Hexaware Q1 sequential profit up 4.3%, suspends FY20 guidance

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IT company Hexaware Technologies has reported a 4.7 percent sequential increase in consolidated profit at Rs 174.96 crore in the first quarter of CY20, driven by forex gains.

The company's profit in the previous quarter stood at Rs 167.8 crore. Forex gains for the quarter were at Rs 43.41 crore against Rs 0.38 crore in the December quarter.

The company follows calendar year (January-December) as its financial year.

Revenue from operations grew by 0.8 percent quarter-on-quarter to Rs 1,541.75 crore, but dollar revenue declined 1.7 percent to $210.6 million and revenue degrowth in constant currency was at 1.1 percent QoQ.

"The future quarters would be a period of uncertainties and opportunities. We believe our strategic themes and strong balance-sheet position us well to partner with our stakeholders to come out of this crisis stronger," CFO Vikash Kumar Jain said.

COVID-19 has led to significant uncertainty in the current environment. In view of this, Hexaware suspended its guidance that was provided earlier for FY20.

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At the operating level, earnings before interest and tax (EBIT) dipped 10.9 percent sequentially to Rs 181.8 crore and margin contracted to 11.8 percent against 13 percent QoQ.

"NN wins in Q1 2020 with total contract value stood at $69 million, it was one of the best quarters of NN signings," company said in its BSE filing.