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User: 
    Consider you are a stock market news analyser. You are given with the parsed text of a pdf of a stock.
    You have to analyse the text given and summarize the text to extract the following information:

    - What is the current capital expenditure of the company?
    - What is the current PAT of the company and what is the projected (potential or proposed) PAT of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the current revenue/topline of the company and what is the projected (potential or proposed) revenue of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the projected/potential/proposed profit and its brief details describing how it can be achieved?
    - What is the CAGR mentioned in the text?
    - What is the Turnover of the company mentioned in the text with timeframe like monthly, quarterly or annual?
    - Mention the time frame like quarterly, monthly or yearly as mentioned in the extracted text.

    The text is:
    Mumbai | Pune | Chennai | Bengaluru |  Hyderabad | Chicago | Detroit  | London |  Frankfurt | Amsterdam  | Toronto   
Regd. address. : 2nd floor, Sterling Centre, Dr. A.B. Ro ad, Worli, Mumbai 400018. Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
CIN: L28920MH1991PLC062542  | email:  info@onwardgroup.com   | website : www.onwardgroup.com   
 
 
Ref No.: OTL/Secretarial/SE/2024 -25/55 
 
Date: October  18, 2024  
 
To,          
BSE Limited  
Phiroz Jeejeebhoy Towers,  
Dalal Street, Mumbai – 400023  
 National Stock Exchange of India Ltd.,  
Plot No. C/1 'G' Block  
Bandra – Kurla Complex  
Bandra East, Mumbai 400051  
 
Ref: Scrip Code - BSE:  517536 NSE: ONWARDTEC  
 
Sub.:   Outcome of Board Meeting  held on October  18, 2024. 
 
Dear Sir /Madam , 
 
We wish to inform you that the Board of Directors of the Company at their meeting held on 
October 18, 2024 , have inter -alia, approved the following:  
 
1. Unaudited Standalone and Consolidated Financial Results of the Company for the Quarter 
and Ha lf year ended September  30, 202 4.  
 
2. Pursuant to regulation 33 of the SEBI (Listing Obligations and Disclos ure Requirements) 
Regulations, 2015 (“Listing Regulations”) , the Limited Review Report of the Statutory 
Auditors on the aforesaid Consolidated & Standalone Financial results.  
 
3. Pursuant to Regulation 30 read with Part A of Schedule III of “Listing Regulations, we may 
inform you that based on the recommendation of Nomination and Remuneration 
Committee, the Board of Directors of the Company have inter alia, considered and approved 
the adoption / formulation of Employee Stock Option Scheme viz. ‘Onward Employee Stock 
Option Scheme 2024’ (“ESOS 2024”/ “Scheme”)  pursuant to the provisions of Section 
62(1)(b), other applicable provisions, if any, of the Companies Act, 2013 read with rules 
framed thereunder, and the relevant provisions of Regulation 6 of the Securities and 
Exchange Board of India (Share Based Employee Benefits & Sweat Equity) Regulations, 2021.  
 
The ESOP 2024 is subject to approval of the shareholders of the Company and such other 
regulatory/statutory approvals as may be necessary. The same are being obtained 
separately.  
 
Details as required under Regulation 30 of the Listing Regulations read with SEBI circular 
SEBI/HO/CFD/CFD -PoD-1/P/CIR/2023/123 dated 13th July, 2023 is attached herewith as 
Annexure 01 .  
 
 
 
 
 Mumbai | Pune | Chennai | Bengaluru |  Hyderabad | Chicago | Detroit  | London |  Frankfurt | Amsterdam  | Toronto   
Regd. address. : 2nd floor, Sterling Centre, Dr. A.B. Ro ad, Worli, Mumbai 400018. Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
CIN: L28920MH1991PLC062542  | email:  info@onwardgroup.com   | website : www.onwardgroup.com   
 
 
 
4. To initiate process of acquiring land for the purpose of setting  up own Campus . 
 
The Board Meeting commenced at 01:10 PM and the above matters were concluded at 
03:00 PM. 
  
This is for your information and records.  
 
For Onward Technologies Limited  
 
 
Vinav Agarwal  
Company Secretary & Compliance Officer  
Membership No: - A40751  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Mumbai | Pune | Chennai | Bengaluru |  Hyderabad | Chicago | Detroit  | London |  Frankfurt | Amsterdam  | Toronto   
Regd. address. : 2nd floor, Sterling Centre, Dr. A.B. Ro ad, Worli, Mumbai 400018. Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
CIN: L28920MH1991PLC062542  | email:  info@onwardgroup.com   | website : www.onwardgroup.com   
 
 
 
