Revenues at Rs 266.95 crore were up 1 per cent compared with Rs 264.36 crore in the corresponding previous quarter. Sequentially (quarter ended December 31, 2007), the company had reported a net loss of Rs 81 crore.
The firm reported a mark-to-market (MTM) loss of Rs 5.6 crore in view of the changed accounting policy adopted for the quarter. Operating margins, excluding MTM loss, were 9.6 per cent (4.6 per cent).
The company currently has forward cover of $196 million at an average rate of Rs 40.38 per dollar spread over the next ten quarters.
"While the US slowdown had some impact on the order book, the current pipeline continues to grow and we are actively chasing 4 deals in the $25-100 million range each. Our investments in a larger sales team with better focused go-to-market strategies have started paying dividends," said Rusi Brij, vice- chairman and CEO, Hexaware Technologies.
The company has provided a guidance that the second quarter revenue was likely to be in the $71-72.5 million range, a growth of approximately 6-8 per cent over the fist quarter.
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Hexaware added 11 clients during the quarter. The number of clients registering over $1 million in revenues recorded an increase from 54 in last quarter to 56 now, with 43 clients in the $1-5 million category.
The number of clients in the $5-10 million range has increased from 7 in the last quarter to 9 in this quarter, with another 4 clients billed over $10 million each on a trailing 12 months basis.