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Hexaware Technologies Ltd. Regulatory Filings 2025
35685_rns_2025-04-28_283fde81-8b70-4bf7-a161-14ed276d7369.pdf
Regulatory Filings
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HEXT/SE/2025/45
Date: April 28, 2025
To, The Manager The General Manager Listing Department Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra-Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai - 400 051 Dalal Street, Mumbai - 400 001 Symbol: HEXT Scrip Code:544362
Dear Sir/ Madam,
Subject: Investor Presentation for the quarter ended March 31, 2025.
This is with reference to and in continuation of our letter dated April 24, 2025, wherein we have intimated that the Company will be hosting conference call with Investors/ Analysts on April 29, 2025 at 8.00 am for discussion on the financial results of the Company for the quarter ended March 31, 2025.
In this regard, we have enclosed the presentation and fact sheet to be made to Investors/Analysts during the conference call on the financial results and performance of the Company for the quarter ended March 31, 2025.
This is also being made available at the website of the Company i.e www.hexaware.com.
Yours faithfully,
For Hexaware Technologies Limited
GUNJAN SUMIT METHI Digitally signed by GUNJAN SUMIT METHI Date: 2025.04.28 23:51:33 +05'30'
Gunjan Methi Company Secretary and Compliance Officer
HEXAWARE TECHNOLOGIES LIMITED
Investor Presentation – Q1CY25
April 2025
© 2025 Hexaware Technologies
Safe Harbor Statement / Forward-looking and Cautionary Statement / Disclaimer
Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company may, from time to time, make additional written and oral forward statements. We do not undertake to update any forward statements that may be made from time to time by us or on our behalf unless required under the law.
Use of Non-GAAP Financials
Hexaware has included certain non-GAAP financial measures in this presentation to supplement Hexaware's consolidated financial statements presented on a GAAP basis. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Hexaware's results as reported under GAAP.
The non-GAAP financial information that we provide also may differ from the non-GAAP information provided by other companies. We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financial statements and using non-GAAP financial measures only supplementally. We have provided reconciliations of non-GAAP earnings to the most directly comparable GAAP earnings, and we encourage investors to review those reconciliations carefully.
We believe that providing these non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency. We further believe that providing this information better enables investors to understand Hexaware's operating performance and financial condition.
Rounding off
Certain amounts and percentage figures included in this presentation have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them.
Key Financial and Business Highlights
Financial Highlights Business Highlights
Revenue:
- Q1CY25: USD 371.5 Mn | INR 32,079 Mn
-
o USD : (0.2%) QoQ; 12.4% YoY
-
o INR : +1.7% QoQ; +16.7% YoY o Constant Currency : (0.2%) QoQ; +12.7% YoY
Profitability:
- EBITDA : Q1CY25: 16.7%
- o +2.3% QoQ & +20.8% YoY in absolute terms
- o +41 bps QoQ & +117 bps YoY in % terms
- Basic EPS:
- o Q1CY25: INR 5.38 | +2.5% QoQ & +16.7% YoY
Cash
• Closing cash balance as of 31st March 2025(3) : INR 19,087 Mn
Strategic Investments:
- Delivery footprint expansion in Dehradun and Hyderabad
- Client Experience Centre (CEC) in Jersey City and London
Key People Metrics:
- Closing Headcount: 31,564
- Voluntary Attrition for IT(1): 11.2%
- Q1CY25 Utilization Rate for IT(2): 82.1%
Key Customer Metrics:
- NPS Score of 67; 27 points higher than the industry median
- 3 customers >\$75Mn (1 customer in the \$100 Mn+ category)
Strategies on Growth acceleration:
- Legacy modernization using RapidX, Gen AI
- Private Equity as a channel for Revenue growth
- Expand presence in ISV's
- Expand presence in India/GCC and Middle East
