Hexaware Q1 net up 20% QoQ to Rs79cr; shrs gain
Software services exporter Hexaware Technologies' first quarter net profit rose 20 percent quarter-on-quarter to Rs 79 crore, helped by new deal wins, sending its shares up more than 2 percent in morning trade on Monday.
April 29, 2013 / 13:04 IST
Moneycontrol Bureau
Software services exporter Hexaware Technologies' first quarter net profit rose 20 percent quarter-on-quarter to Rs 79 crore, helped by new deal wins, sending its shares up more than 2 percent in morning trade on Monday.Its revenue in the Jan-March quarter was up 1 percent to Rs 508 crore. In US Dollar terms, its revenue gained 2 percent sequentially to USD 94 million.Analysts on average had expected Hexaware to report a net profit of Rs 72 crore, on revenue of Rs 511 crore, according to a CNBC-TV18 poll.The company has guided for a 0-2 percent sequential rise in revenue in the fourth quarter at USD 94-96 million.In the first quarter, Hexaware added 11 new clients and has 216 active clients currently. In Q1, it inaugurated its third global delivery centre in Saltillo, Mexico, which will allow the company to hire 85 IT engineers in the coming months, taking the total headcount to 385 at Mexico Software Development centres. In total it had 8,670 employees globally as of March 31.MARGINSHxaware's EBITDA (earnings before interest, taxes, depreciation and amortization) margins last quarter gained 240 basis points quarter-on-quarter to 19.3 percent.Its gross margin was up 160 bps to 37.7 percent and PAT (profit after tax) margin was at 15.6 percent, up 240 bps."The QoQ improvement in volume, utilization, on-site - offshore ratio enabled robust improvement in gross margin and operating margin. We expect margins to expand further in the coming quarter," said Atul Nishar, Chairman.Average bill rates during the quarter were stable at USD 73.64 for on-site services and USD 23.37 for offshore locations, Hexaware said.The company has forward contracts worth USD 240 million at an average of Rs 53.6 and hedges worth 14 million euro at an average exchange rate of Rs 71.2 maturing over next 8 quarters, it said.At 9:30 hrs, Hexaware shares were up 2.7 percent at Rs 85.10 on NSE. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
