Hexaware Q2 Net dips 21.8% per cent to Rs 76.6 cr

Mid-sized IT services company Hexaware Technologies today posted 21.8 per cent decline in its consolidated net profit at Rs 76.6 crore for the second quarter ended June 30, 2014.
This is against a net profit of Rs 97.9 crore in the same quarter last year, Hexaware said in a statement.
The company follows January-December financial year.
Hexaware's consolidated income rose by 13.8 per cent to Rs 610.4 crore in the April-June quarter, as against Rs 536.6 crore in Q2, 2013.
However, on sequential basis, net profit increased 8.9 per cent (from Rs 70.3 crore in Q1 2014), while revenues were up 3.7 per cent (from Rs 588.9 crore).

"The investments made in strengthening the domain competency and the technical capabilities augmented by the increase in the field sales presence has paid off with healthy revenue growth in Q2 2014," Hexaware CEO and Vice Chairman P R Chandrasekar said.

He added that revenue from Top 10 clients registered a healthy growth of 6.8 per cent quarter-on-quarter.
"These investments enable the Company to drive healthy revenue growth consistently over the long term," he said.
The revenue growth during the reported quarter was broad- based with all the three geographies. America region grew 6 per cent, Europe 3 per cent and APAC at 10 per cent on a q-o-q basis. During the quarter, the company added 13 new clients.

The Board of Directors declared a second interim dividend of Rs 1.60 per share. Its cash and cash equivalents at the end of June 2014 stood at Rs 398 crore.
The company's total headcount at 9,287 at the end of June 2014, up 335 q-o-q from 8,952. Attrition rate remained low at 12.7 per cent.
Banking and capital markets segment accounted for 36.5 per cent of the revenues, travel and transportation 19.2 per cent, healthcare and insurance 14.3 per cent and emerging segments 30 per cent during the quarter under review.
The company's scrip closed 2.2 per cent higher at Rs 153.60 from its previous close on the BSE today.