Hexaware Technologies gains post Q2 results

EBITDA margins up 764 basis points y-o-y to 22.9%

Hexaware Technologies has opened higher by 3% at Rs 120 after reporting 48% year-on-year (yoy) growth in net profit, which came in at Rs 89 crore for the second quarter ended June 2012. Income from operations grew 50% at Rs 500 crore on y-o-y basis.

The mid-cap IT Company said that its operating, or EBITDA margins, moved up 764 basis points y-o-y (53 bps on quarter-on-quarter) to 22.9%; in spite of annual compensation revision at offshore work locations and H1B visa filing costs.

Hexaware said it sees revenue in dollar terms rising 1.4%-3% to $92.5 million - $94 million for the third quarter of 2012 on sequential basis. Meanwhile, the board of directors declared a second interim dividend of Rs 1.50 per share (75%) on equity shares of Rs 2 each.

Nearly 820,000 shares have changed hands on the counter in opening deals on the NSE and BSE.