Business Daily from THE HINDU group of publications
Wednesday, Apr 25, 2007
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Business Daily from THE HINDU group of publications Wednesday, Apr 25, 2007 ePaper |
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Corporate Results
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Software Info-Tech - Financial Performance Hexaware Q1 net up 35% on robust biz Our Bureau
Mumbai April 24 Robust client acquisition coupled with strong demand for its testing services has enabled Hexaware Technologies to report a 35.2 per cent growth in net profit for the first quarter ended March 31, 2007. Net profit for the quarter amounted to Rs 35.19 crore, against Rs 26.02 crore in the corresponding year-ago quarter. The company's total revenues for the quarter rose by 50.1 per cent to Rs 264.36 crore (Rs 176.15 crore). Hexaware's strategy to focus on high potential clients in order to maximise opportunities has resulted in a sharp increase in the number of million-dollar clients, according to Mr Atul Nishar, Chairman of the company. "The number of $1 million (Rs 4.5 crore) clients increased from 41 to 46; four were in the $5-$10 (Rs 22.5-Rs 45 crore) million range while another 5 billed more than $10 million each (all on trailing 12-month basis)," he said.
`Testing' revenue
The quarter witnessed an addition of 20 new clients, of which 12 were from North America. Maximum client addition (eight) came in the `Testing' domain. "Revenues from testing services increased to 17.5 per cent of total revenues, from 9.1 per cent on a sequential basis," Mr Rusi Brij, Vice-Chairman and CEO, said. The total number of active clients stood at 151. For the second quarter ending June 30, the company expects to post a net profit in the range of $7 -7.2 million (around Rs 32 crore) and revenue in the range of $64-65 million (around Rs 292 crore).
Headcount
The company expects to add about 2,000 more people to its headcount by the end of calendar year 2007, Mr Nishar said. The scrip rose by 0.35 per cent to end at Rs 174.05 on the BSE on Tuesday.
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