Notes: (1) Voluntary attrition rate for the IT service line is calculated as the total number of IT business professionals and support function professionals who left the company voluntarily during a period, divided by the average number of IT business professionals and support function professionals during the period, computed on a trailing twelve-month basis. (2) Utilization rate for IT is calculated as the total hours IT business professionals spend on customer-billed assignments, divided by the total available base hours. IT business professionals designated as Mavericks (campus hires) are included in the utilization computation after the completion of an initial training period of up to four months. (3) Includes restricted cash balance
*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Diverse Presence Across Verticals and Geographies
| Q1CY25 | ||
|---|---|---|
| Growth (%)(1) | QoQ | YoY |
| Financial Services | 5.0% | 20.5% |
| Healthcare & Insurance | -1.3% | 11.1% |
| Manufacturing & Consumer | 0.1% | -4.5% |
| High Tech & Professional Services | -5.6% | 21.1% |
| Banking | -12.4% | -1.7% |
| Travel & Transportation | 9.2% | 22.5% |
Vertical Split (%) Geographic Split (%)
| Q1CY25 | ||||
|---|---|---|---|---|
| Growth (%)(1) | QoQ | YoY | ||
| Americas | 0.5% | 18.3% | ||
| Europe | -1.2% | -4.0% | ||
| Asia Pacific | -5.9% | 0.0% |
Note: (1) In USD terms
Diverse Clientele with Strong Partnerships
Note: (1) Represents revenue earned from customers.
Winning Across Domains: Key Successful Deals
| An international institution providing financial and technical assistance to developing countries |
Large Financial Institution based out of Europe |
Large Global Bank | Large Legal Advisory Firm |
|---|---|---|---|
| Modernizing the Grants Management System |
Finance and HR platform transformation |
Application modernization and transformation journey across multiple business lines |
Building Gen AI based platforms and apps |
| Large travel player providing data analytics and settlement |
A leading American global multinational law firm |
US based Health and Technology Company |
One of the largest pet insurance companies |
| services | |||
| Developing a new settlement platform to manage transactions more effectively |
Infrastructure, application & data separation consulting and implementation program + Migration of applications / workloads from global data center to cloud. |
Program to eliminate legacy applications to achieve simplification and reduce legacy debt using a low code platform |
Broad IT Services |
Q1CY25 Financial Highlights
- Reported EBITDA 16.7%; +20.8% YoY growth (+117 bps)
- Reported Net Profit 10.3% +14.0% YoY growth (+15 bps YoY)
- ERP implementation cost is the only nonrecurring expense left.
Enhancing Operational Efficiency Through Revenue Optimization and Talent Management
IT Business Professionals
Notes: (1) For IT Services (2) Voluntary attrition rate for the IT service line is calculated as the total number of IT business professionals and support function professionals who left the company voluntarily during a period, divided by the average number of IT business professionals and support function professionals during the period, computed on a trailing twelve-month basis. (3) Utilization rate for IT is calculated as the total hours IT business professionals spend on customer-billed assignments, divided by the total available base hours. IT business professionals designated as Mavericks (campus hires) are included in the utilization computation after the completion of an initial training period of up to four months.
Cash Flow, ETR, and EPS Metrics
Notes: DSO: Days Sales Outstanding; OCF: Operating Cashflows; EPS: Earnings Per Share. (1) DSO is computed based on trailing 3 months of USD revenue
CY25 Outlook
- Update on two GSEs:
- Client 1, consolidation deal execution was delayed but has begun now
- Client 2, sharp ramp-down accounting for ~1% of org revenue. However, this is one of the material new consolidation opportunities listed below. Downsides are behind and potential upsides are ahead
- Update on the consolidation deals announced in March:
- Client 1 \$20 \$30M incremental p.a from CY 26. Partial ramp up from Q2
- Client 2 \$25 \$35M incremental p.a from CY 26. Partial ramp up from Q2
- Update on two consolidation deals in pipeline:
- Positive progress
- Mega consolidation opportunities in clients where we are non incumbents for this work
- New Opportunities:
- Two new large consolidation opportunities
- CY25 Revenue View:
- Q2 expect to deliver reasonable but not sharp growth.
