The company made the announcement during trading hours today, 4 April 2013.
Meanwhile, the S&P BSE Sensex was down 152.64 points or 0.81% at 18,649.
On BSE, 3.53 lakh shares were traded in the counter as against average daily volume of 4.69 lakh shares in the past one quarter.
The stock hit a high of Rs 91.80 and a low of Rs 87.10 so far during the day. The stock had hit a 52-week high of Rs 142 on 14 September 2012. The stock had hit a 52-week low of Rs 72.60 on 25 January 2013.
The stock had outperformed the market over the past one month till 3 April 2013, rising 2.22% compared with the Sensex's 0.62% fall. The scrip had also outperformed the market in past one quarter, gaining 0.17% as against Sensex's 4.87% fall.
The small-cap company has equity capital of Rs 59.66 crore. Face value per share is Rs 2.
Hexaware Technologies said it has been associated with the US client for seven years, and this contract further increases its share of wallet with the client. Over the years, Hexaware has evolved to emerge as a key offshore partner for the client, the company said. This contract consolidates client IT spend across various business users and multiple technologies. Through this contract, Hexaware will have an estimated $5 million worth incremental business over the course of the deal. The revenue from this contract will begin to accrue with immediate effect as it also secures extension for the revenue streams from existing service lines for a 3 year period, Hexaware said. An agreement like this gives clients greater predictability over their spend over the course of the deal while giving them greater agility to manage periods of ramp-up and ramp-down in line with business dynamics, Hexaware said in a statement.
As a part of this engagement, Hexaware provides services that cater to multiple business users across different technology platforms. The service lines include: Software Development and Application Services Management (ASM) through Microsoft, Java and Legacy Applications, Enterprise Solutions through PeopleSoft and SAP, Business Intelligence and Analytics (BI / BA), Quality Assurance and Testing Services (QATS), Remote Infrastructure Management Services (IMS) and Business Process Outsourcing (BPO). Having a single order, such as this, gives Hexaware greater predictability on the business volume and the client a greater visibility on their cash outflows and benefits from economies of scale, Hexaware said in a statement.
Commenting on the new order win, Rajiv Pant, President - North America Operations, Hexaware Technologies said, "For our strategic clients, we aspire to be the Primary Go-To IT services partner and create value consistently through execution excellence led by superior human capital, rich intellectual property assets and domain intensive customized solutions we offer. In the spirit of true partnership, we govern, manage, and deliver engagements within budgets and timelines augmented by nimbleness and executive relationship management. With customer relationships such as with this client, we are well positioned to deliver healthy revenue growth on a sustainable basis".
Hexaware Technologies' consolidated net profit declined 21% to Rs 66.18 crore on 1% decline in income from operations to Rs 502.28 crore in Q4 December 2012 over Q3 September 2012.
Hexaware Technologies is a leading global provider of IT & BPO services and consulting. The company focuses on key domains such as banking, financial services, insurance, travel, transportation, logistics, life sciences and healthcare.
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