Hexaware Q3 PAT seen down 13.2% at Rs 52.2 cr

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Hexaware Q3 PAT seen down 13.2% at Rs 52.2 cr

Hexaware Technologies is expected to report a profit after tax of Rs 52.2 crore in the third quarter of CY11, a fall of 13.2% as compared to Rs 60.2 crore in previous quarter.

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Hexaware Technologies is expected to report a profit after tax of Rs 52.2 crore in the third quarter of CY11, a fall of 13.2% as compared to Rs 60.2 crore in previous quarter, according to CNBC-TV18 estimates? 

Revenues are seen going up by 8.6% to Rs 363 crore from Rs 334.1 crore quarter-on-quarter.

Q3 highlights

Company will meet meet the dollar revenues guidance despite cross currency impact (impact of around 50-60 bps)

Margins should move up driven by a weaker currency.
·          Already seen a good improvement in margins - EBITDA: Q2 CY11 at 15.3%, Q1CY11 at 14.3%, Q4 at 11.5%, Q3 at 8.5%
·          However, onsite wage hikes could hurt margins a tad.
·          Market sees more margin expansion given scope to leverage SG&A (~21%), improve utilization (~71%) and improve offshore revenues (43%).

PAT could be lower due to lower forex gain
·          Forex gain seen between Rs 3-6 crore versus last quarter forex gain of Rs 16.3 crore (has hedges of USD 168 million at Rs 48.17 per dollar and 11 million Euro @ 72.03 per Euro