HDFC Securities' research report on Hexaware Technologies
Revenue was in-line at USD 180mn, +2.0/13.0% QoQ/YoY CC. Strong performance in Manufacturing & Consumer and Professional services verticals was offset by weakness in BFS (capital market and secondary mortgage sub-segments) and Travel & transportation. This vertical skew is expected to continue. IMS (17.8% of rev) and BPM (7.6% of rev) continue to be growth drivers (9.5/5.0% CQGR over 8 qtrs and 1.4% for residual biz), driving company’s strategy in areas of Automation, Cloud and Customer Experience.
Outlook
We maintain BUY on Hexaware post its inline 1QCY19. Estimates and TP unchanged at Rs 430, implying 16x Mar-21E EPS.
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