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Hexaware Technologies Ltd. Regulatory Filings 2025
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Regulatory Filings
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HEXT/SE/2025/16
Date: March 07, 2025
To, The Manager The General Manager LisƟng Department Department of Corporate Services NaƟonal 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 PresentaƟon for the quarter and year ended December 31, 2024.
This is with reference to and in conƟnuaƟon of our leƩer dated March 04, 2025, wherein we have inƟmated that Company will be hosƟng conference call with investor/ Analyst on March 07,2025 at 8.00 am for discussion on the financial results of the Company for the quarter and year ended December 31, 2024.
In this regard, we have enclosed the presentaƟon and fact sheet to be made to investor/Analysts during the conference call on the financial results and performance of the Company for the quarter and year ended December 31, 2024.
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: 2025.03.07 02:07:14 +05'30'
Gunjan Methi
Company Secretary and Compliance Officer
HEXAWARE TECHNOLOGIES LIMITED
Regd. Office: Bldg. No. 152, Millennium Business Park, Sector – III, 'A' Block, TTC Industrial Area, Mahape, Navi Mumbai - 400 710 (INDIA) | Tel: +91 022 3326 8585 | Email: [email protected] CIN: U72900MH1992PLC069662 | URL: www.hexaware.com
Investor Presentation – Q4CY24
March 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:
- Q4CY24: USD 372 Mn | INR 31,544 Mn
- o USD : (0.5%) QoQ; 18.5% YoY o INR : +0.6% QoQ; +20.6% YoY o Constant Currency : +0.2% QoQ; +18.8% YoY
• CY24: USD 1,429 Mn | INR 119,744 Mn
| o | USD | : +13.7% YoY |
|---|---|---|
| o | INR | : +15.4% YoY |
| o | Constant Currency | : +13.5% YoY |
Profitability:
- EBITDA:
- o Q4CY24: 16.3% | +2.3% QoQ & +50.7% YoY in absolute terms | +28 bps QoQ & +326 bps YoY in % terms
- o CY24: 15.9% | +19.8% YoY in absolute terms | +59 bps YoY in % terms
- Basic EPS:
- o Q4CY24: INR 5.25| +5.4% QoQ & +65.1% YoY
- o CY24: INR 19.37 | +17.8% YoY
Closing cash balance as of 31st December 2024(3) : INR 1,977 Cr
Key People Metrics:
- Closing Headcount: 32,309, Net added 4,017 in CY24
- Voluntary Attrition for IT(1): 10.8%
- Q4CY24 Utilization Rate for IT(2): 81.6%
Key Customer Metrics:
- 1 customer has annual revenue USD 100 Mn+
- Added 4 customers in USD 20 Mn+ category : 15 in CY24 vs 11 in CY23
- Top 10 customers revenue concentration: 35.8% in CY24
Other Recent Developments:
- Recognized among the World's Top 25 Most Valuable IT Services Brands globally according to the Brand Finance IT Services 25, 2025 report
- Ranked first in "general satisfaction" according to a study from Whitelane(4) highlighting our client-centric innovation and value-driven service delivery
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) Excludes restricted cash balance (4) Source: Whitelane Research 2024/2025 IT Sourcing Study for Europe
Diverse Presence Across Verticals and Geographies
| Q4CY24 | CY24 | ||
|---|---|---|---|
| Growth (%)(1) | QoQ | YoY | YoY |
| Financial Services | 3.5% | 25.0% | 19.1% |
| Healthcare & Insurance | (2.4%) 16.0% |
10.9% | |
| Manufacturing & Consumer | (6.9%) | (0.8%) | 4.5% |
| High Tech & Professional Services | 1.4% | 38.4% | 22.5% |
| Banking | 6.4% | 15.0% | 7.6% |
| Travel & Transportation | (7.6%) | 11.2% | 13.3% |
Vertical Split (%) Geographic Split (%)
| Q4CY24 | CY24 | ||
|---|---|---|---|
| Growth (%)(1) | QoQ | YoY | YoY |
| Americas | 2.3% | 24.1% | 17.7% |
| Europe | (9.7%) | 2.7% | 3.0% |
| Asia Pacific | (4.0%) | 8.3% | 6.5% |
Note: (!) In USD terms
Diverse Clientele with Strong Partnerships
Note: (1) Represents revenue earned from customers.
