Hexaware's net up at Rs 34. 9 M for June quarter

By siliconindia   |   Thursday, 17 July 2003, 19:30 IST
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MUMBAI: Hexaware Technologies has reported a 523% increase in net profit at Rs 34.9 million for the second quarter ended June 30, 2003 as compared to Rs 5.6 million in the quarter ended June 30, 2002. The Group posted record global consolidated revenues of Rs 781.21 million for its second quarter ended 30 June 2003 compared to Rs 666.93 million in the prior quarter (Q1 FY03) registering a sequential growth of 17.1%. Net profit including share of profit in associate increased to 49.75 million in Q2 from Rs 17.51 million in Q1 - a sequential growth of 184%. Revenues and net profit in the prior year quarter Q2FY02 were Rs 651.88 million and 8.17 million respectively. Hexaware has also beefed up its overseas sales and marketing strength. Commenting on the performance, Rusi Brij, CEO said, "We continue to make progress on the back of some significant wins in the first six months of the year. In a very difficult economic environment, we have been able to maintain our pricing levels, and record growth in all our focus segments. Key customers have begun to ramp up as shown in the revenue growth." Hexaware acquired 8 new customers during the quarter across US, UK, Germany and Singapore. In all, the company had 73 active clients at the end of the quarter. Exult and Deutsche Leasing remained the largest clients, both in terms of revenues and the number of resources employed. Hexaware further expanded its relationship with Exult with the addition of one more client in the banking space. Hexaware also strengthened its relationship with Deustche Leasing with the start of several new modules of the core leasing product being developed as can be seen by the further increase in contribution of revenues from Germany. Europe now comprises 27% of revenues, while N American share has reduced marginally to 68%. Singapore and India together contributed the rest. The company is in the process of occupying larger premises in Chennai, to accommodate employees at one centralized location. In addition, it is also in the process of setting up new infrastructure at Bangalore for the Peoplesoft ISC. The total headcount increased to 1674 at the end of the current quarter, an increase of 245 over the preceding quarter. Technical personnel were 88% of the global workforce.