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February 17, 2010

Hexaware Q4 revenues down 17.6% to INR2.52bn

Net income surges 127.5% on year ago quarter

By CBR Staff Writer

Hexaware Technologies has reported revenues of INR2.52bn for the fourth quarter of 2009, a decrease of 17.6% compared to INR3.06bn for the same period last year. Gross revenues declined 4.2% sequentially.

The company’s EBITDA was INR451m, a decrease of 18% compared to INR550m in the same period a year ago. Operating profit declined 19.7% to INR380m from INR480m.

For the fourth quarter ended December 31, 2009, the company posted a net income of INR360m, an increase of 110.7% compared to INR171m for the same period last year.

For the fourth quarter of 2009, the company’s BFSI segment accounted for 42.3% of the total revenues and TTHL accounted 18.7%, while emerging segments accounted for 28.8% of the total revenues.

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Geographically, North America accounted for 67.3% of total revenues, Europe accounted for 26.8%, and rest of the world accounted 5.9% of total revenues.

For the full year 2009, the company reported revenues of INR10.4bn, a decrease of 9.8% compared to INR11.5bn in 2008. EBITDA increased 64.9% to INR2.02bn from INR1.23bn, while operating profit increased by 85.8% to INR1.75bn from INR943m in 2008. Net income was INR1.34bn, up 127.5% compared to a net income of INR590m.

Chandrasekar, CEO and vice chairman of Hexaware Technologies, said: “Looking back at 2009, though the economy posed several challenges, Hexaware continued to strengthen our areas of vertical and horisontal focus, while still improving the profitability metrics across all levels.

“We invested in launching several new offerings including our remote infrastructure management services (IMS) as well as the ERP shared services support, both of which will further enhance our ability to service our customers. We believe these investments will hold us in good stead as we progress through 2010.”

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