Hexaware's Dec qtr Net up 56 pc at Rs 103.2 cr

Mid-sized IT services company Hexaware Technologies today reported a healthy 56 per cent rise in consolidated net profit at Rs 103.2 crore for the fourth quarter ended December 31, helped by a strong deal pipeline especially in the Americas.
The Mumbai-based firm had posted a net profit of Rs 66.2 crore in the year-ago period, it said in a statement.
Consolidated revenues rose 23.4 per cent to Rs 620 crore in October-December quarter of 2013 from Rs 502.3 crore in the same quarter of 2012. The company follows January-December period as its financial year.
"Hexaware has achieved two new milestones this quarter. The company has for the first time crossed USD 100 million quarterly revenue and Rs 100 crore quarterly PAT. This is a validation of Hexaware's strategic direction and management team," Hexaware Technologies Chairman Atul Nishar said.

The company also declared an interim dividend of Rs 7.50 per share.
"We have seen an increase in the count of clients generating USD 20 million plus annual revenue from 3 to 4 and USD 1 million plus from 53 to 55 in Q4 2013," Hexaware Technologies CEO and Vice Chairman P R Chandrasekar said.

In dollar terms, revenues rose 8.4 per cent in December quarter last year to USD 100.14 million against USD 92.4 million in the year-ago period. Net profit was up 37 per cent to USD 16.67 million from USD 12.17 million.
During the December quarter, the firm added 10 clients across all its key focus areas.

One client was from Banking and Financial Services (BFS) and two clients each Healthcare & Insurance (H&I) space and in Travel and Transportation.
Of the 10 clients added in fourth quarter of 2013, five customers are based in Americas, one in Europe and four in Asia Pacific (APAC) region.
Heaxaware's cash and cash equivalents stood at Rs 656.4 crore for the period ended December 2013.
During the quarter, Hexaware added 40 freshers. The total headcount of the company stood at 8,854 at the end of December 2013.
Going ahead, Chandrasekar said: "As we enter 2014, we will continue to make investments in strengthening our core competencies across verticals as well as horizontals and through those initiatives, enhance our ability to add value to our customers."

For the entire 2013, revenue grew to USD 387.8 million, up 6.4 per cent year-on-year. In rupee terms, it grew 17.3 per cent to Rs 2,285 crore.
Net profit was up by 15.7 per cent to Rs 379 crore in 2013.