Financial Daily from THE HINDU group of publications
Friday, Oct 18, 2002
Financial Daily from THE HINDU group of publications Friday, Oct 18, 2002 |
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Info-Tech
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Software Corporate Results - Software Hexaware's Q2 net profit at Rs 2.34 cr Our Bureau
CHENNAI, Oct. 17 HEXAWARE Ltd has reported a net profit of Rs 2.34 crore on a turnover of Rs 25.16 crore for the quarter ended September 2002. As the previous year's results include the pre-restructuring figures of the training division, it is not directly comparable with the current year's data. Offshore revenue constituted 38 per cent of global revenues, up from 36 per cent the previous quarter. The company, in a release, said it has further rationalised its cost structure by reducing onsite staff and moving more non-critical support functions off-site. This resulted in increase in global EBITDA (earning before interest, tax, depreciation and amortisation) margins to 10.7 per cent from 6.5 per cent the previous quarter. The company's CEO, Mr Rusi Brij, said in the release, "We reaffirm our guidance for the full year of global revenues of $52 million and a positive bottom line.'' During the quarter, the company signed a Euro 22-million contract with Deutsche Leasing AG, Germany's largest leasing company. The scope of the relationship includes the development of a new unified contract system and related leasing applications to deliver a system that would be able to handle finance leasing, operate leasing and fleet management. Work has started on three major projects and efforts are underway to expand the relationship, the release says.
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