Hexaware Q4 net rise 7% to Rs 5.54 crore

Hexaware Technologies has posted a 7 per cent jump in its consolidated (including both India and global operations ) net profit at Rs 7.54 crore in the fourth quarter of the 2003 fiscal.

Consolidated income from software services was Rs 102.73 crore for the fourth quarter ended December 31, an increase of 54.4 per cent when compared with the corresponding quarter previous year.

Though at a comparable level Hexaware's profits after tax has recorded a growth in the fourth quarter of 2003, but when the share of income from associate company, which was sold in the third quarter of 2003, is taken into account, the profits after tax in the fourth quarter of 2003 is lower compared with the Rs 10.58 crore in the previous comparable period.

The company attributed a reduction in profits of Rs 3.46 crore to a change in the accounting policy in the fourth quarter with regards to reducing the period for depreciating computers and software uniformly in three years.

For the year ended December 31, 2003, the consolidated net profit stood at Rs 17.16 crore, an increase of 672 per cent over the previous year. The consolidated income from software services was Rs 338.99 crore - an increase of 36.4 per cent compared to Rs 248.59 crore for the previous year.

The company refused to share the revenue and profits figures from its Indian operations. The company declared a dividend of 20 per cent for the year.

Presenting the results, Atul Nishar, Chairman, Hexaware said, "The overall business scenario for outsourcing has significantly improved resulting in sustained increase in offshore volumes. The pricing environment has stabilised and the hourly offshore rate has gone up from $ 21 a year back to $ 22.50 in this quarter."