- Q3 expected to have accelerated growth; and we expect to buck usual pattern and grow in Q4. These are not macro contingent.
- Expect to hire 1800-2000 IT people in Q2 in anticipation of Q3 ramp.
- Vertical View
- Banking, FS expected to lead growth
- HTPS, H&I to grow at roughly company average
- T&T marginal incremental weakness due to Macros, but will grow at roughly company average
- Manufacturing & Consumer significant weakness due to Macros
- Margin outlook:
- EBITDA to improve as per the range of 17.1% 17.4% given earlier.
- ERP costs to end in June
- Medium-term levers to improve margins remain, but near-terms focus is to use them for growth.
Reconciliation of Adj. EBITDA and Adj. Profit – Q1CY25
| % of Revenue | EBITDA | Profit | |||
|---|---|---|---|---|---|
| Q1CY25 | Q4CY24 | Q1CY25 | Q4CY24 | ||
| Reported Margin | 16.7% | 16.3% | 10.3% | 10.2% | |
| Add: ESOP compensation cost | 0.4% | 0.4% | - | - | |
| Add: ERP transformation cost(1) | 0.6% | 0.7% | 0.6% | 0.7% | |
| Add: Acquisition related costs(2) | - | 0.0% | - | 0.0% | |
| Less: Other income (excluding exchange rate difference (net)) | (0.6%) | (0.3%) | - | - | |
| Add: Amortization of intangible assets acquired in business combination | - | - | 0.7% | 0.7% | |
| Less: Tax Impact on above(3) | - | - | (0.3%) | (0.3%) | |
| Adjusted Margin | 17.1% | 17.1% | 11.3% | 11.3% |
Note: (1) ERP transformation cost consists of professional fees, travel costs, license costs, and the cost of employees working on the implementation of new ERP software (2) Acquisition-related costs consist of professional fees incurred in relation to M&A activities (3) Tax impact for a period/year is computed using the consolidated effective tax rate for the period/year
Awards and Recognition
| Hexaware recognised among Top 25 Most Valuable IT Brands globally |
Hexaware Among the Top 50 Happy Companies to Work For At World HRD Congress Awards 2025 |
Hexaware Wins WOW Workplace Award 2025 |
Hexaware Wins 5 Awards at the Global Training & Development Leadership Awards by World HRD Congress Awards 2025 |
Hexaware Wins 2024 ISG Star of Excellence Universal (Global) Region Award with 86.7 CX Score |
Hexaware Named a Leader in Implementation Services for Core Clouds and AI Agents—Midmarket in the ISG Provider Lens Salesforce Ecosystem Partner 2025 UK Quadrant Report |
Hexaware Named a Leader in Managed Application Services— Midmarket in the ISG Provider Lens Salesforce Ecosystem Partner 2025 UK Quadrant Report |
|---|---|---|---|---|---|---|
| Recognized as one of the Best Organizations for Women 2025 for the third consecutive year by ET Now |
Ranked #1 in General Satisfaction in the Whitelane IT Sourcing Study for Europe 2024/25 |
Hexaware Recognized for ESG Excellence@Second Edition of the Net Zero Summit & Awards 2025 |
Hexaware Named a Leader in Strategy and Consulting Services- Midsize in ISG Provider Lens Generative AI Services 2024 US Quadrant Report |
Hexaware Named a Leader in Development and Deployment Services - Midsize in ISG Provider Lens Generative AI Services 2024 US Quadrant Report |