Annexure 01  
 
Brief details of Options granted  Currently, no grants are made since the Scheme 
is subject to approval of Shareholders. However, 
a pool of 11,25,000  (Eleven Lakhs Twenty Five 
Thousand )  Options to be granted to the eligible 
employees as determined by the Committee 
from time to time in one or more tranches has 
been approved by the Board.  
Whether the scheme is in terms of SEBI 
(Share Based Employee Benefits and 
Sweat Equity) Regulations, 2021 (if 
applicable);  Yes, the scheme is in the  compliance with SEBI 
(Share Based Employee Benefits and Sweat 
Equity) Regulations, 2021  
Total number of shares covered by these 
Options;  11,2 5,000 (Eleven Lakhs Twenty Five Thousand ) 
employee stock options (“ Options ”) exercisable 
into not more than 11,2 5,000 (Eleven Lakhs 
Twenty Five Thousand ) equity shares of face 
value of ₹. 10/ - (Rupees Ten) each fully paid -up. 
Pricing formula;  The exercise price per Option shall be 
determined by the Committee at the time of 
grant subject to a maximum discount of up to 
30% (Thirty percentage) to the closing market 
price of Shares as on the date of Grant.  
Options vested;  Nil 
Time within which Options may be 
exercised;  The exercise period for vested Options shall be a 
maximum of 2 (Two) Year years commencing 
from the relevant date of Vesting of Options, or 
such shorter period as may be prescribed by the 
Committee at time of Grant.  
Options exercised;  Not Applicable at this stage  
Money realized by exercise of Options;  Not Applicable at this stage  
The total number of shares arising as a 
result of exercise of Options;  Not Applicable at this stage  
Options lapsed;  Not Applicable at this stage  
Variation of terms of Options;  Not Applicable at this stage  
Brief details of significant terms.  All the Options granted on any date shall vest 
not earlier than the minimum vesting period of 
1 (one) year and not later than 4 (Four) years 
from the date of grant. Other details will be 
disclosed in the notice issued by the Company.  
  Mumbai | Pune | Chennai | Bengaluru |  Hyderabad | Chicago | Detroit  | London |  Frankfurt | Amsterdam  | Toronto   
Regd. address. : 2nd floor, Sterling Centre, Dr. A.B. Ro ad, Worli, Mumbai 400018. Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
CIN: L28920MH1991PLC062542  | email:  info@onwardgroup.com   | website : www.onwardgroup.com   
 
 
Subsequent changes or cancellation or 
exercise of such Options;  
  Not Applicable at this stage  
Diluted earnings per share pursuant to 
issue of equity shares on exercise of 
Options.  Not Applicable at this stage  
 
