Business Daily from THE HINDU group of publications
Thursday, Jul 19, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Jul 19, 2007 ePaper |
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Info-Tech
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Financial Performance Corporate Results - Software Hexaware Q2 net dips 12%; to pay 40% interim
Our Bureau Mumbai, July 18 Hexaware Technologies said its second-quarter consolidated net profit fell by 12.3 per cent as rupee appreciation and increased employee costs adversely impacted its operating margin. Net profit for the quarter amounted to Rs 26.1 crore, against Rs 29.8 crore in the same year-ago quarter. Gross revenues rose 26.5 per cent to Rs 261.6 crore (Rs 206.8 crore). The operating margin (OPM) was 10 per cent, against 12.8 per cent a year ago. The board of the company has recommended an interim dividend of 40 per cent. The appreciation of the rupee against the US dollar, the pound and euro impacted the OPM by 3.2 percentage points, while the salary increase made 3.8 percentage points dent in the OPM, said Mr Rusi Brij, Vice-Chairman & CEO of the company. Higher billing rates, volume gains from higher revenues, and higher employee utilisation decreased this negative impact on OPM by 0.6 percentage points, 1.1 percentage points and 2.5 percentage points, respectively. The number of clients bringing revenues of $1 million plus increased to 51 during the quarter from 46 a year ago. The company has hedged itself for $ 90 million at Rs. 42.29 to the dollar, said Mr Brij. In view of the unpredictability of the currency markets it is not possible to provide a meaningful guidance for the subsequent quarters, said the company in a statement. On the BSE, the company’s shares closed on Wednesday at Rs 142.75, falling by 12.32 per cent over the day.
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