Hexaware Technologies hits record high after strong Q3 earnings

Hexaware Technologies spurted 6.38% to Rs 209.25 at 11:47 IST on BSE after consolidated net profit rose 12.3% to Rs 86 crore on 9.9% growth in revenue to Rs 671 crore in Q3 September 2014 over Q2 June 2014.

The Q3 result was announced before market hours today, 5 November 2014.

Meanwhile, the S&P BSE Sensex was up 61.36 points or 0.22% at 27,921.74.

On BSE, so far 4.91 lakh shares were traded in the counter as against average daily volume of 7.89 lakh shares in the past one quarter.

The stock hit a high of Rs 213 so far during the day, which is a record high for the counter. The stock hit a low of Rs 204 so far during the day. The stock had hit a 52-week low of Rs 112.10 on 6 December 2013.

The stock had underperformed the market over the past one month till 3 November 2014, sliding 3.72% compared with Sensex's 4.86% rise. The scrip had, however, outperformed the market in past one quarter, jumping 42.18% as against Sensex's 9.34% rise.

The mid-cap company has equity capital of Rs 60.16 crore. Face value per share is Rs 2.

Hexaware Technologies (Hexaware) said that the revenue growth during Q3 September 2014 was broad-based. Europe led the geographic growth while BFSI and Emerging segments led growth among verticals. Business Intelligence & Business Analytics and Infrastructure Management Services led the growth among service lines, Hexaware said in a statement.

Commenting on the results, Atul Nishar, Chairman, Hexaware Technologies said, "Under the new leadership of R Srikrishna, Hexaware has seen early signs of turnaround in revenue growth with QoQ growth of 7.9% in dollar terms and 9.9% in rupee terms and an improvement in margins. I remain optimistic of our growth prospects going forward".

R Srikrishna, CEO & Executive Director, Hexaware Technologies said, We are working to improved sustainability of our performance through a 3-pronged strategy: Delighting our customers by delivering value beyond what is expected, making Hexaware a great place to work and building an organization focused on innovation in the areas most relevant to our customers' future.

Hexaware's board of directors at its meeting held today, 5 November 2014, declared third interim dividend of Rs 2.35 per share for the year ending 31 December 2014.

Hexaware Technologies is a leading global provider of IT & BPO and consulting services. The company focuses on key domains such as banking, financial services, insurance, travel, transportation, logistics, manufacturing and healthcare.

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