Thanking you,  
Yours Faithfully,  
 
For Onward Technologies Limited  
 
 
Vinav Agarwal  
Company Secretary & Compliance Officer  
Membership No: - A40751  
 Onward Technologies Limited c?~~~~'f" 
Corporate Identity Number: U8920MH1991PLC062542 
Registered Office: Sterling Centre. 2nd Floor, Of. A. 8. Road, Worll, Mumbai -400 018, India. 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
E-mail: lnvestorsl)onwar dgroup.com Website; www.onwardgroup.com 
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024 
IINR In Lakhs 
Quarter ended Six months ended Year ended 
Sr.No. Partkulars Se•tember 30 2024 June30 2024 Seotember 30 2023 Seotember 30 2024 Seotember 30 2023 M•rch 31 2024 
-,unaudited I IUnaudltedl IUnaudltedl IUn•udltedl IUnaudltedl I Audited I 
1 Revenue from operations 12,304.08 11,759.73 12,023.77 24,063.81 23,986.23 47,239.17 
2 Other income !Refer note 41 156.46 182.41 123.52 338.87 167.29 727.24 
3 Total Income 11+21 12 460.54 11942.14 12 147.29 24,402.68 24,153.52 47,966.41 
4 Expenses 
a) Employee benefits expense (Refer note 4) 9,797.65 8,921.75 9,039.30 18,719.40 17,799.73 35,764.65 
b) Finance costs 58.69 51.41 32.96 110.10 68.57 134.09 
c) Oepredat.an and amortisation ex~nse 332.56 332.43 328.39 664.99 654.63 1,297.46 
d\ Other exO@nses 1 711.42 1 668.43 1464,16 3 379.85 2 998.53 6,254.51 
Tobll Exoenses 11900.32 10 974.02 10,864.81 22,874.34 21 521.46 43 450,71 
5 Profit before t•x 13-41 S60.22 968.12 1282.48 1 S28.34 2 632.06 4 S1S.70 
6 Tax expense 
a) Current tax 262.77 297,62 308.17 560.39 574.80 1,120.81 
bl Deferred tox 156.771 138,271 17.33 19S.04 12.21 3.12 
Total tax ex-»nH 206.00 259.3S 32S.50 46S.35 S87.01 1,123.93 
7 Net nrnflt for the nerlod/vear 15 -61 354.22 708.77 956,98 1062.99 2 045.05 3,391.77 
8 Other comprehenstve Income/loss, net of Income tax 
a) i) items that will not be reclassified to profit or loss (47.42) (17.70) (38.92) (65,12) (63.26) (70,79) 
ii) Income tax relating to items that will not be 11.94 4.45 9.79 16.39 15.92 17.82 
reclusified to profit or loss 
b) I) Items that wlll be reclassified to profit or los, 27,37 (7.27) 29.07 20.10 83,98 82.05 
ii) income tax relating to item, that will be reclassified 
to profit or los, 
Total other comprehensive lncome/(loss), net of Income tax (8.11) (20.SZ) (0.06) (28.63) 36.64 29.08 
9 Total comorehenslve Income for the oerlod/vear 17+81 346.11 688.25 9S6.92 1034.36 2 081.69 3 420.85 
10 Net Profit attributable to: 
a) Owners 354.22 708.77 9S6.98 1,062.99 2,04S.0S 3,391.77 
b) Non-controlling interests 
11 Other comprehensive lncome/(loss) attributab le to: 
a) Owners (8.111 (20,521 (0,06) (28,63) 36.64 29.08 
b) Non-controlling interests 
12 Total comprehensive Income attributable to: 
a) Owners 346.11 688.25 9S6.92 1,034.36 2,081.69 3,420.85 
b) Non-controlling interests 
13 Paid-up equity share capital : (Face value INR 10 each) 2,262.72 2,257.92 2,242.83 2,262.72 2,242.83 2,251.96 
14 Other equity 18,461.27 
15 Earnings per share {of INR 10 each) (Not annualised ) 
Bas\c: (in INR) 1.57 3.14 4.27 4,71 9.14 15.13 
Diluted: fin INRI 1.54 3.09 4.18 4,63 8.94 14,81 
segment reporting 
As required by Ind AS 108 the Group evaluates the performance of the Group on the basis of a single segment. Geographlcal Information is collated based on individual customers for whom revenue Is recognized on 
the basis of their physical location. The Information of non-current assets is reported on the basis of the physical location of those assets. 
Geographical Information 
Quarter ended Six months ended Year ended 
Particulars Seotember 30 2024 June30 2024 Seotember 30 2023 Seotember 30 2024 Seotember 30 2023 Mirch 31 2024 
!Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited I 
(1) Revenue from external customers 
Within India 6,416.12 5,982.13 5,946.52 12,398.25 11,679.31 23,022 71 
Outside lndla 
·USA 3,496.51 3,471.~9 3,628.53 6,968.10 7,599.87 14,781.74 
• Europe 958.81 874,27 1,225.33 1,833.08 2,434.19 4,327.69 
•Others• 1432.64 1431.74 1 223.39 2 864.38 2 272.86 5 107,03 
Total revenue 12 304.08 11 759.73 12 023.77 24,063.81 23,986.23 47,239.17 
The revenue information above is based on the locations of the customers 
(2) Non-current operating assets 
Within India 6,319.62 6,475.41 4,773.81 6,319.62 4,773.81 6,037.20 
Outside India 
-USA 282.23 300.86 222.59 282.23 222.59 163.12 
• Europe 0,82 0,93 1.34 0.82 1.34 1.08 
• Others• 71,47 40.0S 4.07 71,47 4.07 53.24 
Total 6 674.14 6 817.2S S 001.81 6 674.14 S001.81 6 254.64 
•includes Canada and United Kingdom . Notes: 
1 The Statement has been reviewed by Members of the Audit Committee and approved by the Board of Directors at their respective meetings held on October 18, 2024. The statutory auditors have issued 
an unmodified review conclusion on these results. This Statement has been prepared ln accordance with the Companies (Indian Accounting Standard) Rules, 201S (Ind AS) prescribed under section 133 
