Onward Technologies
{{short description|IT services company}}
{{Multiple issues|{{more citations needed|date=November 2015}}
{{primary sources|date=February 2016}}}}
{{Use dmy dates|date=January 2025}}
{{Use Indian English|date=October 2013}}
{{Infobox company
| name = Onward Technologies
| logo = HR brand colour Onward Logo.png
| type = Public
| traded_as = {{BSE|517536}}
{{NSE|ONWARDTEC}}
| foundation = {{start date and age|1991}}
| location = Mumbai, Maharashtra, India
| key_people = Harish Mehta, {{small|(Executive Chairman) & Jigar Mehta (MD)}}{{cite web|url=http://www.indiainfoline.com/Research/LeaderSpeak/Interview-of-Mr.-Harish-Mehta-Chairman-and-Managing-Director-Onward-Technologies-Ltd./11354420 |title=Interview of Mr. Harish Mehta, Chairman & Managing Director, Onward Technologies Ltd |publisher=Indiainfoline.com |accessdate=2010-08-05}}
| industry = Engineering R&D Services
Digital Transformation Services
| services = Engineering R&D Services
Digital Transformation Services
Business Consulting
| products =
| parent =
| revenue = {{profit}} {{INRConvert|240.6|c}} {{small|(FY24)}}{{cite web |title=Onward Technologies Ltd. Press Release – May 17th 2024 |url=https://www.onwardgroup.com/admin/assets/pdf/quarterly_results/Q2%20FY%202024%20Result%20Announcement.pdf |accessdate=2024-10-18 |publisher=onwardgroup.com}}
| operating_income =
| net_income = {{profit}} {{INRConvert|10.7|c}} (H1FY25){{cite web |title=Onward Technologies Ltd. Press Release – May 17th 2024 |url=https://www.onwardgroup.com/admin/assets/pdf/quarterly_results/Q2%20FY%202024%20Result%20Announcement.pdf |accessdate=2024-10-18 |publisher=onwardgroup.com}}
| assets =
| equity =
| num_employees = 2,626 (H1FY25)
| homepage = {{URL|https://onwardgroup.com/}}
}}
Onward Technologies is an Indian multinational software technology outsourcing company specializing in digital and ER&D services for the transportation & mobility, industrial equipment, heavy machinery, and healthcare & med-tech industries.
As per its filings with the BSE, it is reported to be headquartered in Mumbai and has 2626 employees across 14 offices in 6 countries as well as offshore development centers in India. As of 31 December 2022, it has one Indian subsidiary and four foreign subsidiaries.{{Cite web |title=Submission of Annual Report of Onward Technologies Limited |url=https://www.bseindia.com/bseplus/AnnualReport/517536/73300517536_07_07_22.pdf |website=bseindia.com}}{{Cite web |title=Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year |url=https://www.bseindia.com/bseplus/AnnualReport/517536/73300517536_07_07_22.pdf |website=bseindia.com}}
Revenues
According to its filing with the BSE, Onward Technologies reported revenue of INR ₹240.6 Cr. for H1FY25.{{Cite web |title=Onward Technologies Limited |url=https://www.onwardgroup.com/admin/assets/pdf/quarterly_results/Q2%20FY%202024%20Result%20Announcement.pdf |website=onwardgroup.com}} The company achieved revenue of INR ₹472.4 Cr. in FY24, reflecting a 7.1% YoY growth.{{Cite web |title=Onward Technologies Limited |url=https://www.onwardgroup.com/admin/assets/pdf/quarterly_results/Q4%20FY%202023-24%20Earnings%20Presentation.pdf |website=onwardgroup.com}}
History
= 1991–1996 =
Onward Technologies was founded in August 1991 by Harish Mehta, a first-generation entrepreneur, one of the founders and the first elected Chairman{{Cite web |title=Microsoft or Google may not spring from India, says IT industry veteran Harish Mehta |url=https://www.indiatoday.in/business/story/microsoft-or-google-may-not-spring-from-india-says-it-industry-veteran-harish-mehta-1945778-2022-05-05 |website=indiatoday.in|date=5 May 2022 }} of the National Association of Software and Service Companies (NASSCOM). The company listed on the BSE & NSE in 1995. Harish Mehta serves as CEO.{{Cite web |title=INVESTOR PRESENTATION MARCH 2021 |url=https://www.bseindia.com/xml-data/corpfiling/AttachHis/641dbb74-0e6e-4c0d-9ba7-c2bb19519dc3.pdf |website=bseindia.com}}
