Hexaware Technologies Another solid performance :Emkay,

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Hexaware Technologies

Another solid performance

ACCUMULATE

CMP: Rs89                                        Target Price: Rs100

---

n     Sep’11 results mark another quarter of strong performance. Profits at Rs 647 mn  beat estimates despite in line revenues aided by ~340 bps QoQ improvement in op margins

n     Top clients continue to drive growth with top 1/5/10 clients growing by ~15/5/7% sequentially. Net employee addition remains strong for the 2nd quarter in a row

n     Dec’11 revenue guidance of US$ 82-82.5 mn (+4-4.7% QoQ). Co remains optimistic about growth prospects in CY12 despite macro uncertainty.

n     Raise CY11/12E EPS by ~11%/17% to Rs 8.3/8.7 driven by increase in US$ rev estimates, higher margin assumptions aided by lower currency resets. ACCUMULATE, TP 100