of the Companies Act, 2013 and rules amended from time to time. 
2 The consolldat@d financial results Include the results of Onward Technoloe:les Limited (the "Holding company") and its subsidiari es viz. OT Park Private Limited (lndi;,), Onward Technologies Inc (USA), 
Onward Technoloeies GmbH (Germany) , Onward Technolo1ies 8.V. (Netherland) and Onward Technolo1ies Canada Inc. (Canada) (together referred as .. the Group"). 
3 Ourlna: the period ended September 30, 2024, 1,07,600 shares of INR 10 each fully paid up were allotted upon exercise of vested stock options under the ESOP schemes, which results in an increase in 
paid up share capital by INR 10.76 lakhs_and securities premium by INR 284.88 lakhs. 
4 During the previous year ended March 31, 2024, the Company has changed its accounting policy for presentation of government grants related to research and development expenditur e credit which ar 
directly linked to emplovee benefit expenses. The Company previously accounted for 1overnment grants separately under 'Other Income', and in the previous year ended March 31, 2024, such 
1overnment 1rants are presented net of employee benefit expenses which results in reliable and relevant presentation of the financial statements . Accordingly, the changes have also been made ln th 
quarter and six months ended September 30, 2023. However, this change does not result in any impact on profit for that period (including basic/ diluted earnings per share) and on the opening retained 
earnin1s as at April 1, 2023. 
Particulars Quarter ended Six months ended 
S.ptember 30,2023 September 30,2023 
Decrease in Other Income (A) 19.12 239.35 
Decrease in Employee Benefit Expenses (B) 19.12 239.35 
Place : Mumbai 
O.te: October 18 2024 Onward Technolo gies Limited £Y ~~~~~~ 
Corporate Identity Number: L28920MH1991PLC062542 
Registered Office: Sterling Centre, 2nd Floor, Dr. A. B. Road, Worll, 
Mumbai -400 018, India. 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
E-mail: investors@o nwardgroup.com Website: www.onwardgroup.com 
UNAUDITED CONSOLIDAT ED BALANCE SHEET AS AT SEPTEMBER 30, 2024 
IINR In lakhs) 
As at As at 
Particulars September 30, 2024 March 31, 2024 
{Unaudited) (Audited) 
ASSETS 
Non-current assets 
Property, plant and equipment 3,122.42 3,237.58 
Right-of-use assets 3,324.05 2,766.11 
Intangible assets 227.67 250.95 
Intangible assets under developme nt 111.13 64.18 
Financial assets 
(a) Other financial assets 458.43 1,197.15 
Deferred tax assets (net) 308.81 200.68 
Income tax assets (net) 572.26 1,065.23 
Other non-current assets 114.51 126.50 
Total non-current assets 8,239.28 8,908.38 
Current assets 
Financial assets 
(a) Trade receivables 
• Billed 8,130.32 7,357.52 
• Unbilled 3,095.05 2,728.59 
(b) Cash and cash equivalents 2,302.66 3,119.76 
(c) Bank balances other than cash and cash equivalents above 31.73 27.09 
(d) Other financial assets 6,819.43 5,617.04 
Other current assets 1,329.91 935.76 
Total current assets 21,709.10 19,785.76 
TOTAL ASSETS 29,948.38 28,694.14 
EQUITY AND LIABILITIES 
Equity 
Equity share capital 2,262.72 2,251.96 
Other equity 18,584.24 18,461.27 
Total equity 20,846.96 20,713.23 
LIABILITIES 
Non-current liabilities 
Financial liabilities 
(a) Lease Liabilities 2,457.57 1,938.01 
Provisions 681.04 454.37 
Deferred tax liabilities (net) 322.39 325.85 
Total non-current liabilities 3,461.00 2,718.23 
Current liabilities 
Financial liabilities 
(a) Lease Liabilities 932.84 889.22 
(b) Trade payables 1,134.43 1,297.28 
(c) Other financial liabilities 2,427.05 1,988.27 
Provisions 285.86 213.89 
Income Tax Liabilities (net) 161.29 204.76 
Other current liabilities 698.95 669.26 
Total current liabilities 5,640.42 5,262.68 
Total liabilities 9,101.42 7,980.91 
TOTAL EQUITY AND LIABILITIES -29,948.38 28,694.14 
~NOLo~ 
~floe, G'~ For and on Behalf of the Board of Directors of 
~ 
1 L d Technologies Limited 
~1i • }dl;---
,.,-;· ~~1i,.6' 
Place : Mumbai ,-;,; Jig e ~ 
Date:OctoberlS,2024 Man l~t Director Onward Technolog ies limited ~ <!'"!~~,-'!' Corporate Identity Number: l28920MH199 1PLC062542 
Registered Office: Sterline Centre, 2nd Floor, Dr. A. B. Road, Worli, 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
E-mail: investors@onwa rdgroup.com Website: www.onwardgroup.com 
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 
Particulars Period Ended Period Ended Year ended 
5eptember 30, 2024 seotember 30 2023 March 31 2024 
(Unaudit ed) (Unaudit ed) (Audited) 
A) Cash flows from operating activities 
Profit before income tax 1,528.34 2,632.06 4,515.70 
Adjustments for 
Depreciation and amortisation expense 664.99 654.63 1,297.46 
(Profit)/ loss on disposal of property, plant and equipment 0.46 (0.87) (30.92) 
Interest income (257.08) (124.26) (477.68) 
Unwinding of discount on security deposit (15.47) (16.75) (32.44) 
Employee share based payment expenses 208.71 226.38 542.54 
Finance costs 110.10 68.57 134.09 
Net gain on termination of lease arrangements (18.98) (5.38) 