Winning Across Domains: Key Successful Deals
| Large secondary mortgage provider in the US |
Major airline in the US | Global supply chain management and logistics services company in the US |
|---|---|---|
| Modernizing workflows and user interfaces by replacing Appian with AWS cloud-native solutions + ServiceNow ITSM implementation and catalog transformation |
GenAI-based legacy modernization project using our proprietary GenAI model to extract business rules and blueprint the application to a new technology stack |
Infrastructure operations with an AI-first transition to mitigate operational risks, providing swift aid and integrating service quality squads with automation and AI squads for programmatic operations |
| Large bank in Southeast Asia | UK-based global provider of financial markets data and infrastructure |
Global leader in eDiscovery, document review, risk management, and legal consulting services |
| Digital banking implementation and maintenance |
Cyber security services | Redesigning and rebuilding the client's eDiscovery platform and workflow, leveraging our AI-driven platform engineering and product road-mapping expertise |
Q4CY24 Financial Highlights
Q4CY23 Q3CY24 Q4CY24
- Reported EBITDA +48.0% YoY growth (325 bps)
- Reported Net Profit +64.5% YoY growth (285 bps)
- ERP implementation cost is the only nonrecurring expense left. Will reduce to zero by H2CY25.
CY24 Financial Highlights
• EBITDA +18.1% YoY growth (59 bps)
\$227
\$140
• Net Profit +16.2% YoY growth (21 bps)
© 2025 Hexaware Technologies 8
Enhancing Operational Efficiency Through Revenue Optimization and Talent Management
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 View
- Typical patterns in most years:
- o Q1 and Q4 are seasonally low quarters, and Q2 and Q3 have best sequential performance
- o YoY for quarter and FY are the best measure to account for seasonality
- o Q3 is the wage hike quarter
- H2 CY24 YoY rates are elevated due to the weak performance in H2 CY23, which is secular for the industry
- Our Q4 exit is strong at >4%
- Macros have trended marginally negative in the last few weeks. However, we expect CY25 performance to be resilient to modest macro changes
- o 2 of our top 3 customers are going through consolidation, which we have won. We expect some ramp-up in Q2 and the majority in Q3
- o 2 more significant consolidation deals are in progress, with a ramp-up expected in H2/Q4 if we win
- EBIDTA
- o ERP implementation cost is the only non-recurring expense left. Will reduce to zero by H2CY25.
Appendix
Reconciliation of Adj. EBITDA and Adj. Profit – Q4CY24 and CY24
| % of Revenue | EBITDA | Profit | |||
|---|---|---|---|---|---|
| Q4CY24 | CY24 | Q4CY24 | CY24 | ||
| Reported Margin | 16.3% | 15.9% | 10.2% | 9.8% | |
| Add: ESOP compensation cost | 0.4% | 0.3% | - | - | |
| Add: Non-recurring employee benefits and severance costs | - | 0.4% | - | 0.4% | |
| Add: ERP transformation cost(1) | 0.7% | 0.7% | 0.7% | 0.7% | |
| Add: Specific provisions for customers and onerous vendor contracts | - | 0.1% | - | 0.1% | |
| Add: Acquisition related costs(2) | 0.0% | 0.3% | 0.0% | 0.3% | |
| Add: IPO related costs | - | 0.0% | - | 0.0% | |
| Add: Regulatory fees(3) | - | 0.1% | - | 0.1% | |
| Less: Other income (excluding exchange rate difference (net)) | (0.3%) | (0.5%) | - | - | |
| Add: Amortization of intangible assets acquired in business combination | - | - | 0.7% | 0.6% | |
| Less: Tax Impact on above(4) | - | - | (0.3%) | (0.6%) | |
| Adjusted Margin | 17.1% | 17.3% | 11.3% | 11.5% |
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) Regulatory fees represents the amount paid in respect of compounding order (4) Tax impact for a period/year is computed using the consolidated effective tax rate for the period/year
Awards and Recognition
*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.
