Hexaware Technologies quarterly net profit down 25% at Rs 66.2 cr

IT company Hexaware Technologies today said its consolidated net profit has dipped 25 per cent to Rs 66.2 crore for the quarter ended December 31, 2012 from Rs 88.2 crore in the year-ago period.

Its revenues, however, increased 16.3 per cent to Rs 502.3 crore (USD 92.4 million) during the reported quarter from Rs 431.9 crore in the corresponding period last year.

"The Q4 2012 revenue was at USD 92.4 million, in-line with the revised quarterly revenue guidance of USD 92 million," Hexaware said in a statement.

Hexaware Technologies had lowered its revenue outlook for the October-December quarter, citing changes in a contract and a USD 4,50,000 hit on account of Hurricane Sandy.

For the full year 2012, net profit grew 22.7 per cent to Rs 327.6 crore, while revenue increased 34.3 per cent to Rs 1,948.2 crore.

"With the investments made to strengthen our competencies and expansion of our field force strength in accordance with our strategic plan, we remain confident of delivering double digit revenue growth for the year 2013," Hexaware Technologies CEO and Vice Chairman P R Chandrasekar said.

For the January-March 2013 quarter, Hexaware expects revenue to be in the region of USD 94-95 million, a sequential growth of 1.7 per cent to 2.8 per cent.

The company has declared final dividend of Rs 1.20 per share (60 per cent) on equity shares of Rs 2 each. The total dividend for 2012 stood at Rs 5.40 per share (270 per cent) as against Rs 4 per share (200 per cent) for the year 2011.

"The Board has decided to continue with the liberal dividend policy and Hexaware intends to distribute about 50 per cent of net profit as dividend. Given the financial strength and evident growth prospects, dividend will continue to be declared every quarter," Chairman Atul Nishar said.

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