Hexaware slips on weak Q4 performance

Hexaware Technologies' consolidated net profit fell 8.7% to Rs 167.8 crore on 3.2% rise in revenue to Rs 1528.8 crore in Q4 December 2019 over Q3 September 2019.

Shares of Hexaware Technologies fell 1.87% to Rs 368.25. It traded in the range of Rs 356.10 and Rs 381.60 so far during the day.

EBITDA (post RSU, or Restricted Stock Units) improved 0.8% to Rs 239.7 crore in Q4 December 2019 over Q3 September 2019. The company follows January-December as its fiscal year. The result was announced after market hours yesterday.

The company's consolidated net profit rose 9.9% to Rs 641.3 crore on a 20.1% jump in revenues to Rs 5582.5 crore in the year ended December 2019 (FY19) over the year ended December 2018 (FY18). EBITDA (Post RSU) improved by 19.7% to Rs 877.9 crore in FY19 over FY18.

The company expects the revenue in FY 2020 to grow in the range of 15%-17% and pegs EBITDA (post RSU cost) growth in the range of 15%-16%. It added that majority of the growth will happen from Q2 on account of calendar impact and deal ramp up.

"We had market-leading performance from all but one vertical during the year. Consequently, we exited a seasonally weak Q4 with solid growth and expect to continue that into 2020 with an anticipated revenue growth in excess of 15% for the full year," stated R Srikrishna, CEO & executive director, Hexaware Technologies.

Headcount stood at 19,999 at the end of Q4 December 2019; up 937 in Q419, up 3,794 in FY19. Utilization stood at 78.5% (including trainees) in the quarter. Attrition at the end of December 2019 reduced to 15.8%.

Hexaware Technologies provides IT, BPO and consulting services.

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