= 1997–2010 =
In 1997, the company expanded into the US with its subsidiary, Onward Technologies, Inc. becoming operational.{{Cite web |title=ONWARD TECHNOLOGIES LTD MARCH 1997 |url=https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/1997/ONWARD_TECHNOLOGIES_LTD-517536-MARCH-1997.PDF |website=bseindia.com}} In 1998, the company also set up a branch office in London{{Cite web |title=ONWARD TECHNOLOGIES LIMITED |url=https://find-and-update.company-information.service.gov.uk/company/FC021336 |website=find-and-update.company-information.service.gov.uk}} Between 2001 and 2010, the company had diversified into the Engineering, Research & Development (ER&D) industry while also achieving ISO 9001 & ISO 27001 certifications for its offshore development centers in India. It had also opened offices in Chicago in this interim.{{Cite web |title=Corpfiling |url=https://www.bseindia.com/xml-data/corpfiling/Attachhis/5bb40a8e-8264-44d6-b0ff-f50249a51e9b.pdf |website=bseindia.com}}
= 2010 – present =
In May 2016, Jigar Mehta (Harish Mehta's son) was appointed as the managing director.{{Cite web |title=Annual Report |url=https://www.bseindia.com/bseplus/AnnualReport/517536/5175360316.pdf |website=bseindia.com}} As per the annual report of the company for 2020-21 filed with BSE, the company has achieved Zero Net-Debt{{Cite web |title=Submission of Annual Report of the Company for the financial year |url=https://www.bseindia.com/bseplus/AnnualReport/517536/68614517536.pdf |website=bseindia.com}} and the annual report of the company for 2021–22 filed with BSE confirms that it continues to be Net-Debt Free.{{Cite web |title=Submission of Annual Report of Onward Technologies Limited |url=https://www.bseindia.com/bseplus/AnnualReport/517536/73300517536_07_07_22.pdf |website=bseindia.com}} It also delivered a record 28% year-on-year organic revenue growth in financial year ended 31 March 2022.{{Cite web |title=Onward Technologies Limited delivers growth in Operating Revenues |url=https://archives.nseindia.com/corporate/ONWARDTEC_13052022184819_OnwardTech_Q4PressReleaseFY2122.pdf |website=archives.nseindia.com}} In 2021, the company set up offices in Amsterdam{{Cite web |title=Onward Technologies incorporates wholly owned subsidiary in Amsterdam |url=https://www.business-standard.com/article/news-cm/onward-technologies-incorporates-wholly-owned-subsidiary-in-amsterdam-121060500393_1.html |website=business-standard.com|date=5 June 2021 }} and Canada{{Cite web |title=Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn |url=https://www.onwardgroup.com/investors/investors-reports/CLT24TAB155CAT909_20210517130000.pdf |website=onwardgroup.com}} By the end of 2021, Convergent Finance LLP, a private equity firm invested in the company and today owns approximately 24.7% stake.{{Cite web |title=Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited |url=https://theprint.in/ani-press-releases/convergent-finance-llp-announces-upto-usd-9-6-mn-investment-in-onward-technologies-limited/666283/ |website=theprint.in|date=27 May 2021 }}
In November 2021, Onward Technologies was awarded a Business Excellence Award by Dun & Bradstreet, as part of its Business Enterprises of Tomorrow recognition program{{Cite web |title=Onward Technologies wins Dun & Bradstreet's Business Excellence Award |url=https://onwardgroup.com/images/company/onward-technologies-wins-d-b-business-excellence-award-2021.pdf |website=onwardgroup.com}} and was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.{{Cite web |title=Innovation and Technology Awards |url=https://www.inntechawards.com/winners/ |website=inntechawards.com}} Subsequently, in October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence [https://www.aninews.in/news/business/business/quantic-indias-technology-excellence-awards-bengaluru-edition-honoring-those-who-lead-the-way20221018124415/ Awards].
