BackHexaware shares tank 11% on disappointing results
Hexaware reports a 11.3% decline in net profit at Rs70.3 crore for March quarter
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Mumbai: Hexaware Technologies’ stock slumped nearly 11% on Tuesday following a 11.3% dip in net profit for the January-March quarter.
Hexaware Tech’s stock fell by 10.75% to settle at Rs153.15 on the BSE. During the day, the scrip had tanked 12.35% to Rs150.40.
Hexaware reported a 11.3% decline in net profit at Rs70.3 crore for the quarter ended 31 March 2014. The company had registered net profit of Rs79.3 crore in the same quarter of 2012-13 fiscal.
However, its revenues were up 16% at Rs588.9 crore in the January-March quarter, from Rs507.7 crore in the year-ago period.
“Though this quarter has been soft, we expect a healthy growth in revenue in Q2 2014 on the back of the visibility from our existing customers and our deal pipeline," Hexaware Technologies CEO and vice chairman P.R. Chandrasekar said.
The company saw a decline in revenue from some of its top 10 customers.
On the NSE, the IT firm’s stock plunged 10.99% to close at Rs152.65.
On the volume front, 1.22 million shares of the company changed hands at the BSE, while over 8.20 million shares were traded on the NSE during the day.
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