Creating Meaningful Impact Beyond Business
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 57.5% 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 – Q4CY24
March 2025
© 2025 Hexaware Technologies
Key Financial Metrics
| Quarterly Metrics | Change | |||||
|---|---|---|---|---|---|---|
| In INR million unless stated otherwise | Q4CY24 | Q3CY24 | Q4CY23 | QoQ (%) | YoY (%) | |
| Revenue (USD Mn) | 372.3 | 374.2 | 314.1 | (0.5%) | 18.5% | |
| Revenue – Constant Currency (CC) | - | - | - | 0.2% | 18.8% | |
| Revenue (INR Mn) | 31,544 | 31,357 | 26,160 | 0.6% | 20.6% | |
| Profitability | ||||||
| Reported EBITDA | 5,140 | 5,023 | 3,411 | 2.3% | 50.7% | |
| Reported EBITDA Margin (%) | 16.3% | 16.0% | 13.0% | 28 bps | 326 bps | |
| Adjusted EBITDA | 5,380 | 5,476 | 4,045 | (1.8%) | 33.0% | |
| Adjusted EBITDA Margin (%) | 17.1% | 17.5% | 15.5% | (41 bps) | 159 bps | |
| Reported Profit | 3,207 | 2,997 | 1,928 | 7.0% | 66.3% | |
| Reported Profit Margin (%) | 10.2% | 9.6% | 7.4% | 61 bps | 280 bps | |
| Adjusted Profit | 3,567 | 3,504 | 2,738 | 1.8% | 30.3% | |
| Adjusted Profit Margin (%) | 11.3% | 11.2% | 10.5% | 13 bps | 84 bps | |
| Basic EPS (INR) | 5.25 | 4.98 | 3.18 | 5.4% | 65.1% | |
| Adjusted EPS (INR) | 5.84 | 5.81 | 4.51 | 0.5% | 29.5% | |
| Cash Flow | ||||||
| Operating Cash Flows (OCF) | 15,480 | 14,550 | 15,156 | 6.4% | 2.1% | |
| LTM OCF to Adjusted EBITDA (%) | 74.5% | 74.9% | 89.9% | - | - |
Key Financial Metrics (Cont'd)
| Annual Metrics | Change | ||
|---|---|---|---|
| In INR million unless stated otherwise | CY24 | CY23 | YoY (%) |
| Revenue (USD Mn) | 1,428.9 | 1,256.4 | 13.7% |
| Revenue – Constant Currency (CC) | - | - | 13.5% |
| Revenue (INR Mn) | 1,19,744 | 1,03,803 | 15.4% |
| Profitability | |||
| Reported EBITDA | 19,051 | 15,899 | 19.8% |
| Reported EBITDA Margin (%) | 15.9% | 15.3% | 59 bps |
| Adjusted EBITDA | 20,765 | 16,852 | 23.2% |
| Adjusted EBITDA Margin (%) | 17.3% | 16.2% | 111 bps |
| Reported Profit | 11,740 | 9,976 | 17.7% |
| Reported Profit Margin (%) | 9.8% | 9.6% | 19 bps |
| Adjusted Profit | 13,744 | 11,326 | 21.3% |
| Adjusted Profit Margin (%) | 11.5% | 10.9% | 57 bps |
| Basic EPS (INR) | 19.37 | 16.45 | 17.8% |
| Adjusted EPS (INR) | 22.67 | 18.68 | 21.4% |
| Cash Flow | |||
| Operating Cash Flows (OCF) | 15,480 | 15,156 | 2.1% |
| OCF to Adjusted EBITDA (%) | 74.5% | 89.9% | - |
Key Revenue Metrics – Q4CY24
Revenue by Vertical
| In INR million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Financial Services | 9,182 | 29.1% | 8,780 | 28.0% | 7,221 | 27.6% |
| Healthcare and Insurance | 6,645 | 21.1% | 6,729 | 21.5% | 5,625 | 21.5% |
| Manufacturing and Consumer | 4,681 | 14.8% | 4,972 | 15.9% | 4,638 | 17.7% |
| High Tech and Professional Services | 5,772 | 18.3% | 5,636 | 18.0% | 4,106 | 15.7% |
| Banking | 2,776 | 8.8% | 2,579 | 8.2% | 2,372 | 9.1% |