Unrealised foreign exchange (gain)/loss 49.15 15.91 (94.54) 
Loss allowance 22.70 6.00 32.24 
Bad debts written off 6.07 6.00 
Operatin& profit before workin& capital changes 2,292.92 3,467.74 5,887.07 
Worklne capital adjustments 
(lncrease)/Decrease in trade receivables and unbilled receivable s (1,127.04) 498.41 887.18 
(lncrease)/Decrease in other financial assets (26.75) (129.31) (21.98) 
(lncrease)/Decrease in other assets (418.16) (169.56) (169.28) 
lncrease/(Dec rease) in trade payables (161.38) (273.68) 222.28 
lncrease/(Decrease) in other liabilities 29.69 (80.07) (97.00) 
lncrease/(Decre ase) in other financial liabilities 392.58 (356.77) (462.95) 
lncrease/(Decreas e) in employee benefit obligations 233.81 86.33 186.69 
Cash generated from/(used In) operations 1,21S.67 3,043.09 6,432.00 
Income taxes paid/(refund) (74.25) (168.31) (197.13) 
Net cash (outflow)/inflow from operating activities 1,141.42 2,874.78 6,234.87 
B) Cash flows from Investing activities 
Purchase of property, plant and equipment (50.04) (89.54) (128.55) 
Purchase of intangible assets (60.76) (7.71) (73.15) 
Proceeds from sale of property, plant and equipment 2.22 1.44 37.22 
Proceeds from fixed deposits 2,400.00 54.95 
Fixed deposits placed (2,815.00) (4,273.73) (6,158.79) 
Interest received 210.12 124.26 34.51 
Net cash (outllow) /inflow from investing activities (313.46) (4,245.28) (6,233.81) 
C) Cash flows from financing activities 
Interest paid (3.32) (4.42) 
Repayment of lease liabilities (539.04) (499.72) (928.17) 
Shares application money received for allotment of shares 18.82 61.85 34.10 
Repaymen t of borrowings (5.13) 150.75) 
Payment of Dividend (1,125.52) (672.21) (667.33) 
Net cash (outflow)/ln flow from financing activities (1,645.74) (1,118.53) (1,616.57) 
Net increase/ (decrease) in cash and cash equivalents (817.78) (2,489.03) (1,615.51) 
Cash and cash equivalents at the beginning of the year/period 3,119.76 4,726.50 4,726.50 
Effect of foreign exchange on cash and cash equivalents 0.68 83.98 8.77 
Cash and cash equivalents at the end of the year/period 2,302.66 2,321.45 3,119.76 
Reconciliation of cash and cash equivalents as per the cash flow statement: 
AS at Period Ended Asat 
September 30 2024 September 30 2023 March 31 2024 
Cash and cash equivalents 2,302.66 2,321.45 3,119.76 
Balances as per statement of cash flows 2,302.66 2,321.4S 3,119.76 
- For and on Behalf of the Board of Directors of 
v.~OLOQ oz:w ethnologies Limited 
□~ M /j d'1\ ' ~ lo r I n,~ 
Place : Mumbai ~ /Jiear a 
Date: October 18, 2024 ~~,,-0-Manal ~c.ktor -r' --,~ --BS R & Co. LLP 
Chartered Accountants 8th floor, Business Plaza 
weslln Hotel Campus 
36/3-8, Koregaon Par1< Annex 
Mundhwa Road. Ghorpadi 
Pune-411 001, India 
TelephOne : •<PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Limited Review Report on unaudited consolidated financial results of Onward 
Technologies Limited for the quarter ended 30 September 2024 and year to date 
results for the period from 1 April 2024 to 30 September 2024 pursuant to Regulation 
33 of Securities and Exchange Board of India (Listing Obligations and Disclosure 
Requirements) Regulations , 2015, as amended 
To the Board of Directors of Onward Technologies Limited 
1. We have reviewed the aocompany ing Statement of unaudited consolidated financial results of 
Onward Technologies Umtted (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent 
and its wbsidiaries together referred to as 'the Group") for the quarter ended 30 September 2024 
and year to date results for the period from 1 April 2024 to 30 September 2024 ("the Statement "), 
being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and 
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as 
amended ("Listing Regulations"). 
2. This Statemenl which is the responsibility of the Parent's man3>1ement and approved by the Parent's 
Board ot Directors, has been prepared in accordance wtth the recognition and measurement 
principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), 
prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally 
accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility 
is to express a conclusion on the Statement based on our review. 
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements 
(SRE) 2410 •Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity', issued by the Institute of Chartered Accountants of India. A review of interim financial 
information consists of making inquiries, primarily of persons responsible for financial and accounting 
matters. and applying anatytical and other review procedures . A review is substantially less in scope 
than an audit conducted in accordance with Standards on Auditing and consequently does not enable 
us to obtain assurance that we would become aware of all significant matters that might be identified 
in an audit. Accordingly, we do not express an audit opinion. 
