Hexaware revenue surpasses guidance in Q2

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Bangalore: Hexaware Technologies, a provider of IT, BPO services and consulting, generated total revenue of $53.6 million, which surpassed the upper end revenue guidance of $53 million for the second quarter of the current fiscal. Profit after tax (PAT) of 39.5 crore was 128.4 percent more than the net profit earned during the corresponding quarter last fiscal. The gross margin of the company was up to 47.6 percent against 43.8 percent in Q1. Operating margin improved to 18.8 percent from 12.3 percent.

P. R. Chandrasekar, CEO and Vice Chairman, Hexaware Technologies said, "The improvement in technical utilization, rationalization of our premises and reduction in 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."

The company succeeded in adding 10 new clients in Q2. In terms of verticals, three clients were added in banking, financial services and insurance (BFSI), one in travel, transportation, hospitality and logistics (TTHL) and six clients in emerging verticals. The total number of active clients stood at 166. Of the 10 clients added, five customers were based in North America; three were based in Europe and two in Asia Pacific (APAC). 65.2 percent of revenues came from North America, with the European share at 27.7 percent and the balance 7.1 percent coming from the rest of the world. The company is expecting Q3 '09 revenue to be in the range of $52.5 million - $54.5 million.

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