Hexaware beats forecasts, shares jump

Software services provider Hexaware Technologies reported a stronger-than-expected fourth-quarter profit and forecast "above-industry revenue growth" for the medium term, sending its shares up as much as 12 percent.

Hexaware said its net profit rose to 882.5 million rupees in the three months ended December 31 from 396 million rupees a year earlier. Analysts had expected a profit of 697.8 million rupees, according to Thomson Reuters Starmine.

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Sales rose to 4.32 billion rupees from 3 billion a year earlier, in part reflecting a drop in the value of the rupee.

Hexaware, which added 15 customers during the quarter, also beat its own full-year dollar-sales forecast, reporting revenue of $308.1 million for the year, compared with the company's October forecast of $306 million.

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Sales this year will rise "a minimum of 20 percent" to at least $370 million, the company said on Thursday.

"We remain confident of sustaining our above-industry revenue growth rate in the medium term," Chairman Atul Nishar said in a statement.

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Hexaware shares were up 10.9 percent at 97.65 rupees at 12:32 p.m. (0702 GMT). The BSE Sensex was up 0.8 percent.