Hexaware Technologies has reported a big increase in net profit at Rs 8.04 crore (Rs 80.4 million) for the quarter ended March 31, 2004 as compared to Rs 0.9 crore (Rs 9 million) for the quarter ended March 31, 2003.
Hexaware said in a media release on Thursday that its total income has increased from Rs 30.84 crore (Rs 308.4 million) in the MQ-03 to Rs 57.89 crore (Rs 578.9 million) in the quarter ended March 31, 2004.
The consolidated result as follows: The group has posted a profit after tax of Rs 11.52 crore (Rs 115.2 million) for the Quarter ended March 31, 2004 as compared to Rs 1.75 crore (Rs 17.5 million) for the Quarter ended March 31, 2003.
Total revenue has increased from Rs 66.72 crore (Rs 667.2 million) in the MQ-03 to Rs 117.28 crore (Rs 1.172 billion) in the quarter ended March 31, 2004.
Commenting on the results, Atul Nishar, Chairman, Hexaware Technologies Ltd said, "This quarter is the fourth in a row that we have recorded a double digit growth in our revenues. With 32 active Fortune 500/Global 500 clients in our total of 91 active clients, we are set to grow at a faster run-rate than the industry. Going forward, the focus on customer delight will fuel our growth and help attain the critical mass."
Given the improved visibility of business for the rest of the year, the Company has decided to raise its revenue guidance for the financial year 2004 to $108 million (against earlier guidance of $ 102 million) and a PAT of $11.2 million (earlier guidance was $10.2 million).