Hexaware plans buy-back offer
The Mumbai-based Hexaware Technologies is considering the buy-back of the company’s equity shares.
By TNN |
MUMBAI: The Mumbai-based Hexaware Technologies is considering the buy-back of the company’s equity shares. The company said that its board of directors were expected to meet soon to finalise the details on the buy-back.
The IT firm posted a net profit of Rs 26.9 crore for the September 2007 quarter, up 3% quarter-on-quarter. But revenues from operations were down 2.7% quarter-on-quarter to Rs 254.6 crore, the company said in statement on Thursday. On year-on-year basis, its net profit was down by 22.4% while revenues were up 13.2%.
Commenting on the results, executive chairman Atul Nishar said the drop in revenues was because of company-specific issues not related to any slowdown. “As evidenced by our order book, the growth is very positive in 2008 and 2009,” he said.
Vice-chairman and CEO Rusi Brij said, “In order to maximise client mining opportunities, the company is currently trimming its client roster by 20 clients to defocus from marginal billing clients. Though this has marginal impact on current and Q4 revenues, the total value of the current pipeline exceeding $150 million is likely to get decided by early 2008.”
In July -September, General Atlantic converted its preference shares into ADRs representing increasing its stake from under 8% to just under 15% in the company. The company also added 15 new clients during the quarter taking the total orders booked during Q3’07 to nearly $100 million.
It also added 1041 professionals taking its total staff strength to 6767, of these, 635 were campus recruits. The attrition rate was 18%, the company added. “Though quarterly revenues have reduced marginally, the outlook for the next year looks positive. Moreover, of the $100 million new order book, almost $55 million will be accrued in 2008,” Mr Nishar said.
The company said that it expected revenue for the fourth quarter of the current fiscal to be same as in the September ended quarter. Shares of Hexaware closed at Rs 112.60 on the BSE, up 3.54% from its previous close.
The IT firm posted a net profit of Rs 26.9 crore for the September 2007 quarter, up 3% quarter-on-quarter. But revenues from operations were down 2.7% quarter-on-quarter to Rs 254.6 crore, the company said in statement on Thursday. On year-on-year basis, its net profit was down by 22.4% while revenues were up 13.2%.
Commenting on the results, executive chairman Atul Nishar said the drop in revenues was because of company-specific issues not related to any slowdown. “As evidenced by our order book, the growth is very positive in 2008 and 2009,” he said.
Vice-chairman and CEO Rusi Brij said, “In order to maximise client mining opportunities, the company is currently trimming its client roster by 20 clients to defocus from marginal billing clients. Though this has marginal impact on current and Q4 revenues, the total value of the current pipeline exceeding $150 million is likely to get decided by early 2008.”
In July -September, General Atlantic converted its preference shares into ADRs representing increasing its stake from under 8% to just under 15% in the company. The company also added 15 new clients during the quarter taking the total orders booked during Q3’07 to nearly $100 million.
It also added 1041 professionals taking its total staff strength to 6767, of these, 635 were campus recruits. The attrition rate was 18%, the company added. “Though quarterly revenues have reduced marginally, the outlook for the next year looks positive. Moreover, of the $100 million new order book, almost $55 million will be accrued in 2008,” Mr Nishar said.
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The company said that it expected revenue for the fourth quarter of the current fiscal to be same as in the September ended quarter. Shares of Hexaware closed at Rs 112.60 on the BSE, up 3.54% from its previous close.
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