Hexaware Q1 profit 40 pc up at Rs 113.9 cr

Mid-sized IT services firm Hexaware Technologies today posted about 40 per cent rise in consolidated net profit at Rs 113.9 crore for January-March 2017.
The company had reported a net profit of Rs 83.8 crore in the same period a year ago, Hexaware said in a statement.
Its revenues during the reported quarter increased by 17.1 per cent to Rs 960.5 crore from Rs 820.2 crore in the same period a year ago.
Hexaware follows January-December fiscal.
Hexaware Chairman Atul Nishar said: "We commence CY'17 on a positive note, with sustained revenue and EBIT growth of 19 per cent and 41.2 per cent year-on-year, respectively in USD terms".

R Srikrishna, CEO and Executive Director at Hexaware Technologies, said the company expects to grow revenues in "double digits" during the ongoing fiscal.

However, on sequential basis, Hexaware saw net profit declining 7.4 per cent from Rs 123 crore, while revenue grew 2.1 per cent from Rs 940.9 crore in October-December 2016.
In US dollar terms, net profit increased 37.8 per cent to USD 17.2 million, while revenue grew 19 per cent to USD 144.7 million in the said quarter from the year-ago period.
The Board of Directors declared an interim dividend of Rs 1 apiece (50 per cent) on equity shares of Rs 2 each.

Hexaware added two new clients in the first quarter with total contract value of USD 25 million.
Its total headcount stood at 12,734 at the end of March 2017, up 579 from the preceding quarter. Attrition at the end of March 2017 was at 14.9 per cent.
Cash and cash equivalents at the end of March 2017 stood at Rs 323 crore.
Asia Pacific led the geographic growth (33 per cent y-o- y), whereas banking and financial services (29.7 per cent y- o-y) led the growth among verticals in the first quarter of 2017.