Hexaware Q3 net up 54% YoY; raises full year sales guidance

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Hexaware Q3 net up 54% YoY; raises full year sales guidance

Hexaware Technologies said third quarter net profit rose 54% year-on-year to Rs 65 crore helped by strong volume growth. It also raised guidance for the full year (2011) saying it was seeing continued growth momentum.

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Hexaware Technologies  said third quarter net profit rose 54% year-on-year to Rs 65 crore helped by strong volume growth. It also raised guidance for the full year (2011) saying it was seeing continued growth momentum.

Revenue for July-September was up 30% from a year ago to Rs 366 crore, the software services provider said.

"This was the sixth consecutive quarter of impressive revenue growth. Since the growth momentum is continuing, we have revised the annual revenue guidance to 32% growth at USD 306 million," said Chairman Atul Nishar.

Hexaware expects fourth quarter (October-December) revenue to rise 4-4.7% sequentially to USD 82-82.5 million.

It is widely expected that clients will cutback on discretionary spends and delay decision on new projects next year amid the debt crisis in the Eurozone and economic uncertainties in the US.

"While we are mindful of the macroeconomic developments, based on feedback from our clients, we remain optimistic about growth prospects," Nishar said.

Hexaware said gross margin for the quarter improved 470 basis points year-on-year and 160 basis points sequentially to 38.2%. EBITDA margin was up 340 basis points quarter-on-quarter at 18.7%.

Hexaware said average bill rate per hour for the three-month period increased sequentially USD 72.5 for onsite services and USD 23 for offshore locations.

The company said it added 12 new clients during the third quarter. Hexaware net hired 745 employees in July-September, taking its headcount to 8,164 people.

Hexaware Technologies shares were trading down 0.7% at Rs 88.75 on NSE in afternoon trade.

Nachiket Kelkar
nachiket.kelkar@network18online.com