Hexaware Named Leader in Application Modernization Services in the ISG Provider Lens Mainframes Services and Solutions 2025 US Quadrant |
Hexaware Named a Leader in Data Modernization Services– Midsize in ISG Provider Lens Advanced Analytics and AI Services 2024 US Quadrant Report |
| CEO R Srikrishna recognized at the Asian Business Leaders Conclave by ET for the second consecutive year |
CFO Vikash Jain Recognized as IPO Trailblazer CFO (Large Enterprises) @ETCFO Awards 2025 |
CMO Nidhi Alexander Featured Among The Consulting Report's Top 25 Women Leaders in Consulting for 2025 |
Hexaware Named a Leader in Platform and Application Services in ISG Provider Lens Digital Engineering Services 2025 US Quadrant Report |
Hexaware Named a Leader in Agile Application Development Projects in ISG Provider Lens Next-Gen ADM Services 2024 US Quadrant Report |
Hexaware Named a Leader in Managed Services for Azure in ISG Provider Lens Microsoft Cloud Ecosystem 2024 US Quadrant Report |
Hexaware Recognized in Forrester's Landscape Report: The Application Modernization And Multicloud Managed Services Landscape, Q4 2024, Published October 24th, 2024, Analysts: Bill Martorelli, et al. |
*Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
ESG and Sustainability Awards
- Ecovadis Assessment: Hexaware is in the top 15% globally, awarded a silver medal with a score of 70, placing in the 92nd percentile worldwide
- Net Zero Summit UBS Forums 2024: Won the "Sustainable Organization of the Year 2024" award
Adopting Global Best Practices
- Committed to near-term, long-term, and Net Zero targets approved by the Science Based Targets Initiative (SBTi)
- Aligned with the frameworks of TCFD, GRI, and UN SDGs
- Submit an annual "Communication on Progress (CoP)" to the United Nations Global Compact (UNGC)
Bringing Smiles to the Planet and Communities We Live In
- Achieve net zero greenhouse gas (GHG) emissions (Scope 1 and 2) by 2040
- Transition 70% of campus electricity usage to renewable sources by 2030
-
Achieve water neutrality for owned operations by 2030 and zero waste to landfill at owned facilities by 2025
-
Increased electricity usage from renewable energy across all India locations from 39.7% in 2023 to 52% in 2024
- Increased our renewable energy usage from 59% in 2023 to 71% in 2024 at our campuses in Chennai, Pune, and Nagpur
Please direct all inquiries to
Investor Factsheet – Q1CY25
April 2025
© 2025 Hexaware Technologies
Key Financial Metrics
| Quarterly Metrics | Change | ||||
|---|---|---|---|---|---|
| In INR million unless stated otherwise | Q1CY25 | Q4CY24 | Q1CY24 | QoQ (%) | YoY (%) |
| Revenue (USD Mn) | \$371.5 | \$372.3 | \$330.6 | (0.2%) | 12.4% |
| Revenue – Constant Currency (CC) | (0.2%) | 12.7% | |||
| Revenue (INR Mn) | 32,079 | 31,544 | 27,488 | 1.7% | 16.7% |
| Profitability | |||||
| Reported EBITDA | 5,322 | 5,140 | 4,281 | 3.5% | 24.3% |
| Reported EBITDA Margin (%) | 16.6% | 16.3% | 15.6% | 30 bps | 102 bps |
| Adjusted EBITDA | 5,451 | 5,380 | 4,433 | 1.3% | 23.0% |