| Travel and Transportation | 2,488 | 7.9% | 2,661 | 8.5% | 2,198 | 8.4% |
| Total Revenue | 31,544 | 100.0% | 31,357 | 100.0% | 26,160 | 100.0% |
Revenue by Geography
| In INR million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Americas | 23,856 | 75.6% | 23,064 | 73.6% | 18,896 | 72.2% |
| Europe | 5,864 | 18.6% | 6,414 | 20.5% | 5,608 | 21.4% |
| Asia Pacific | 1,824 | 5.8% | 1,879 | 6.0% | 1,656 | 6.3% |
| Total Revenue | 31,544 | 100.0% | 31,357 | 100.0% | 26,160 | 100.0% |
Revenue by IT, BPS, and Others
| In INR million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| IT Services | 26,592 | 84.3% | 26,632 | 84.9% | 22,365 | 85.5% |
| BPS | 4,084 | 12.9% | 3,830 | 12.2% | 3,362 | 12.9% |
| Others | 868 | 2.8% | 895 | 2.9% | 433 | 1.7% |
| Total Revenue | 31,544 | 100.0% | 31,357 | 100.0% | 26,160 | 100.0% |
| In INR million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Onshore IT Services | 14,969 | 56.3% | 15,012 | 56.4% | 12,623 | 56.4% |
| Offshore IT Services | 11,623 | 43.7% | 11,620 | 43.6% | 9,742 | 43.6% |
| Total Revenue | 26,592 | 100.0% | 26,632 | 100.0% | 22,365 | 100.0% |
Key Revenue Metrics – CY24
Revenue by Vertical
| In INR million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Financial Services | 34,131 | 28.5% | 28,264 | 27.2% |
| Healthcare and Insurance | 25,341 | 21.2% | 22,516 | 21.7% |
| Manufacturing and Consumer | 19,650 | 16.4% | 18,548 | 17.9% |
| High Tech and Professional Services | 20,672 | 17.3% | 16,638 | 16.0% |
| Banking | 10,305 | 8.6% | 9,445 | 9.1% |
| Travel and Transportation | 9,645 | 8.1% | 8,392 | 8.1% |
| Total Revenue | 1,19,744 | 100.0% | 1,03,803 | 100.0% |
Revenue by Geography
| In INR million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Americas | 88,567 | 74.0% | 74,191 | 71.5% |
| Europe | 23,922 | 20.0% | 22,897 | 22.1% |
| Asia Pacific | 7,255 | 6.1% | 6,715 | 6.5% |
| Total Revenue | 1,19,744 | 100.0% | 1,03,803 | 100.0% |
Revenue by IT, BPS, and Others
| In INR million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| IT Services | 1,01,038 | 84.4% | 88,261 | 85.0% |
| BPS | 15,044 | 12.6% | 13,091 | 12.6% |
| Others | 3,662 | 3.1% | 2,451 | 2.4% |
| Total Revenue | 1,19,744 | 100.0% | 1,03,803 | 100.0% |
| In INR million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Onshore IT Services | 56,968 | 56.4% | 50,180 | 56.9% |
| Offshore IT Services | 44,070 | 43.6% | 38,081 | 43.1% |
| Total Revenue | 1,01,038 | 100.0% | 88,261 | 100.0% |
Key Revenue Metrics – Q4CY24
Revenue by Vertical
| In USD million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Financial Services | 108 | 29.1% | 105 | 28.0% | 87 | 27.6% |
| Healthcare and Insurance | 78 | 21.0% | 80 | 21.5% | 68 | 21.5% |
| Manufacturing and Consumer | 55 | 14.8% | 59 | 15.9% | 56 | 17.7% |
| High Tech and Professional Services | 68 | 18.3% | 67 | 18.0% | 49 | 15.7% |
