Hexaware consolidated Q2 net up 37%

Hexaware Technologies has reported a 37% rise in its consolidated net at Rs 19.45 crore for the second quarter ended June 30, 2005 as compared to Rs 14.20 crore for the quarter ended June 30, 2004. Total income has increased to Rs 167.01 crore for the quarter ended June 30, 2005 from Rs 132.74 crore in Q2FY04.

According to a release issued by Hexaware Technologies to the BSE, the tech major (on a stand alone basis) has posted a 104% surge in its Q2 net at Rs 15.14 crore for the quarter ended June 30, 2005 as compared to Rs 7.42 crore in the same period last fiscal. Total income has increased to Rs 85.53 crore for the quarter ended June 30, 2005 from Rs 61.05 crore in Q2FY04.

"While we experienced slower than anticipated revenue growth during the second quarter, we remain confident in our ability to build upon our leadership position. Our strategies and key focus areas will continue to yield results in coming quarters as in the past," said Atul Nishar, Chairman, of Hexaware Technologies, adding, "Hexaware has an extremely capable and committed management team that will ensure achieving of our business objectives."

"Delays in commencement of some projects and lower than expected revenues from new clients led to flat revenue growth," stated Rusi Brij, vice-chairman and CEO. Rusi further added, "Our business strategy remains fundamentally sound, and we believe these issues are now behind us and the company will return to stable growth from next quarter."