| Adjusted EBITDA Margin (%) | 17.0% | 17.1% | 16.1% | -6 bps | 87 bps |
| Reported Profit | 3,271 | 3,207 | 2,790 | 2.0% | 17.2% |
| Reported Profit Margin (%) | 10.2% | 10.2% | 10.1% | 3 bps | 5 bps |
| Adjusted Profit | 3,587 | 3,567 | 3,097 | 0.6% | 15.8% |
| Adjusted Profit Margin (%) | 11.2% | 11.3% | 11.3% | -13 bps | -8 bps |
| Basic EPS (INR) | 5.38 | 5.25 | 4.61 | 2.5% | 16.7% |
| Adjusted EPS (INR) | 5.90 | 5.84 | 5.11 | 1.0% | 15.5% |
| Cash Flow | |||||
| Operating Cash Flows (OCF) | 13,478 | 15,480 | 15,904 | (12.9%) | (15.3%) |
| LTM OCF to Adjusted EBITDA (%) | 61.9% | 74.5% | 91.1% |
Key Revenue Metrics – Q1CY25
Revenue by Vertical
| In INR million | Q1CY25 | % of Revenue |
Q4CY24* | % of Revenue |
Q1CY24* | % of Revenue |
|---|---|---|---|---|---|---|
| Financial Services | 9,786 | 30.5% | 9,149 | 29.0% | 7,829 | 28.5% |
| Healthcare and Insurance | 6,672 | 20.8% | 6,645 | 21.1% | 5,790 | 21.1% |
| Manufacturing and Consumer | 4,780 | 14.9% | 4,681 | 14.8% | 4,817 | 17.5% |
| High Tech and Professional Services | 5,565 | 17.3% | 5,772 | 18.3% | 4,421 | 16.1% |
| Banking | 2,507 | 7.8% | 2,809 | 8.9% | 2,456 | 8.9% |
| Travel and Transportation | 2,769 | 8.6% | 2,488 | 7.9% | 2,175 | 7.9% |
| Total Revenue | 32,079 | 100.0% | 31,544 | 100.0% | 27,488 | 100.0% |
Revenue by Geography
| In INR million | Q1CY25 | % of Revenue |
Q4CY24* | % of Revenue |
Q1CY24* | % of Revenue |
|---|---|---|---|---|---|---|
| Americas | 24,428 | 76.1% | 23,859 | 75.6% | 19,886 | 72.3% |
| Europe | 5,846 | 18.2% | 5,804 | 18.4% | 5,865 | 21.3% |
| Asia Pacific | 1,805 | 5.6% | 1,881 | 6.0% | 1,737 | 6.3% |
| Total Revenue | 32,079 | 100.0% | 31,544 | 100.0% | 27,488 | 100.0% |
Revenue by IT, BPS, and Others
| In INR million | Q1CY25 | % of Revenue |
Q4CY24 | % of Revenue |
Q1CY24 | % of Revenue |
|---|---|---|---|---|---|---|
| IT Services | 27,215 | 84.8% | 26,592 | 84.3% | 23,108 | 84.1% |
| BPS Services | 3,975 | 12.4% | 4,084 | 12.9% | 3,414 | 12.4% |
| Others | 889 | 2.8% | 868 | 2.8% | 966 | 3.5% |
| Total Revenue | 32,079 | 100.0% | 31,544 | 100.0% | 27,488 | 100.0% |
Revenue by Onshore, Offshore IT Services
| In INR million | Q1CY25 | % of Revenue |
Q4CY24 | % of Revenue |
Q1CY24 | % of Revenue |
|---|---|---|---|---|---|---|
| Onshore IT Services | 14,818 | 54.4% | 14,969 | 56.3% | 13,090 | 56.6% |
| Offshore IT Services | 12,397 | 45.6% | 11,623 | 43.7% | 10,018 | 43.4% |
| Total Revenue | 27,215 | 100.0% | 26,592 | 100.0% | 23,108 | 100.0% |
Key Revenue Metrics – Q1CY25
Revenue by Vertical
| In USD million | Q1CY25 | % of Revenue |
Q4CY24* | % of Revenue |
Q1CY24* | % of Revenue |
|---|---|---|---|---|---|---|
| Financial Services | 113 | 30.5% | 108 | 29.0% | 94 | 28.5% |
| Healthcare and Insurance | 77 | 20.8% | 78 | 21.0% | 70 | 21.1% |
| Manufacturing and Consumer | 55 | 14.9% | 55 | 14.8% | 58 | 17.5% |
| High Tech and Professional Services | 64 | 17.3% | 68 | 18.3% | 53 | 16.1% |
| Banking | 29 | 7.8% | 33 | 8.9% | 30 | 8.9% |
| Travel and Transportation | 32 | 8.6% | 29 | 7.9% | 26 | 7.9% |
| Total Revenue | 372 | 100.0% | 372 | 100.0% | 331 | 100.0% |
