Hexaware shares tank 11% on disappointing results

MUMBAI: Hexaware Technologies' stock slumped nearly 11 per cent today following 11.3 per cent dip in its net profit for the January-March quarter.

Hexaware Tech's stock fell by 10.75 per cent to settle at Rs 153.15 on the BSE. During the day, the scrip had tanked 12.35 per cent to Rs 150.40.

At the NSE, the IT firm's stock plunged 10.99 per cent to close at Rs 152.65.

On the volume front, 12.25 lakh shares of the company changed hands at the BSE, while over 82 lakh shares were traded at the NSE during the day.

Hexaware reported 11.3 per cent decline in net profit at Rs 70.3 crore for the quarter ended March 31, 2014.

The company had registered net profit of Rs 79.3 crore in the same quarter of 2012-13 fiscal.

However, its revenues were up 16 per cent at Rs 588.9 crore in the January-March quarter, from Rs 507.7 crore in the year-ago period.

"Though this quarter has been soft, we expect a healthy growth in revenue in Q2 2014 on the back of the visibility from our existing customers and our deal pipeline," Hexaware Technologies CEO and Vice Chairman P R Chandrasekar said.

The company saw decline in revenue from some of its top 10 customers.