Hexaware Q1 Net up 19% at Rs 83.35 crore

NEW DELHI: Mid-sized IT services company Hexaware Technologies today reported a net profit growth of 19 per cent at Rs 83.35 crore for the first quarter ended March 31, 2015.

The firm had posted a consolidated net profit of Rs 70.30 crore in the year-ago period.

Consolidated revenue rose by 21 per cent to Rs 713.43 crore in January-March quarter of 2015 fiscal from Rs 588.9 crore in the same quarter of 2014 fiscal, the company said in a regulatory filing.

On quarter-on-quarter basis, its net profit fell by 5 per cent from Rs 87.25 crore in October-December of 2014, while revenue grew marginally from Rs 711.8 crore in that period.

Commenting on the performance, Hexaware CEO and Executive Director R Srikrishna said, "We are pleased to have delivered a modest revenue growth in a seasonally difficult quarter. We remain confident of our future and continue to invest in our growth."

In US dollars, the firm's net profit rose by 17 per cent at USD 13.4 million in January-March 2015 compared to USD 11.4 million in the year ago period. Sequentially, it declined by 5 per cent.

Revenue grew 20 per cent to USD 114.9 million. Hexaware Chairman Atul Nishar said, "This Quarter we have continued to invest in new solutions, improving client management and in sales and marketing, which will yield result in the future quarters."

Hexaware board also declared a first interim dividend of Rs 2.00 per share, which would result in a cash outflow of Rs 72.48 crore for dividend payment, including tax.

The company added 10 clients during the March quarter and its total headcount stood at 10,100 as of March 31, 2015.

Cash and cash equivalents at the end of March 2015 stood at Rs 352 crore.

Americas led the geographic growth, whereas Travel and Transportation led the growth among verticals in the first quarter of 2015.

Application Development and Maintenance (ADM) led the growth among service lines in value terms, while BPS clocked the highest percentage increase in Q1 2015.