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Onward Technologies Annual Report 2023 Summary

Updated: Oct 1, 2023

  • The demand for Engineering Research and Development (ER&D) is growing rapidly as businesses worldwide seek to modernize processes, enhance expertise in next-generation technologies, design future-oriented products, and improve speed to market.

  • Onward Technologies, as a company, is actively responding to the needs of its original equipment manufacturer (OEM) customers. They are actively seeking partnership opportunities to assist in driving digital transformation efforts and achieving significant outcomes.

  • In recent years, the company has shifted its focus to three specific verticals: Transportation & Mobility, Industrial Equipment & Heavy Machinery, and Healthcare, where they believe customers require the most support.

  • They have strategically transformed from traditional IT services to a digital and ER&D (Engineering Research and Development) focused organization, with software playing a central role.

  • They have developed expertise in artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), data science and analytics, intelligent automation, digital manufacturing, smart factory, and digital twin technologies.

  • The company has expanded their workforce by adding 157 individuals, including high-caliber teams from top-tier firms, and deploying approximately 300 skilled professionals in specialized areas to projects.

  • Looking ahead, the company sees promising growth opportunities, particularly with their top 25 customers who have larger outsourcing budgets and the potential for long-term investments.

  • Serving Global 2,000 companies in North America and Europe Revenue contribution from top-25 clients at 81% 2,798 Employees 14 Offices and operations across six countries 7 OF GLOBAL TOP-10 Automotive companies 5 OF GLOBAL TOP-10 Industrial Equipment Manufacturer countries

  • 43.5% growth in revenue in FY 2022-23 & a 900 basis points increase in digital revenues to 17%. Revenue from 3 focused verticals stood at 93% of total revenues: 55% came from Industrial Equipment & Heavy Machinery, 31% from Transportation & Mobility & 8% from Healthcare & MedTech.

  • At Onward Technologies, we have positioned ourselves at the forefront of advancements. Over the last 12-18 months, we have strengthened our team, inducting some of the best minds in the industry and training freshers in specialized areas through talent acceleration programs.

  • Our team’s primary focus continues to be to expand in North America and Europe. We’re committed to increase the investments and build on our presence in both these regions.

  • We continued the transformation of the business model and exited high volume (headcount)-low margin business in our India business unit. This was replaced by high growth accounts from clients in USA and Europe with clear focus on digital services.

  • Your Company is well equipped to sustain and scale the momentum, to ensure profitable growth over the long term. The opportunity lying ahead of us to make an enduring impact and solve for our clients, the industry, and the society using our digital expertise is greater than ever.

  • Moving forward, the Company continues to see very positive momentum in terms of demand from existing customers and new customers signed within the last 12-18 months. Onward Technologies continues to invest in expanding its digital and embedded capabilities.



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