We also performed procedures in accordance with the circular issued by the Securities and Exchange 
Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 
4. The Statement includes the results of the entities mentioned in Annexure I to the Statement: 
5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing 
has come to our attention that causes us to believe that the accompanying Statement , prepared in 
accordance with the recognition and meawrement principles laid down in the aforesaid Indian 
Accounting Standard and other accounting principles generally accepted in India, has not disclosed 
the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including 
the manner in which it is to be disclosed, or that it contains any material misstatement. 
6. The Statement includes the interim financial Information of 3 Subsidiaries which have not been 
reviewed, whose interim financial information reflects total assets (before consolidation adjustments) 
of Rs.1,880. 76 lakhs as at 30 September 2024 and total revenues (before consolidation adjustments) 
of Re. 885.56 lakhs ond Rs. 1,730.12 laklls, total net profit aftertax(before consolidation adjustments) 
of Rs. 47.38 lakhs and Rs. 66.03 lakhs and total comprehens ive income (before consolidation 
adjustments) of Rs. 44.89 lakhs and Rs 63.96 lakhs, for the quarter ended 30 September 2024 and 
for the period from 1 April 2024 to 30 September 2024 respectively, and cash flows (net) (before 
consolidation adjustments) of Rs 83.44 lakhs for the period from 1 April 2024 to 30 September 2024 
as considered in the Statement. According to the information and explanations given to us by the 
Parent's manageme nt, these interim financial information are not material to the Group. 
Reg~!Md Olf~; 
1•1llf"loof, C..-itr.l BWtl(I and NO!lhC\WIO. ,NcsoolTPtlk 4.NM()I) 
C•n1,,. W!slem &111t$1 H~sly. G0A!(la0n l~ !.111/l'lP • 4000&} 
Page 1 of 3 BS R & Co. LLP 
Limited Review Report (Continued) 
Onward Technologies Limited 
Our condusion is not modified in respect of this matter. 
Mumbai 
18 October 2024 For B S R & Co. LLP 
Chartered Accountants 
Firm's Registration No.: 101248W/W-100022 
Swapnll Oakshlndas 
Partner 
Membership No.: 113896 
UDIN:24113896BKFIHB3881 
Page 2 of 3 BS R & Co. LLP 
Limited Review Report (Continued ) 
Onward Technologies Limited 
Annexure I 
List of ent~ies included in unaudited consolidated financial results. 
Sr. No Name of component Relationship 
1 Onward Tecllnologies Limited Parent 
2 Onward Technologies Inc. Subsidiary 
3 Onward Technologies GmbH Subsidiary 
4 Onward Technologies B.V. Subsidiary 
5 Onward Technologies Canada Subsidiary 
Inc. 
6 OT Park Private Limited Subsidiary 
(Fonnet!y known as NV Pune 
Technology Park Private 
Limited) 
Page 3 of 3 Onward Technologies limited L?7~~ .., 
Corpor•te Identity Number: U892DMH1991PLC062542 
Rqlstered Office: Sterlln1 Centre, 2nd Floor, Dr. A. 8. Road, Worlf 1 Mumbai -400018, India. 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
£-mill: lnvestorsOonw1rd1ro up.com Website: www.onwardaroup.com 
STATEMENT Of UNAUDITED STANDALONE FINANCtAL RESULTS FOR ™E QUARTER ANO SIX MONntS ENOED SEPTEMBER 30 2024 
IINR In L•khs 
Quarter ended She months ended Year ended 
Sr. Particulars No, Seotember 30 2024 June 30,2024 Sentember 30,2023 Seatember 30,2024 Seattmber 30,2023 March 31,2024 
'Unaudited) IUnaudltedl I Unaudited' IUn•udltedl IUnaudftedl IAudltedl 
1 Revenue from operations 9,573.38 8,954.92 8,708.57 18,528.30 17,157.71 34,S9S.20 
2 Other Income 277.26 267.13 2S0.88 544.39 372.60 1,028.02 
3 Tot1I Income 11+21 9,850.64 9 222.os 8 959.45 19072.69 17530.31 35 623,22 
4 Expenses 
a) Employee benefits expense 7,295.06 6,487.39 6,492.55 l3,782.4S 12,727.42 25,780.00 
b) Finance costs 70.41 64.69 30.82 135.10 64.83 144,10 
c) Oeprec~tion and amortisation expense 339.33 341.01 320.43 680.34 639.91 1,289.66 
d\ Other exMnses 1 378.14 1309.67 1,044.00 2 687.81 2 137.24 4,684.69 
Total fxoenses 9 082,94 8,202.76 7187.80 17 2IS.70 lS S69.40 31,1198.45 
5 Profit before tax fJ-4) 767.70 1 019.29 1071.6S 1 786.99 1 960.91 3 724.77 
6 Tax expense 
a) Current t·a" 245.88 288.64 253.75 S34.51 483.S9 943.53 
bl Deferred taJ11 (50.161 130.451 18.59 180.61' 14,72 8.14 
Total tax e:x--se 195.72 258.19 272.34 453.90 491.31 951.67 
7 Net oroflt for the -'od/vear (5 • 6) 571.98 761.10 799.31 1,333.09 1,462.60 2,773.10 
8 Other comprehe nsive lncome/(loss), net of Income t .. 
I) items that will not be reclasslfled to profit or loss (47.421 (17.70) (38.92) (65.12) (63.26) (70,791 
ii) income tax relatins to items that will not be reclassified 11.94 4.45 9.79 16.39 lS.92 17.82 
to profit or km 
Total other comprehenstve lncome/(loss), net of Income tax (35.48) (13.25) (29.13) (48.73) (47.3•1 IS2.97) 
9 Total comp,.henslve Income for the period/ yeu (7+8) S36.50 747.85 770.18 1,284.36 1,41S.26 2,720.13 
10 Paid-up equity share capital: (Face value INR 10 each) 2,262.72 2,257.92 2,242.83 2,262.72 2,242.83 2,251 96 