= Services =
Onward Technologies works across industries that include transportation and mobility, industrial equipment & heavy machinery as well as healthcare & Med Tech. It offers services across the following business lines:{{Cite web |title=Convergent Finance LLP announces upto USD 9.6 Mn investment in Onward Technologies Limited |url=https://theprint.in/ani-press-releases/convergent-finance-llp-announces-upto-usd-9-6-mn-investment-in-onward-technologies-limited/666283/ |website=theprint.in/|date=27 May 2021 }}{{Cite web |title=Submission of Annual Report of Onward Technologies Limited ("the Company") for the financial year ended March 31 2022 |url=https://www.bseindia.com/bseplus/AnnualReport/517536/73300517536_07_07_22.pdf |website=bseindia.com}}
- Digital transformation services like data science, data analytics, automation & cloud
- Embedded systems & Electronics engineering services
- Mechanical engineering services
Locations
| class="wikitable"
!Country !State / Province !City |
| rowspan="5" |India
| rowspan="2" |Maharashtra |
| Pune |
| Tamil Nādu |
| Karnataka |
| Telangana |
| rowspan="3" |United States |
| Michigan |
| Ohio |
| Canada{{Cite web |title=Onward Technologies Limited records 15% QoQ growth in Q4 FY21 with Revenues of INR 663 Mn |url=https://www.onwardgroup.com/investors/investors-reports/CLT24TAB155CAT909_20210517130000.pdf |website=onwardgroup.com}} |
| United Kingdom
|London |
| Germany |
| Netherlands{{Cite web |title=Onward Technologies incorporates wholly owned subsidiary in Amsterdam |url=https://www.business-standard.com/article/news-cm/onward-technologies-incorporates-wholly-owned-subsidiary-in-amsterdam-121060500393_1.html |website=business-standard.com|date=5 June 2021 }} |
= Awards =
- In November 2021, Onward Technologies was recognized by Dun & Bradstreet as a 'Business Enterprise of Tomorrow' for helping its clients accelerate innovation, drive competitiveness, and maximize returns on their R&D investments.{{Cite web |title=Onward Technologies wins Dun & Bradstreet's Business Excellence Award |url=https://onwardgroup.com/images/company/onward-technologies-wins-d-b-business-excellence-award-2021.pdf |website=onwardgroup.com/}}
- In June 2022, Onward Technologies was recognized as the Engineering Partner of the Year in the Overall Technology Excellence category at the 4th Annual Innovation and Technology Inn-Tech 2022 awards.{{Cite web |title=Innovation and Technology Award |url=https://www.inntechawards.com/winners/ |website=inntechawards.com}}
- In October 2022, Onward Technologies was awarded Best ER&D Partner for Automotive and Industrial Equipment OEMs at the Quantic Technology Excellence [https://www.aninews.in/news/business/business/quantic-indias-technology-excellence-awards-bengaluru-edition-honoring-those-who-lead-the-way20221018124415/ Awards]
References
{{reflist}}
External links
- [https://onwardgroup.com Official website]
- [https://www.onwardgroup.com/investors/investors-reports/202223-q4-financial-result.pdf 2022-2023 Financial results]
Category:Software companies based in Mumbai
Category:Software companies established in 1991
Category:Indian companies established in 1991
Category:1991 establishments in Maharashtra
Category:Companies listed on the National Stock Exchange of India