Hexaware Tech shares gain nearly 4 pc after Q1 earnings

Shares of Hexaware Technologies on Wednesday gained nearly 4 per cent after the company posted a 26.3 per cent rise in net profit in March 2020 quarter.

The scrip rose 3.06 per cent to close at Rs 295.95 on the BSE. During the day, it jumped 6.56 per cent to Rs 306.

At the NSE, it closed 3.82 per cent higher at Rs 295.80.

The IT firm on Wednesday posted a 26.3 per cent rise in net profit at Rs 175 crore in the March 2020 quarter, and said it was suspending its guidance for FY20 amid uncertainty due to COVID-19 pandemic.

The company had reported a net profit of Rs 138.4 crore in January-March 2019 period, Hexaware Technologies said in a regulatory filing.

Its revenue increased 22 per cent to Rs 1,541.7 crore in the quarter under review as compared with Rs 1,264 crore in the year-ago period.

The company follows January-December as its fiscal year.

"COVID-19 has led to significant uncertainty in the current environment. In view of this, we suspend the guidance that was provided earlier for FY'20," it said.