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Hexaware Technologies Q1 net doubles to Rs 20.91 cr

Written by: Staff
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Mumbai, Apr 20 (UNI) Hexaware Technologies has posted a profit after tax of Rs 20.91 crore for the quarter ended March 31, 2006 (Q1 FY 2006) as compared to Rs 10.29 crore for the quarter ended March 31, 2005 (Q1 FY 2005), an increase of over 100 per cent.

Announcing the results, the Company said its Total Income is Rs 90.92 crore for Q1 FY 2006 against Rs 78.28 crore in Q1 FY 2005.

The consolidated results of the Group has posted a profit after tax of Rs 26.02 crore for the quarter ended March 31, 2006 (Q1 FY 2006) whereas the same was at Rs 23.23 crore for the quarter ended March 31, 2005 (Q1 FY 2005). Total Income is Rs 180.02 crore for Q1 FY 2006 whereas the same was at Rs 166.92 crore in Q1 FY 2005.

The figures for the quarter ended March 31, 2005 included figures pertaining to the operations of the India Service Centre at Bangalore, which was transferred to a party on November 2, 2005, in accordance with the terms of the BOT agreement. Accordingly, the figures for three months ended March 31, 2006 are not strictly comparable with the figures appearing for three months ended March 31, 2005. However in view of continued growth in operations, irrespective of such transfer, the income from operations and profitability during the quarter shows improvement.

''Hexaware is poised for scalable growth opportunities in the coming quarters by building core competencies and investing on world-class infrastructure. To further our business momentum, we are building a strong eco-system to leverage key relationships with various partners including General Atlantic Partners. We also plan to have a headcount of 5000 by this financial year end,'' commented Atul Nishar, Executive Chairman of the Company.

The Company's guidance for quarter ending June 30, 2006 is expected to have revenue from operations at USD 42.5 million, a growth of 7 per cent over Q1'06 and net profit of USD 6 million. The impact of salary increase in Q2 will be about USD 1.5 million. If this were to be excluded, the net profit guidance would reflect a 27.7 per cent growth over Q1 profit of USD 5.87 million.

UNI SN MAZ NV1442

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