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Hexaware reports strong performance

Hexaware Technologies Ltd., a leading global provider of IT & BPO services and consulting, today reported financial results for the second quarter ended June 30, 2009.

Highlights of Q2 ended June 30, 2009
•Revenue from operations stood at $ 53.6 mn (Rs. 2,591 mn) surpassing the upper-end of the revenue guidance of $ 53 mn
oQ-o-Q increase of 1.8% in USD terms, up from $ 52.6 mn and decrease of 2% in INR terms, down from Rs.2,643 mn
•Profit after Tax up to Rs. 395 mn ( $ 8.2 mn)
oQ-o-Q increase of 139.8% in USD terms, up from $ 3.4 mn and increase of 128.4% in INR terms, up from Rs. 173 mn
•Gross Margin was up to 47.6% against 43.8% last quarter
•EBITDA Margin improved to 21.5%, 670 bps over Q1 ’09
•Operating Margin (EBIT Margin) improved to 18.8% from 12.3% in Q1 ’09
•PAT margin rose to 15.2% from 6.5 % in the previous quarter
•Cash & Cash Equivalents increase by Rs. 488 mn to Rs. 3,806 mn ($ 79.5 mn)
•10 new clients added during the quarter; 166 active clients
•Days sales outstanding (DSO) down to 57 days from 62 days last quarter
•Global headcount stood at 5,041

“The judicious steps taken by our competent leadership team have succeeded in transforming Hexaware into a more agile and competitive organization. The considerable investments we have made in our IP-led solutions strategy have enhanced productivity and reduced costs, while significantly adding value to our customers,” said Atul Nishar, Executive Chairman, Hexaware Technologies Ltd.

“The improvement in technical utilization, rationalization of our premises and reduction in G&A expenses are a direct outcome of the focus on operations improvement and tactical measures launched over the last three-four quarters. This has reflected in the improvement in profitability margins and shoring up of other operational parameters,” stated P. R. Chandrasekar, CEO and Vice Chairman, Hexaware Technologies Ltd. “With respect to the strategic initiatives, the vertically re-aligned organization is beginning to deliver. We believe we are now well positioned to capitalize in the market place when the demand scenario shows signs of improvement.”