Hexaware Technologies jumped 5.21% to Rs 302.10 after consolidated net profit rose 4.27% to Rs 174.96 crore on a 0.85% increase in revenue from operations to Rs 1541.75 crore in Q1 March 2020 over Q4 December 2019.
EBITDA (post Restricted Stock Units) fell 2.54% to Rs 233.60 crore in Q1 March 2020 as against Rs 239.70 crore in Q4 December 2019. The company follows January-December as its fiscal year for accounting. The IT company announced Q1 results during market hours today.
The company has suspend the guidance that was provided earlier for FY2020, as COVID-19 has led to significant uncertainty in the current environment. In the previous quarter, the company had forecast its revenue in FY2020 to grow in the range of 15%-17% and had pegged EBITDA (post RSU cost) growth in the range of 15%-16%.
Commenting on company's Q1 performance, R Srikrishna, CEO & Executive Director, Hexaware Technologies said, We have been best-in-class in keeping our employees safe and servicing our customers fully during these abnormal times. Our flawless execution has helped us further strengthen our trusted relationships with customers and will help us grow with them during recovery.
Vikash Kumar Jain, CFO, Hexaware Technologies said, Our focus on operational efficiencies helped us deliver an EPS expansion in the current quarter. The future quarters would be a period of uncertainties and opportunities. We believe our strategic themes and strong balance sheet position us well to partner with our stakeholders to come out of this crisis stronger.
The company added six over $20 million clients and 8 clients between $10 million and $20 million in Q1 March 2020.
Headcount stood at 19,998 at the end of Q1 2020. Attrition in last twelve months reduced to 15.1% in Q1 March 2020 from 15.8% reported in Q4 December 2019. The company said its cash & cash equivalents at the end of March 2020 stood at Rs 441 crore.
Hexaware Technologies provides IT, BPO and consulting services.
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