Revenue by Geography
| In USD million | Q1CY25 | % of Revenue |
Q4CY24* | % of Revenue |
Q1CY24* | % of Revenue |
|---|---|---|---|---|---|---|
| Americas | 283 | 76.2% | 282 | 75.6% | 239 | 72.3% |
| Europe | 68 | 18.2% | 69 | 18.4% | 71 | 21.3% |
| Asia Pacific | 21 | 5.6% | 22 | 6.0% | 21 | 6.3% |
| Total Revenue | 372 | 100.0% | 372 | 100.0% | 331 | 100.0% |
Revenue by IT, BPS, and Others
| In USD million | Q1CY25 | % of Revenue |
Q4CY24 | % of Revenue |
Q1CY24 | % of Revenue |
|---|---|---|---|---|---|---|
| IT Services | 315 | 84.8% | 314 | 84.3% | 278 | 84.1% |
| BPS Services | 46 | 12.4% | 48 | 12.9% | 41 | 12.4% |
| Others | 10 | 2.8% | 10 | 2.7% | 12 | 3.5% |
| Total Revenue | 372 | 100.0% | 372 | 100.0% | 331 | 100.0% |
Revenue by Onshore, Offshore IT Services
| In USD million | Q1CY25 | % of Revenue |
Q4CY24 | % of Revenue |
Q1CY24 | % of Revenue |
|---|---|---|---|---|---|---|
| Onshore IT Services | 172 | 54.4% | 177 | 56.3% | 157 | 56.5% |
| Offshore IT Services | 144 | 45.6% | 137 | 43.7% | 121 | 43.5% |
| Total Revenue | 315 | 100.0% | 314 | 100.0% | 278 | 100.0% |
© 2025 Hexaware Technologies 4 * Previous period numbers have been restated to reflect internal organization realignment of customers to verticals and geographies
Key Client and Operational Metrics
Customer Concentration(1)
| Q1CY25 | Q4CY24 | Q1CY24 | |
|---|---|---|---|
| Top 5 customers | 25.7% | 25.7% | 25.3% |
| Top 10 customers | 36.2% | 35.8% | 35.7% |
| Top 20 customers | 49.8% | 49.7% | 49.2% |
Client Pyramid(2)
| Q1CY25 | Q4CY24 | Q1CY24 | |
|---|---|---|---|
| \$75 million + | 3 | 3 | 2 |
| \$50 million + | 3 | 3 | 3 |
| \$20 million + | 15 | 15 | 13 |
| \$10 million + | 30 | 31 | 29 |
| \$5 million + | 66 | 61 | 53 |
| \$1 million + | 195 | 186 | 178 |
Key Employee Metrics
| Q1CY25 | Q4CY24 | Q1CY24 | |
|---|---|---|---|
| # of IT business professionals |
20,577 | 20,475 | 18,744 |
| # of BPS business professionals |
10,987 | 11,834 | 11,391 |
| Total Headcount | 31,564 | 32,309 | 30,135 |
| Voluntary Attrition rate for IT service line(3) |
11.2% | 10.8% | 13.3% |
| Utilization rate for IT(4) | 82.1% | 81.6% | 82.4% |
Notes: (1) Revenue by customer group (top 5, top 10 and top 20) is revenue derived by our Company from these customer groups on TTM basis preceding the relevant date. (2) Client Pyramid is calculated as number of active clients for respective period based on the revenue earned from these customers in the last twelve months preceding the relevant date. (3) Total number of IT business professionals and support function professionals who left the company voluntarily during a period divided by average number of IT business professionals and support function professionals during the period computed on TTM basis. (4) Total hours spent by IT business professionals on customer billed assignments divided by the total available base hours. IT business professionals designated as Mavericks (campus hires) are included in the utilization computation after completion of an initial period of training of up to four months.
