Hexaware Technologies has declined by 5% to Rs 162 after reporting 32% sequential drop in consolidated net profit at Rs 70 crore for the quarter ended March 31, 2014 (Q1), due to decline in revenues from some of its top customers. The mid-sized IT consulting and software company had posted profit of Rs 103 crore in the December quarter.
The company’s revenues are down 5% quarter-on-quarter (qoq) to Rs 589 crore, while EBITDA margins for Q1 2014 are down 330 basis points to 19.2% on qoq basis, Hexaware Technologies said in a statement.
Analysts on an average had expected profit of Rs 96 crore on revenues of Rs 627 crore for the quarter.
The company said, during the quarter, Hexaware experienced decline in revenues from some of its Top 10 customers. This was primarily due to some project closures as well as budget re-allocation to other initiatives on the client side.
The stock opened at Rs 172 and hit a low of Rs 161 post announcement of results on the NSE. A combined 2.85 million shares changed hands on the counter till noon deals on the NSE and BSE.
The company’s revenues are down 5% quarter-on-quarter (qoq) to Rs 589 crore, while EBITDA margins for Q1 2014 are down 330 basis points to 19.2% on qoq basis, Hexaware Technologies said in a statement.
Analysts on an average had expected profit of Rs 96 crore on revenues of Rs 627 crore for the quarter.
The company said, during the quarter, Hexaware experienced decline in revenues from some of its Top 10 customers. This was primarily due to some project closures as well as budget re-allocation to other initiatives on the client side.
The stock opened at Rs 172 and hit a low of Rs 161 post announcement of results on the NSE. A combined 2.85 million shares changed hands on the counter till noon deals on the NSE and BSE.
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