Hexaware Q3 net profit up 21% to Rs 172.1 cr

Mid-sized IT services firm Hexaware Technologies said Wednesday its consolidated net profit has grown 21 per cent to Rs 172.1 crore for the quarter ended September 30, 2018.

This is against a net profit of Rs 142.2 crore in the same period a year ago, Hexaware said in a statement.

Its revenue rose 21.8 per cent to Rs 1,209.6 crore in the quarter under review from Rs 993 crore in the same period a year ago, as per Indian Accounting Standards. Hexaware follows the January-December fiscal.

In dollar terms, Hexaware's net profit increased 10.2 per cent to USD 24.3 million, while revenue rose by 11.1 per cent to USD 171.1 million in the September quarter.

"Changing landscape of technology is a reality of our times and we at Hexaware are continuing our focus towards meeting customers' needs through investment in innovation. Going forward, I remain optimistic of our growth prospects," Hexaware Technologies Chairman Atul Nishar said.

Hexaware Technologies CEO and Executive Director R Srikrishna said the company is looking forward to a "robust finish to the year in Q4 on both revenue and order bookings".

The company said it has appointed Vikash Kumar Jain as the chief financial officer with effect from October 25, 2018. He succeeds Rajesh Kanani, who will retire from the company at close of business hours on December 31, 2018.

The company added three new clients in the third quarter of 2018 with total contract value of USD 25 million. It has declared an interim dividend of Rs 2.50 for the said quarter.

Its total headcount stood at 16,050 persons with the addition of 693 people from the June 2018 quarter. The attrition rate was at 15.7 per cent.

Its cash and cash equivalents stood at USD 100.6 million or Rs 729 crore at the end of the reported quarter.

In the said quarter, manufacturing and consumer vertical grew 23.3 per cent year-on-year, while healthcare and insurance segment saw growth of 25.7 per cent, banking and financial services 9 per cent, and professional services by 9.3 per cent.

Travel and transportation vertical de-grew by 11.2 per cent y-o-y.

Europe led geographic growth with 30.3 per cent revenue growth y-o-y, while Americas grew 8.6 per cent and Asia Pacific by 8.3 per cent.