Hexaware shares crash 14.5 pc post Q1 earnings

Shares of Hexaware Technologies today slumped 14.5 per cent after the company's March quarter earnings failed to cheer investors.

The company's stock dropped 14.15 per cent to end at Rs 387.40 on BSE. Intra-day, it tumbled 15.56 per cent to Rs 381.

On NSE, shares of the company tanked 14.48 per cent to close at Rs 387.90.

Led by the steep fall in the share price, the company's market valuation declined by Rs 1,894.41 crore to Rs 11,499.59 crore.

"Despite strong Q1CY18 and strong visibility of demand, the management refrained from revisiting its guidance upwards (guided for 10-12 per cent growth in CY18) given the lower visibility on client spends," Emkay Global Financial Services said in a result report of Hexaware yesterday.

In terms of equity volume, 11.17 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

Mid-sized IT services firm Hexaware Technologies yesterday posted a 17.9 per cent rise in consolidated net profit at Rs 134.3 crore for the quarter ended March 31, 2018.

This is against a net profit of Rs 113.9 crore in the same period a year ago, Hexaware said in a statement.

Its revenue rose 9.2 per cent to Rs 1,049 crore from Rs 960.5 crore in the same period a year ago, as per Indian Accounting Standards.

Hexaware follows the January-December fiscal.