 "Hexaware Tech's consol PAT crosses Rs 100 cr mark")
Hexaware Technologies reported a consolidated net profit of Rs 103.22 crore in the December quarter, up 55% from same period last year on the back of higher revenue and slight increase in other income.
"The company has for the first time crossed Rs 100 crore quarterly PAT. This is a validation of Hexaware’s strategic direction and management team," the company's release quoted Atul Nishar, chairman as saying.
In the period under review, the company’s income from operations stood at Rs 620 crore, up 24% from same period last year with majority contribution coming from banking and services verticle followed by manufacturing and services segment.
Though the company’s total expenses grew year-on-year, its operating profit remained significantly higher compared with same period last year.
Hexaware’s total expenses in the fourth quarter of the calendar year were at Rs 490 crore compared with Rs 427 crore noted in the same period last year which led to an operating profit of Rs 129 crore, up 74% from corresponding period last year.
Other income in the December quarter was at Rs 10.75 crore, slightly up from Rs 10.28 crore same quarter last year.
During the quarter, Hexaware Technolgies added 10 new clients, it said. Of these, one client was added in the Banking and Financial Services segment, while two each were added in the Healthcare & Insurance and Travel and Transportation vertical.
Five of the 10 new customers are based in the US, one in Europe and four in the Asia Pacific region.
"As we enter 2014, we will continue to make investments in strengthening our core competencies across verticals as well as horizontals and through those initiatives, enhance our ability to add value to our customers”, said P. R. Chandrasekar, chief executive officer and vice chairman was quoted as saying.