Monday, November 11, 2013

Hexaware Technologies Q3 net profit rises 17.4%

Mid-sized IT services company Hexaware Technologies has reported 17.4 per cent growth in consolidated net profit at Rs 98.7 crore for the quarter ended September 30, aided by an uptick in business environment.

The Mumbai-based firm had posted net profit of Rs 84.1 crore in the July-September quarter of the previous fiscal, Hexaware said in a BSE filing.

Its consolidated revenues during Q3, 2013 rose by 22.4 per cent to Rs 621.1 crore, as against Rs 507.5 crore in the year-ago period, said the company which follows January- December period as its financial year.

Hexaware met guidance for Q3 2013 as revenue grew to $98.8 million up 4.2 per cent quarter-on-quarter (q-o-q) in US dollar terms, it said in a statement.

The company\'s Chairman Atul Nishar said: \"Hexaware has delivered solid results in the quarter. With the uptick seen in the business environment, the company is poised to continue on its growth path.\"

Americas was the top revenue generator for the firm followed by Europe and Asia Pacific.

Banking and Financial Services was the top revenue earner in terms of verticals, followed by Travel & Transportation, Healthcare & Insurance and Emerging Segments.

During the third quarter, Hexaware added 13 new clients across all its key focus areas taking the total active clients to 225.

Three clients were added in the Banking and Financial Services (BFS) domain and six were added in Healthcare & Insurance (H&I) space and one in the Travel and Transportation vertical, it said.

\"Of the 13 clients added in Q3 2013, 5 customers are based in Americas, 3 in Europe and 5 in Asia Pacific (APAC) region,\" it added.

Hexaware\'s cash and cash equivalents stood at Rs 490 crore at the end of September 30, 2013.

\"This has been a good quarter with healthy revenue growth, stable profit margins and a steady addition of 13 new clients and robust increase of 250 personnel to our talented human capital,\" Hexaware Technologies CEO and vice Chairman P R Chandrasekar said.

The firm continues to strengthen its field organisation as well as domain and technology competencies, he added.

Its global headcount increased by 250 to 8,950 at the end of September 2013. the company added 83 freshers during the quarter.

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