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Hexaware’s 50 pc y-o-y growth in Q1 revenue

By SiliconIndia  |   Wednesday, 25 April 2007, 00:00 Hrs
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Mumbai: Hexaware Technologies Ltd, provider of IT & BPO services, today reported financial results for the first quarter ended March 31, 2007. The quarter was marked by significant strong order book and a robust client acquisition – both being the highest reported in any quarter. Revenue from operations was 2643.69 mn ($60.11 mn).

Earlier, the Company had guided for revenue to be in the range of $ 59 – 60mn.
The company had a sequential growth of 10.1 percent (11.7 percent in US$-terms) in revenue from operations; 50.1 percent growth over revenue of quarter1 of 2006. It also had a sequential growth of 4.3 percent (5.7 percent in US$-terms) in profit and gross margins improved to 39.4 percent compared to 37.5 percent in Q4 ’06.

“Our revenue and profit continue to grow consistent with our medium-term business plan. We registered an impressive increase in the order book of $61 mn and acquired 20 new clients, which is the highest we recorded so far. For the past quarter, not withstanding the adverse impact of 1.6 percent appreciation of rupee on a q-o-q basis, operational metrics continue to show healthy improvement. However, the appreciation of the rupee will impact our future margins,” commented Atul Nishar, Executive Chairman, Hexaware Technologies.

“The new organizational structure has been fully implemented. Our primary focus is now on growing major client relationships and in reducing the time-to-scale for our key lines of business. We continue to see strong customer traction for many of our focus services, particularly for our integrated Testing suite, HR solutions, and business analytics,” says Rusi Brij, Vice Chairman and CEO.

The quarter witnessed an addition of 20 new clients. Of these, 12 were from North America, 2 from Europe, 4 from APAC region and 2 for Caliber Point.

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