Software services company Hexaware Technologies has reported a 17.4 per cent rise in net profit for the third quarter ended September 30, due to higher revenues from its operations.
The Mumbai-headquartered company, which was recently acquired by private equity firm Baring, saw its net profit for the quarter go up to Rs 98.7 crore from Rs 84.1 crore in the year-ago quarter. Revenue rose by 22.4 per cent to Rs 621.1 crore (Rs 536.6 crore).
(Hexaware follows a January to December accounting calendar)
“This has been a good quarter with healthy revenue growth, stable profit margins and a steady addition of 13 new clients…we will continue to strengthen our field organisation as well as our domain and technology competencies,” P.R. Chandrasekar, Chief Executive Officer and Vice-Chairman of the mid-size company, said in a press statement. During the quarter, the company added 250 new hands, taking its global headcount to 8,950.
Baring Private Equity Asia recently acquired a controlling stake in the company for a total consideration of up to Rs 2,745 crore.
In September, the deal was approved by the fair trade watchdog, Competition Commission of India.
During the quarter gone by, Hexaware added 13 new clients across verticals such as financial services, healthcare & insurance and travel. Attrition rate for the last 12 months went up to 12.3 per cent from 11 per cent in the July quarter The company said it has a hedge cushion of $205 million at an effective conversion rate of 57.96 and €11 million at 76.39.
These hedges would mature over the course of the next eight quarters, the statement said.
At its board meeting, the company has approved the re-appointment of R. V. Ramanan as Executive Director for three years
The Hexaware scrip was down by 2.5 per cent to close at Rs 130.8 on the Bombay Stock Exchange today.
adith.charie@thehindu.co.in