Mid size IT solutions company Hexaware Technologies has reported a four-fold growth in net profit for the second quarter ended June 30 riding on the back of increased revenues and income from foreign exchange gains.

Net profit for the quarter increased to Rs 60.2 crore from Rs 14.4 crore reported in the same period a year ago.

Hexaware, which follows a January to December accounting calendar, saw its revenues rise by 33 per cent to Rs 334.1 crore (Rs 251.2 crore).

“This has been a gratifying quarter on multiple fronts including volume growth; continued expansion in EBIT margins despite the annual compensation increase for India-based employees and improvement in employee pyramid through steady inflow of fresh graduate engineers. While we continue to watch the macroeconomic developments closely, the quantum of the deals signed and the quality of the current business pipeline provides us with the perfect platform to deliver above-industry performance”, said Mr P.R. Chandrasekar, Chief Executive Officer and Vice-Chairman.

In the quarter gone by, the company has won 14 new clients.

“Going forward the demand pipeline looks robust…we are currently pursuing four deals that are over $25 million in size,” the Chairman, Mr Atul Nishar, said in a conference call with newspersons.

Hexaware reported foreign exchange gains of Rs 16.3 crore as against a loss of 19.2 crore in the corresponding year ago quarter. It added 145 fresh engineers to its rolls in the quarter gone by.

The company has upped its revenue guidance for the quarter for the second time to a minimum of $302 million from a minimum of $295 million.

The Hexaware scrip reached a 52-week high to touch Rs 83.7, before settling at Rs 82.05, 3.08 per cent higher than the previous days close on the BSE.

>adith@thehindu.co.in

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