The ₹427.4 level is a 52-week high for the stock, which has more than doubled from its 52-week low of ₹208.25. The stock has gained in six out of the last 10 trading sessions.
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