Hexaware Technologies reported a net profit of Rs. 11.60 crore for the first quarter ended March 31, 2010, a drop of 68 per cent on a quarter-on-quarter basis. According to a company release, revenue from operations declined by 12 per cent to Rs. 222 crore.
The drop in revenue was primarily as a result of the completion of some large projects and the adverse impact of cross currency movements, particularly euro and British pound. This in turn affected profitability, says a company release. In addition, the restoration of salaries and the continued investments in people, hiring conducted for future growth of the company also contributed to the reduction in profit. The revenue guidance in the second quarter is put at $52 – 53 million.
Nine new clients were added during the quarter, taking the total to 156 active clients. Global headcount stood at 5,304, an increase of 167 employees. The company plans to hire more than 1,000 employees during this year.
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