Hexaware Q1 PAT at Rs 20.86 crore

MUMBAI, INDIA: Hexaware Technologies Ltd reported a net profit of Rs 20.86 crore in its first quarter ended March 31, 2008.

Revenue from operations stood at Rs. 266.95 crore, a 3.0 per cent growth over the previous quarter.

During the quarter the company added 11 new clients. The company now has 177 active clients.

The company’s global headcount at the end of the quarter stood at 6,927. Hexaware said it would give offers to 650 graduate engineers to join in the second half of this year. Attrition remained at 19.5 per cent on an annualized basis.

The company intends to provide an annual salary increase of 11-13 per cent for offshore and 3-4 per cent for onsite technical employees.

“The number of million-dollar clients has also gone up to 56, up from 46 in Q1 ’07,” said Atul Nishar, executive chairman, Hexaware Technologies Ltd.

“Q1 ’08 witnessed significant improvements in operational performance reflecting gains in all financial metrics over the preceding quarter. While the US slowdown had some impact on the order book addition, the current pipeline continues to grow and we are actively chasing four deals in the $25-100 million range each,” said Rusi Brij, vice chairman and CEO.

Hexaware expects its Q2 revenue to be in the range of $71–72.5 million, a growth of approximately 6-8 per cent over Q1 ’08.