Other Key Metrics
| Days Sales Outstanding (DSO) | ||||
|---|---|---|---|---|
| # of Days | Q1CY25 | Q4CY24 | Q1CY24 | |
| DSO - Billed | 39 | 38 | 40 | |
| DSO - Unbilled | 36 | 27 | 28 |
USD / INR Exchange Rate
| Q1CY25 | Q4CY24 | Q1CY24 | |
|---|---|---|---|
| Period Closing Rate | 85.48 | 85.62 | 83.41 |
| Period Average Rate | 86.52 | 84.73 | 83.12 |
Summary of Consolidated Statement of Profit and Loss
| Change | |||||
|---|---|---|---|---|---|
| In INR million unless stated otherwise | Q1CY25 | Q4CY24 | Q1CY24 | QoQ (%) | YoY (%) |
| Revenue (USD Mn) | 371.5 | 372.3 | 330.6 | (0.2%) | 12.4% |
| Revenue – Constant Currency | (0.2%) | 12.7% | |||
| Revenue (INR Mn) | 32,079 | 31,544 | 27,488 | 1.7% | 16.7% |
| Other Income | 44 | 236 | 105 | (81.4%) | -58.1% |
| Total Income | 32,123 | 31,780 | 27,593 | 1.1% | 16.4% |
| (-) Employee Benefits Expense | 18,622 | 18,196 | 16,115 | 2.3% | 15.6% |
| (-) Other Expenses | 8,179 | 8,444 | 7,197 | (3.1%) | 13.6% |
| EBITDA | 5,322 | 5,140 | 4,281 | 3.5% | 24.3% |
| EBITDA Margin (%) | 16.6% | 16.3% | 15.6% | 30 bps | 102 bps |
| (-) / + Adjustments | 129 | 240 | 152 | (46.3%) | (15.1%) |
| Adjusted EBITDA | 5,451 | 5,380 | 4,433 | 1.3% | 23.0% |
| Adjusted EBITDA Margin (%) | 17.0% | 17.1% | 16.1% | -6 bps | 87 bps |
| (-) D&A | 735 | 763 | 600 | (3.7%) | 22.5% |
| EBIT | 4,587 | 4,377 | 3,681 | 4.8% | 24.6% |
| EBIT Margin (%) | 14.3% | 13.9% | 13.4% | 42 bps | 91 bps |
| (-) Finance Costs | 224 | 207 | 103 | 8.2% | 117.5% |
| Profit before Tax | 4,363 | 4,170 | 3,578 | 4.6% | 21.9% |
| Total Tax Expense | 1,092 | 963 | 788 | 13.4% | 38.6% |
| Reported Profit | 3,271 | 3,207 | 2,790 | 2.0% | 17.2% |
| Reported Profit Margin (%) | 10.2% | 10.2% | 10.1% | 3 bps | 5 bps |
| Adjusted Profit | 3,587 | 3,567 | 3,097 | 0.6% | 15.8% |
| Adjusted Profit Margin (%) | 11.2% | 11.3% | 11.3% | -13 bps | -8 bps |
| Basic EPS (INR) | 5.38 | 5.25 | 4.61 | 2.5% | 16.7% |
| Adjusted EPS (INR) | 5.90 | 5.84 | 5.11 | 1.0% | 15.5% |
Summary of Consolidated Balance Sheet
| As of period ending | |||
|---|---|---|---|
| In INR million | Mar'25 | Dec'24 | |
| Assets | |||
| Property, plant and equipment and intangible assets | 7,848 | 8,128 | |
| Right-of-use assets | 5,499 | 5,596 | |
| Goodwill | 23,831 | 23,871 | |
| Capital work-in-progress | 1,479 | 1,308 | |
| Deferred tax assets (net) | 2,758 | 2,682 | |
| Other non-current assets and other investments | 2,664 | 2,338 | |
| Trade receivables and unbilled revenue | 26,395 | 22,531 | |
| Other current assets | 4,292 | 3,568 | |
| Cash and cash equivalents (inc. restricted) | 19,087 | 19,923 | |
| Total Assets | 93,853 | 89,945 | |
| Equity and Liabilities | |||
| Equity | 608 | 608 | |
| Other Equity and reserves | 56,698 | 52,961 | |
| Non-controlling Interests | (24) | (23) | |
| Total Equity | 57,282 | 53,546 | |
| Non-current liabilities | 87 | 228 | |
| Deferred tax liabilities (net) | 0 | 0 | |
| Lease liabilities | 5,676 | 5,742 | |
| Trade payables | 8,759 | 9,140 | |
| Other current liabilities | 14,381 | 13,981 | |
| Deferred consideration | 4,167 | 4,140 | |
