Hexaware Tech tumbles after Q3 results

Hexaware Technologies fell 5.23% to Rs 347.20 after consolidated net profit soared 11.41% to Rs 183.71 crore on 13.22% surge in net sales to Rs 1,481.35 crore in Q3 September 2019 over Q2 June 2019.

The announcement was made after trading hours yesterday, 23 October 2019.

EBITDA (post RSU) improved 12.2% Q-o-Q and 17.5% Y-o-Y to Rs 237.70 crore in Q3 September 2019. Cash & cash equivalents stood at Rs 212 crore as on 30 September 2019.

Commenting on the results, Atul Nishar, the chairman of Hexaware Technologies, has stated that, "The synergetic alignment of Mobiquity's capabilities with Hexaware's unique strategy has led to a smooth and successful integration. This sets us up nicely for our future growth."

R Srikrishna, the CEO and executive director of Hexaware Technologies, said, "We have delivered substantial growth in revenue, profits and EPS driven by both our organic business and the Mobiquity acquisition. In this process, we crossed an important landmark of quarterly $200 M revenues."

The company has hedges worth $197.40 million at an average exchange rate of Rs 74.15, 6 million euros at an average exchange rate of Rs 89.72 and 13.08 million GBP at an average exchange rate of Rs 98.73 maturing over the course of the next eight quarters (from October 2019 to September 2021).

The company's total headcount stood at 19,062 at the end of Q3 quarter; up 768 QoQ, up 3,012 YoY. Attrition at the end of September 2019 was at 17.3%.

Meanwhile, the S&P BSE Sensex was up 21 points or 0.05% to 39,079.63.

On the BSE, 1.01 lakh shares were traded in the counter so far compared with average daily volumes of 26,774 shares in the past two weeks. The stock hit an intraday high of Rs 368 and an intraday low of Rs 342.05 so far during the day.

The stock hit a 52-week high of Rs 439 on 21 June 2019. The stock hit a 52-week low of Rs 294.80 on 26 November 2018.

Hexaware Technologies is the fastest growing next-generation provider of IT, BPO and consulting services.

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