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Hexaware eyes 25% growth on US, Europe’s recovery

Hexaware eyes 25% growth on US, Europe’s recovery
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First Published: Sun, Feb 20 2011. 03 47 PM IST
Updated: Sun, Feb 20 2011. 03 47 PM IST
PTI
Mumbai: Buoyed by gradual recovery in the US and European economies and the consequent rise in spending on IT services, Hexaware Technologies is eyeing over 25% growth in its top-line and a substantial accretion in its headcount in FY 11.
“The business environment is steadily improving. Client acquisition has been good and we are in advanced stages of negotiations to seal about half-a-dozen deals worth around $150 million, making me confident of achieving a 25% growth in our revenues in FY 11,” Hexaware Chairman Atul Nishar told PTI here.
The IT firm had clocked revenue of Rs 1,054.6 crore in FY 10 as against Rs 1,038.6 crore in the year-ago period. The company follows the January-December financial calendar.
A healthy order pipeline backed by good client acquisitions (45 in FY 10 and 11 in the last quarter) coupled with disappearing pricing pressure will further help the company, the software services firm’s chief said.
“Pricing pressure is a thing of the past and we believe prices will improve further. In fact, in some of our new orders we are charging higher,” he said.
The company is pursuing 5-6-deals in $25-30 million range, totalling about $150 million.
“We hope to seal at least a few deals in the next three months. These will be in our core business segments of travel and transportation and capital markets,” Nishar said.
Our customers are the US and Europe-based, signifying that the business environment there is improving, Nishar said.
A significant majority of the company’s business emanates from the US and European markets.
Reflecting the company’s optimism, it also plans to add significant numbers to its headcount.
“There will be a substantial upping of our headcount this fiscal (FY 11). We plan to add another 1,500 personnel and our total headcount should touch the 8,000-mark this fiscal,” Nishar said.
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First Published: Sun, Feb 20 2011. 03 47 PM IST
More Topics: Hexaware | Europe | Recovery | Earnings | it |