Hexaware raises Q3 revenue outlook; shares rise

Hexaware raises Q3 revenue outlook; shares rise

Mumbai: Software services firm Hexaware Technologies Ltd said on on Monday it has raised its revenue outlook for the third quarter, sending its share up as much as 5%.

The Mumbai-based firm said its October-December revenue will rise to $60 million on the back of new deals secured in the second quarter, compared with its earlier forecast between $58 million to $59 million.

“With the enhanced revenue visibility on account of the large deals secured in Q2 2010 and the improving quality of the deal pipeline, we have surpassed the annual guidance of net addition of 1,000 employees in just 8 months," chairman Atul Nishar said in a statement.

Hexaware, which caters to the financial and travel industries, signed a deal worth $110 million in the second quarter and saw several new projects kick off with existing clients, the company said in a statement.

The company said it has added 1,115 employees in 2010 taking its global headcount to 6,252 as of August.

Hexaware, which has about 156 customers, said it is adding workforce to deliver the orders at hand and to be able to cater to the rising demand seen in its end markets, paricularly in the Americas region.

The company said it has recently established a global delivery centre in Bangalore, with an initial capacity of 250 seats.

At 10 a.m. Hexaware shares were trading up 3.9% to Rs74.75 in a market that was up 0.5%.