Hexaware Technologies ' fourth quarter net profit more than doubled year-on-year to Rs 88.2 crore, helped by strong demand for outsourcing services and healthy bill rates, coupled with the rupee depreciation.
The software services exported reported revenue of Rs 431.9 crore, up 44% year-on-year.
On a sequential basis the net profit was up 36.3% sequentially, while revenue rose 18% from the July-September quarter.
"This has been a remarkably strong quarter on all fronts including 7.8% revenue growth in constant currency; 460 basis points expansion in EBIT margin, improved in operational metrics such as increased headcount, healthy bill rates and continued optimization of selling general and administration (SG&A) spend," said CEO and Vice Chairman PR Chandrasekar.
Hexaware said its average bill rate per hour for the fourth quarter was up sequentially to USD 73 for onsite services and "remained firm" at USD 23.
In US dollar terms, Hexaware's revenue in the fourth quarter was up 6.7% quarter-on-quarter to USD 84.1 million, better than its earlier guidance of USD 82.5 million, the company said on Thursday.
It has forward contracts worth USD 181.3 million at an average rate of Rs 48.30 and hedges worth 9.4 million euro at an average rate of Rs 69.61, maturing over the next 8 quarters.
Guidance:
Hexaware now expects revenue will increase minimum 20% year-on-year to at least USD 370 million in 2012. Revenue in the first quarter (January-March) is likely to be at least USD 87.5 million, up 4% sequentially, it said. Hexaware's guidance is at an exchange rate of Rs 49.27 to a US dollar.
Employee and client addition:
The company said it has been "steadily ramping up its delivery capability to cater to the demand uptake visible in the market place." It aims to add more than 1,500 employees this year. Its global headcount at the end of December 2011 was at 8,317. Fourth quarter attrition rate was 13.9%.
Hexaware added 15 clients in the fourth quarter, of which ten are based in the Americas and 5 in the Asia Pacific region. Americas accounted for 64.4% of its revenues, 28.7% revenue came from Europe and 6.9% from Asia Pacific.
Hexaware shares jumped more than 10% in morning trade on the company's strong earnings performance. At 10:00 hrs, Hexaware shares were at Rs 97.40, up 10.6% on NSE.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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