Hexaware net profit rises 3.1 pc to Rs 138.4 cr in March quarter

Mid-sized IT services firm Hexaware Technologies Wednesday said its consolidated net profit has grown 3.1 per cent to Rs 138.4 crore in the March 2019 quarter.

The company had posted a net profit of Rs 134.2 crore in the year-ago period, Hexaware said in a statement.

 Its revenue rose 20.5 per cent to Rs 1,264 crore as compared with Rs 1,049 crore in the corresponding period a year ago as per the Indian Accounting Standards.

 Hexaware follows the January-December fiscal. "Hexaware delivered yet another quarter of double-digit growth of 10.9 per cent year-on-year. This is a testimony of our commitment to deliver industry leading growth," Hexaware Technologies Chairman Atul Nishar said.

Hexaware Technologies CEO and Executive Director R Srikrishna said the company "delivered solid growth in a seasonally weak quarter for us".

 "It sets us up nicely to have a robust growth for 2019," he added.

In dollar terms, Hexaware's net profit declined 4.6 per cent to USD 19.7 million, while revenue rose by 10.9 per cent to USD 179.9 million in the March 2019 quarter as compared to the corresponding quarter last fiscal.

The company added four new clients in the first quarter of 2019 with the total contract value of USD 36 million. It has declared an interim dividend of Rs 2.50 for the said quarter.

Its total headcount stood at 16,509 persons with the addition of 304 people from the December 2018 quarter. The attrition rate was 18.2 per cent.

Its cash and cash equivalents stood at USD 125.9 million or Rs 870 crore at the end of the reported quarter.

In the quarter, manufacturing and consumer vertical grew 26.7 per cent year-on-year, while the healthcare and insurance segment saw growth of 26.6 per cent, banking and financial services 3.8 per cent, and professional services 29.8 per cent.

Travel and transportation vertical de-grew by 19.8 per cent y-o-y.