11 Other eaul"' 16,S0J n 
12 Earnings per share (of INR 10 each) {Not annualised for the 
lauartersl 
Basic: (in INR) 2.53 3.38 3.57 S.90 6.54 tl.37 
Diluted: lin INRI 2.49 3.31 3.49 5.81 6.40 12.10 
Notes: 
1 The Statement has been reviewed by Members of the Audit Committee and approved by the Board of Directors ilt their respective meetings held on October 18, 2024. The statutory auditors have issued an 
unmodified review conclusion on these results. This Statement has been prepared in accordance with the Companies (Indian Accounting Standud) Rules, 2015 (Ind AS) prescribed under section 133 or the 
Companies Act, 2013 and rules amended from time to time. 
2 During the perk>d e-nded Septembe r 30, 2024. 1,07,600 shnes of INR 10 each fully paid up were illotted upon e,cercise of vested stock options under the ESOP schemes, which resutt.s in an increase 1n paid up share 
c.aipita1 by tNR 10 76 lakhs and securities premium by INR 284.88 lakhs. 
~~+~OLQ~ r~•~~~•~;)J ~ 
Place: Mumbai I Date: October 11 2024 :-..i n n Ir tor 
K 4f .... 
1 -Onward Technologies Limited 
Corporate Identity Number: U8920MH1991PLC062542 
Registered Office: Sterling Centre, 2nd Floor, Dr. A. s. Road, Worli, 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
E-mail: investors@onwardgroup .com Website: www.onwardgroup .com 
UNAUDITED STANDALONE BALANCE SHEET AS AT SEPTEMBER 30, 2024 
Particulars As at 
Spetmber 30, 2024 
ASSETS 
Non-current assets 
Property, plant and equipment 
Right-of-use assets 
Intangible assets 
Intangible assets under development 
Financial assets 
(a) Investments 
(bl Other financial assets 
Deferred tax assets (net) 
Income-tax assets (net) 
Other non-current assets 
Total non-current assets 
Current assets 
Financial assets 
(a) Trade receivables 
-Billed 
• Unbilled 
(b) Cash and cash equivalents 
(cl Bank balances other than cash and cash equivalents above 
(d) Other financial assets 
Other current assets 
Total current assets 
TOTAL ASSETS 
EQUITY ANO LIABILITIES 
Equity 
Equity share capital 
Other equity 
Total equity 
LIABILITIES 
Non-current llabllltles 
Financial liabilities 
(a) Lease Liabilities 
Provisions 
Total non-current liabilities 
Current llabllltles 
Financial liabilities 
(a) Lease Liabilities 
(b) Trade payables 
-Total outstanding dues of micro and small enterprises 
-Total outstanding dues of creditors other than micro and small enterprises 
(c) Other financial liabilities 
Provisions 
Income-tax liabilities (net) 
Other current liabilities 
Total current llabllltles 
Total liabilities 
TOTAL EQUITY AND LIABILITIES 
Place: Mumbai 
Date: October 18, 2024 (Unaudited) 
1,445.30 
2,890.79 
227.67 
111.13 
3,324.58 
517.97 
297.68 
471.86 
114.51 
9,401.49 
5,954.59 
2,633.66 
1,743.54 
31.73 
6,797.43 
1,145.49 
18,306.44 
27,707.93 
2,262.72 
16,876.18 
19,138.90 
2,130.06 
625.29 
2,755.35 
817.70 
30.37 
1,530.11 
2,215.55 
189.50 
. 
1,030.45 
5,813.68 
8,569.03 
27,707.93 (INR In lakhs) 
Asat 
March 31, 2024 
(Audited) 
1,540.95 
2,590.05 
250.94 
64.18 
3,324.58 
1,258.65 
200.68 
967.55 
126.50 
10,324.08 
4,742.89 
2,311.19 
2,144.63 
27.09 
5,611.67 
909.42 
15,746.89 
26,070.97 
2,251.96 
16,503.21 
18,755.17 
1,802.40 
418.32 
2,220.72 
834.57 
25.03 
1,564.39 
1,741.63 
147.84 
46.23 
735.39 
5,095.08 
7,315.80 
26,070.97 Onward Technologies Limited 
Corporat e Identity Number: L28920MH1991PLC062542 /Y~';~'~ 
Registered Office: Sterling Centre, 2nd Floor, Or. A. B. Road, Worli, 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> Website: www.onwardgroup.com 
UNAUDITED STANDALONE STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 
Particulars Period Ended Period Ended Year ended 
September 30, 2024 September 30, 2023 March 31, 2024 
(Unaudited) (Unaudited) (Audited) 
A) Cash flows from operating activities 
Profit before income tax 1,786.99 1,960.91 3,724.77 
Adjustments for 
Depreciation and amortisation expense 680.34 639.91 1,289.66 
Profit on disposal of property, plant and equipment 0.46 (0.87) (33.01) 
Interest income (257.08) (124.26) (477.68) 
Unwinding of discount on security deposit (18.20) (20.90) (40.07) 
Employee share based payment expenses 229.41 226.38 533.69 
Finance costs 135.10 64.83 144.10 
Net gain on termination of lease arrangements (18.98) (5.38) 
Unrealised foreign exchange {gain)/loss 49.17 149.09 (94.54) 
Loss allowance 3.35 3.00 
Bad Debts written off (Net of recoveries) 6.00 
Operating profit before working capital changes 2,590.56 2,901.09 5,044.54 
Changes in operating assets and liabilities 
(lncrease)/Decrease in trade receivables and unbilled receivables (1,517.27) 1,799.99 1,418.48 
{lncrease)/Decrease in other financial assets (10.54) (14.26) 55.11 
{lncrease) /Decrease in other assets (260.42) (66.26) (165.56) 
(Decrease)/ lncrease in trade payables (45.22) (341.61) 503.00 
(Decrease)/ lncrease In other liabilities 295.06 33.10 130.56 
(Decrease)/lnc rease in other financial liabilities 427.07 (187.67) (311.62) 