| Provisions | 3,501 | 3,168 | |
| Total Liabilities | 36,571 | 36,399 | |
| Total Equity and Liabilities | 93,853 | 89,945 |
Summary of Consolidated Cash Flow Statement
| In INR million unless stated otherwise | Q1CY25 | Q1CY24 | |
|---|---|---|---|
| Profit before tax | 4,363 | 3,578 | |
| D&A, ESOP cost, Finance cost & other items | 1,241 | 587 | |
| Changes in working capital | (5,162) | (1,712) | |
| Taxes | (549) | (558) | |
| Net cash (used in) / generated from operating activities (OCF) | (107) | 1,895 | |
| Capex | (440) | (286) | |
| Investment in MFs and Interest on Fixed Deposits | 279 | (3,645) | |
| Net cash used in investing activities | (161) | (3,931) | |
| Proceeds from issue of shares | - | 0 | |
| Borrowings and lease payments | (463) | (345) | |
| Net cash used in financing activities | (463) | (345) | |
| Net cash flow | (731) | (2,381) |
About Hexaware Technologies
We are a global digital and technology services company with artificial intelligence ("AI") at its core. We leverage technology to deliver innovative solutions that help our customers in their digital transformation journey and subsequent operations.
We embed AI into every aspect of our solutions and have created a suite of platforms and tools that allow our customers to adapt, innovate and optimize in this AI-first era. We serve a diverse range of customers, including 31 of the Fortune 500 organizations.
With a team of 31,564 employees in 28 countries, our presence is spread across major countries, nationalities, languages, time zones and regulatory zones. For more information, please visithttps://hexaware.com/
Disclaimer
Use of Non-GAAP Financials
Hexaware has included certain non-GAAP financial measures in this presentation to supplement Hexaware's consolidated financial statements presented on a GAAP basis. These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Hexaware's results as reported under GAAP.
The non-GAAP financial information that we provide also may differ from the non-GAAP information provided by other companies. We compensate for the limitations on our use of these non-GAAP financial measures by relying primarily on our GAAP financial statements and using non-GAAP financial measures only supplementally. We have provided reconciliations of non-GAAP earnings to the most directly comparable GAAP earnings, and we encourage investors to review those reconciliations carefully.
We believe that providing these non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency. We further believe that providing this information better enables investors to understand Hexaware's operating performance and financial condition.
Rounding off
Certain amounts and percentage figures included in this presentation have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them.
Contact
Investor Relations:
Niraj Khemka, Head of Investor Relations [email protected]
Registered Office:
152, Millennium Business Park, Sector III 'A' Block, TTC Industrial Area Mahape, Navi Mumbai - 400 710, Maharashtra, India
CIN: L72900MH1992PLC069662
