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Hexaware Q1 net up 101.6%

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CIOL Bureau
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MUMBAI: Hexaware Technologies Ltd has reported a 101.6 percent increase net profit to Rs 23.23 crore for the first quarter ended March 31, 2005 as compared to a net profit of Rs 11.52 crore attained in the first quarter of 2004.

The company's global revenues rose 43.4 percent to Rs 164.05 crore for the first quarter ended March 31, 2005 as compared to Rs 114.37 crore, achieved during the same quarter in 2004.






The company added eight new clients during the quarter. The company's total headcount increased to 4,044 at the end of the current quarter, an increase of 211 over the preceding quarter.





"The success of our focus on domain knowledge in BFSI and airlines is reflected in the new order book of $22.3 million and $9.7 million respectively. Operating margin has gone up to 13.7 percent. Existing client revenues also went up to 91.8 percent underlying both the success of our account mining and the potential of our client base," said Hexaware executive chairman Atul Nishar.


"The quarter performance is in line with our annual guidance of revenue of $170 million and net profit of $25.2 million. With three new orders in excess of $ five million each, the company has added nine such major orders since July '04," stated Hexaware vice-chairman and CEO Rusi Brij.






The company has covered itself against the impact of rupee appreciation by adequately hedging the foreign exchange inflows. The company has forward cover of $72 million at an average rate of Rs 44.43.






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