(Decrease)/lncrease in employee benefit obligations 183.51 67.94 160.67 
Cash generated from/(used In) operations 1,662.75 4,192.33 6,835.18 
Income taxes paid {net of refunds) (48.71) 1123.38) 1136.34) 
Net Cash generated from/(used in) operating activities 1,614.04 4,068.95 6,698.84 
B) Cash flows from investing activities 
Purchase of property, plant and equipment {49.57) 182.82) 1130.64) 
Purchase of intangible assets {60.77) {7.69) (73.13) 
Proceeds from sale of property, plant and equipment 2.22 1.44 34.59 
Proceeds from fixed deposits 2,400.00 54.96 
Fixed deposits placed (2,815.00) {4,273.74) {6,159.02) 
Interest received 210.12 124.26 34.51 
Net Cash generated from/{used In) Investing activities (313.00) (4,238.55) (6,238.73) 
C) Cash flows from financing activities 
Repayment of lease liabilities {595.43) (511.19) 1977.02) 
Interest paid {3.32) (5.74) 
Shares application money received for allotment of shares 18.82 16.22 34.10 
Repayment of borrowings (5.13) (50.75) 
Payment of Dividend (1,125.52) (672.23) (667.33) 
Net Cash generated from/(used in) financing activities (1,702.13) (1,175.65) (1,666.74) 
Net increase/ {decrease) In cash and cash equivalents (401.09) (1,345.25) (1,206.63) 
Cash and cash equivalents at the beginning of the year/ period 2,144.63 3,351.26 3,351.26 
Cash and cash equivalents at the end of the year/ period 1,743.54 2,006.01 2,144.63 
Reconciliation of cash and cash equivalents as per the cash flow statement: 
As at As at As at 
September 30, 2024 September 30, 2023 March 31, 2024 
Cash and cash equivalents 1,743.54 2,006.01 2,144.63 
Balances as per statement of cash flows 1,743.54 2,006.01 2,144.63 
-
tJ~OLOG'~~ For and on Behalf of the Board of Directors of 
"' ~ c~::n r I~ i 1 
~o:.~ ~-Place : Mumbai N o'» Jig~~ leht:,\ 
Date: October 18, 2024 ,_O 1C Ma ng lrector BS R & Co. LLP 
Chartered Accountants BIil floor, Business Plaza 
Westin Hotel Campus 
3613-8, KOfegaon Park Annex 
Mundhwa Road, Ghorpadi 
Pune -411 001, India 
Telephone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Fax· <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Limited Review Report on unaudited standalone financial results of Onward 
Technologies Limited for the quarter ended 30 September 2024 and year to date 
results for the period from 1 April 2024 to 30 September 2024 pursuant to Regulation 
33 of Securities and Exchange Board of India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015, as amended 
To the Board of Directors of Onward Technologies Limited 
1. We have reviewed tl>e accompanying Statement of unaudited standalone financial results of Onward 
Technologies Limijed (hereinafter referred to as "the Company") fOf the quarter ended 30 September 
2024 and year to date results for the period frOfO 1 April 2024 to 30 September 2024 ("the Statemenr). 
2. This Statement, which is the responsibil~ of the Company 's management and approved by its Board 
of Directors, has been prepared in accordance with the recognition and measurement principles laid 
down in Indian Accounting Standard 34 "Interim Financial Reporting' ("Ind AS 34"), prescribed under 
Secbon 133 of the Companies Act, 2013. and other accounting principles generally accepted in India 
and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing 
Obligations and Disclosure Requireme nts) RegulatiOns , 2015, as amended ("Listing Regulations'). 
Our responsibility is to issue a repc,t on the Statement based on our review. 
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements 
(SRE) 2410 •Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity•, issued by the Institute of Chartered Accountants of India. A review of interim financial 
information consists of making inquiries, primarily of persons responsible for financial and accounting 
matters, and applying analytical and other review procedures. A review is substantially less in scope 
than an audit conducted in accordance with Standards on Audibng and consequently does not enable 
us to obtain assurance that we would become aware of all significant matters that might be identified 
in an audit Accordingly , we do not express an audtt opinion. 
4. Based on our review conducted as above. nothing has come to our attention that causes us to believe 
that the accompanying Statement. prepared in accordance with the recognition and measurement 
principles laid down in the aforesaid Indian Accounting Standard and other accounting principles 
generally accepted in India, has not disclosed the information required to be disclosed in terms of 
Regulation 33 of the Usting Regulations, including the manner in which ii is to be disclosed . or that ii 
contains any material misstatement. 
Mumbai 
18 October 2024 For BS R & Co. LLP 
Chartered Accountants 
Firm's Registration No.:101248WNV-100022 
Swapnil Dakshindas 
Partner 
Membership No.: 113896 
UDIN:24113896BKFIHA3764 
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