Moneycontrol Bureau
Midcap software firm Hexaware Technologies said consolidated profit in fourth quarter grew by 9 percent to Rs 121.5 crore compared with Rs 111.4 crore in previous quarter. It was driven by forex gain and better-than-expected revenue & operational performance.
Rupee revenue during the quarter increased 4.1 percent sequentially to Rs 941 crore and dollar revenue rose by 2.7 percent to USD 138.9 million.
"Revenue in constant currency grew by 3.4 percent to USD 139.9 million on sequential basis," the IT company said, adding it signed 3 new clients in Q4 with total contract value of USD 55 million.
The company follows January-December as its financial year.
"We continue to deliver solid broad-based growth on the back of Shrink IT, Grow Digital Strategy. We exit 2016 with a run-rate that puts company in pole position for a double digit growth in 2017," R Srikrishna, CEO and Executive Director said.
EBIT (earnings before interest and tax) was up 3.4 percent at Rs 148.3 crore, with margin contraction of 10 basis points at 15.7 percent compared with previous quarter.
Hexaware earned forex gain of Rs 12.5 crore in the quarter ended December 2016 against Rs 6.3 crore in September quarter.
Earnings were ahead of analysts' estimates. Profit was estimated at Rs 111 crore on revenue of Rs 920 crore (USD 136.2 million) and EBIT was expected at Rs 142 crore with margin at 15.4 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Hexaware said headcount stood at 12,115 at the end of December 2016, up by 296 over previous quarter and utilisation including trainees was at 78.6 percent.
Attrition as of December stood at 16.1 percent, it added.
At 11:52 hours IST, the stock was quoting at Rs 200.60, up Rs 3.90, or 1.98 percent amid high volumes on the BSE.
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