Hexaware Tech sees revenues at $72.5 mn

Hexaware Tech sees revenues at $72.5 mn
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First Published: Mon, Apr 28 2008. 11 46 PM IST
Updated: Mon, Apr 28 2008. 11 46 PM IST
Mumbai: Software services firm Hexaware Technologies Ltd sees its April-June revenue rising 6-8% from the preceding quarter on a strong order book and higher prices from new clients.
“Our projection is based on our current order book and the clear visibility we have,” executive chairman Atul Nishar said on Monday.
The company expects revenues for the current quarter to be between $71 million (Rs285 crore) and $72.5 million.
The guidance also factored in the slowdown in the US, he said, adding the results would have been better, but for the economic slowdown there.
The firm got new orders worth $42 million in the March quarter and added 11 clients.
New clients came in with price hikes of more than 5%, Nishar said.
“There are various theories on the slowdown. Our own feeling is, it will take about two more quarters for the situation to stabilize,” he added.
Hexaware currently gets about 66% of its revenues from the US.
“Ideally we would like about half of our revenues to come from here. But North America is the biggest and fastest growing region and our revenue mix also reflects that,” Nishar added.
For the quarter to March, the firm reported a net profit of Rs20.86 crore, a 4.5% dip from the previous quarter, while revenues rose 3% from the previous quarter to Rs270 crore.
Its net profit was also dented by a mark-to-market loss of Rs5.6 crore, which it booked on account of foreign exchange derivatives transactions.
A Reuters poll had estimated net profit to fall 30% from a year ago to Rs24.64 crore, and revenue to rise 4.6% to Rs280 crore.
Hexaware shares ended the day up 0.61% at Rs73.80, after a high of Rs76.95, on the Bombay Stock Exchange, whose benchmark Sensex fell 0.64% on Monday.
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First Published: Mon, Apr 28 2008. 11 46 PM IST