Hexaware Q4 net profit rises 14% to Rs 99.4 crore

Mid-sized IT services company Hexaware Technologies today reported 13.9 per cent jump in its net profit at Rs 99.4 crore for the quarter ended December 2015.
The firm had posted a net profit of Rs 87.3 crore in the year-ago period, it said in a statement.
Consolidated revenues rose 15.1 per cent to Rs 819.5 crore in the October-December quarter of 2015 fiscal against Rs 711.8 crore in the same quarter of 2014 fiscal.
The company follows January-December period as its fiscal year.
"Despite being a challenging quarter, the company has witnessed a steady addition of nine clients across all its key focus areas. Investments in emerging technologies and deep client relationships continue to be the focus for the company," Hexaware Technologies Chairman Atul Nishar said.

R Srikrishna, CEO and Executive Director at Hexaware, said the company's primary goal for CY15 was to establish growth momentum.

"We are pleased to have grown at an industry leading 14.9 per cent organic growth for CY2015. A confluence of multiple factors like a soft calendar, furloughs, Chennai floods impacting revenues and recovery costs, bonus payment due to change in law, CSR expenses - all affected our performance this quarter," he added.
The company has declared a fourth interim dividend of Rs 2.40 per share on equity shares of Rs 2 each. Taking into account the fourth interim dividend, the dividends declared, including tax, total Rs 313.6 crore.

During the fourth quarter, the firm added nine new clients and 37 new clients were added in 2015.
APAC (Asia Pacific) led the geographic growth at 1.8 per cent in the said quarter, while healthcare and insurance grew 4.9 per cent in terms of verticals.
Cash and cash equivalents at the end of December 2015 stood at USD 66.93 million (Rs 443 crore).
The total headcount stood at 11,375 at the end of 2015, up 34 quarter-on-quarter and 1,359 year-on-year. Utilisation stood at 69.7 per cent (including trainees) in the quarter, while attrition was at 16.9 per cent.
In US dollar terms, net profit grew 4.5 per cent to USD 14.67 million in the fourth quarter of 2015 from USD 14.04 million during the same quarter of 2015.

Revenues rose 8.4 per cent to USD 124.1 million from USD 114.5 million.
For the entire 2015 fiscal, net profit declined by 22.8 per cent to Rs 393.2 crore from Rs 320.2 crore in 2014.
Revenues rose 21 per cent to Rs 3,123.5 crore from Rs 2,581.7 crore.