Hexaware Technologies December-quarter profit rises 66%, share falls over 7%

The recently listed IT company, Hexaware Technologies on Friday, March 7, reported net profit of ₹321 crore in the December quarter, marking an increase of 66% from ₹193 crore during the same period last year. Its revenue from operations rose 21% to ₹3,154 crore from ₹2,616 crore in the year-ago period.

The company's revenue in constant currency terms rose 18.8%. In dollar terms, the company earned revenue of $372 million.

During the quarter, Hexaware added one customer in the $100 million plus category, four customers in the $20 million plus category. In the calendar year 2024 Hexaware Technologies added 15 clients as against 11 customers it added 2023.

Top 10 customers contributed 35.8% towards its revenue in 2024, the company said in a stock exchange filing.

The company had cash and cash equivalents position at ₹1,977 crore.

“We are delighted to be public again. Materially outperforming industry growth with 18.5% YoY Q4CY24 revenue growth reflects the strength of Hexaware’s foundations: putting clients first, creating a home for great talent, and using platforms for real impact. We look forward to building on this momentum for a great CY25,” R Srikrishna CEO said in a statement.

During the quarter, the company won a deal to modernize workflows and user interfaces by replacing Appian with AWS cloud-native solutions and implementing ServiceNow ITSM for a large secondary mortgage provider in the US. It also won a deal for GenAI-based legacy modernization project using our proprietary GenAI model to extract business rules and blueprint the application to a new technology stack for a major airline in the US.

Following its earnings announcement, Hexaware Technologies shares dropped as much as 7.41% to hit an intraday low of ₹759.10. The stock has advanced 7.2% from its issue price of ₹708, data from the BSE showed.

The stock got re-listed on February 19.

As of 1:30 pm, Hexaware Technologies shares were trading 4.7% lower at ₹780, underperforming the Nifty IT index which was down nearly 0.9%.