Hexaware Technologies has reported an almost five-fold increase in net profit for the first quarter ended March 31, 2010 as it increased billing rates for services rendered and gained from currency volatility.
Net profit for the mid-size IT services company stood at Rs 53.8 crore against Rs 11.6 crore in the same quarter a year ago.
Revenues for the period under review went up 43.5 per cent to Rs 318.5 crore (Rs 299.6 crore)
(Hexaware follows a January to December accounting calendar)
“Growth has been fairly broad based…we have had significant traction in our enterprise application and business intelligence segments. Revenues from new customers have grown to seven per cent (of annual revenues) from five per cent in the previous quarter,” Mr P.R. Chandrasekar, Vice-Chairman and Chief Executive Officer, told Business Line .
The company was able to command better pricing on its off-shoring assignments. The average bill rate per hour for the previous quarter improved by 1.1 per cent sequentially to $72 for onsite services and by 1.5 per cent to $22.2 for offshore locations.
It also gained on the forex front, registering a gain of Rs 10 crore as against a loss of Rs 7.5 crore in the December quarter.
Hexaware added 10 new customers during the quarter. Buoyed by the first quarter performance, the company has upped its minimum revenue guidance for 2011 to $295 million from $290 million
The Hexaware scrip was down by 1.55 per cent to close at Rs 69.95 on the BSE today.