Hexaware Tech Q3 PAT seen down at Rs 83.5cr

Hexaware Technologies is to announce its Q3CY12 results. According to CNBC-TV18’s estimates, the company’s USD revenues are seen up 2.5% at USD 93.5 million versus USD 91.2 million, quarter-on-quarter (QoQ)

Its rupee revenues are seen up 2.4% at Rs 512 crore versus Rs 500.1 crore.
 
Its EBITDA is seen up at Rs 117 crore versus Rs 114.7 crore.

Its EBITDA percentage seen at 22.85% versus 22.9%.

The company’s PAT is seen down 6.2% at Rs 83.5 crore versus Rs 89 crore.

CY12 – GUIDANCE AT 20% AT $370M vs $308.1m  (Cy11 rev growth at 33%) –mgmt sounds confident to maintain it driven by visibility on rampups on some of the large deals signed in the recent past.

Alert – Assuming it does 2.5% this qtr, then it needs 4% in dec qtr to achieve guidance of 20% (4% is reasonable ask given dec qtr has less working days)

Q3 highlights – watch for ramp ups of big clients?  And deal signs? 
$ Rev at midpoint of guidance with absence of expected ramp-up at a top client the key culprit. But that the client is likely to return to a strong growth trajectory in the Dec qtr

Hence Revenue growth is seen avg at 2.5%

Margins seen flat. Wage hike (awarded an average wage hike of 3–4% to its onsite employees effective 1 July) is likely to be offset by operational improvements and absence of H1B visa application costs.

PAT lower on higher forex loss (est range at Rs 7-25cr vs 5.5 cr qoq) and possibly higher tax