Hexaware Technologies shares down on poor profit returns in Q4

Mumbai-based IT consulting and digital service provider Hexaware Technologies on Wednesday reported a 5 percent decline in its share price on the stock exchange.

The decline in share price was reported after the company in its filing with the stock exchange reported, “It has reported an 8.7% decline in its consolidated net profit at Rs 167.8 crores in Q4 of 2019.”

“The company also saw an increase of 3.2% in its revenue for the Q4 December at Rs 1528.8 crore, and the Q4 EBITDA stood at Rs 239.7 crore improved by 0.8 percent,” the company in the filing said.

Adding to the filing the company said, “The company has recorded a 20.1% YoY increase in revenue at Rs 5582.5 crores in the year-end of 2019.”

“The net profit rose by 9.9 percent to Rs 641.3 crore, and EBITDA (Post RSU) at 19.7% to Rs 877.9 crore in FY19,” filing added.

Speaking on the performance, Atul Nishar, Chairman, Hexaware Technologies Limited, said, “Hexaware has seen sustained revenue growth with CAGR of 13.1% over the last 5 years. This is an acknowledgment of our excellent client relationships coupled with strong execution capabilities.”

Whereas, R Srikrishna, CEO & Executive Director, Hexaware Technologies said, “We had a market-leading performance from all but one vertical during the year. Consequently, we exited a seasonally weak 14 with solid growth and expect to continue that into 2020 with anticipated revenue growth in excess of 15% for the full year”.