Information technology company Hexaware Technologies Ltd has posted a substantial jump in its consolidated net profit at Rs 32.88 crore (Rs 328.8 million) for the year ended December 31, 2003 as against Rs 5.75 crore (Rs 57.5 million) in the last fiscal.
The board has proposed a dividend of Rs 2 per share for the year FY03, subject to shareholders approval, the company said in a release in Mumbai on Tuesday.
The gross revenues for 2003 grew by 36.4 per cent at Rs 338.98 crore (Rs 3,389.8 million) from Rs 248.59 crore (Rs 2,485.9 million) in 2002, the company said.
Atul Nishar, chairman, Hexaware, said: "The overall business scenario for outsourcing has significantly improved, resulting in sustained increase in offshore volumes."
The pricing environment had stabilised and the hourly offshore rates are up from $21 a year back to $22.50 in the fourth quarter, Nishar said.
"During the year, key clients have scaled up and the company now has 28 Fortune 500 - Global 500 clients. All this gives us the confidence for a robust growth in future," he said.
On the prospects for the current year, Hexaware said the revenues are expected to grow at 40 per cent to exceed the $102 million mark and net profits would grow at 175 per cent over the figures for 2003.