| Banking | 33 | 8.8% | 31 | 8.2% | 28 | 9.1% |
| Travel and Transportation | 29 | 7.9% | 32 | 8.5% | 26 | 8.4% |
| Total Revenue | 372 | 100.0% | 374 | 100.0% | 314 | 100.0% |
Revenue by Geography
| In USD million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Americas | 282 | 75.6% | 275 | 73.6% | 227 | 72.2% |
| Europe | 69 | 18.6% | 77 | 20.5% | 67 | 21.4% |
| Asia Pacific | 22 | 5.8% | 22 | 6.0% | 20 | 6.3% |
| Total Revenue | 372 | 100.0% | 374 | 100.0% | 314 | 100.0% |
Revenue by IT, BPS, and Others
| In USD million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| IT Services | 314 | 84.3% | 318 | 84.9% | 269 | 85.5% |
| BPS | 48 | 12.9% | 46 | 12.2% | 40 | 12.9% |
| Others | 10 | 2.7% | 11 | 2.9% | 5 | 1.7% |
| Total Revenue | 372 | 100.0% | 374 | 100.0% | 314 | 100.0% |
| In USD million | Q4CY24 | % of Revenue |
Q3CY24 | % of Revenue |
Q4CY23 | % of Revenue |
|---|---|---|---|---|---|---|
| Onshore IT Services | 177 | 56.3% | 179 | 56.4% | 152 | 56.4% |
| Offshore IT Services | 137 | 43.7% | 139 | 43.6% | 117 | 43.6% |
| Total Revenue | 314 | 100.0% | 318 | 100.0% | 269 | 100.0% |
Key Revenue Metrics – CY24
Revenue by Vertical
| In USD million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Financial Services | 407 | 28.5% | 342 | 27.2% |
| Healthcare and Insurance | 302 | 21.2% | 273 | 21.7% |
| Manufacturing and Consumer | 235 | 16.4% | 225 | 17.9% |
| High Tech and Professional Services | 247 | 17.3% | 201 | 16.0% |
| Banking | 123 | 8.6% | 114 | 9.1% |
| Travel and Transportation | 115 | 8.1% | 102 | 8.1% |
| Total Revenue | 1,429 | 100.0% | 1,256 | 100.0% |
Revenue by Geography
| In USD million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Americas | 1,057 | 74.0% | 898 | 71.5% |
| Europe | 285 | 20.0% | 277 | 22.1% |
| Asia Pacific | 87 | 6.1% | 81 | 6.5% |
| Total Revenue | 1,429 | 100.0% | 1,256 | 100.0% |
Revenue by IT, BPS, and Others
| In USD million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| IT Services | 1,206 | 84.4% | 1,068 | 85.0% |
| BPS | 179 | 12.6% | 158 | 12.6% |
| Others | 44 | 3.1% | 30 | 2.4% |
| Total Revenue | 1,429 | 100.0% | 1,256 | 100.0% |
| In USD million | CY24 | % of Revenue | CY23 | % of Revenue |
|---|---|---|---|---|
| Onshore IT Services | 680 | 56.4% | 607 | 56.9% |
| Offshore IT Services | 526 | 43.6% | 461 | 43.1% |
| Total Revenue | 1,206 | 100.0% | 1,068 | 100.0% |
Key Client and Operational Metrics
| Customer Concentration(1) | |||||||
|---|---|---|---|---|---|---|---|
| Q4CY24 | Q3CY24 | Q4CY23 | CY24 | CY23 | |||
| Top 5 customers | 25.7% | 25.8% | 25.0% | 25.7% | 25.0% | ||
| Top 10 customers | 35.8% | 35.7% | 35.5% | 35.8% | 35.5% | ||
| Top 20 customers | 49.7% | 49.4% | 48.7% | 49.7% | 48.7% |
Client Pyramid(2)
| Q4CY24 | Q3CY24 | Q4CY23 | CY24 | CY23 | |
|---|---|---|---|---|---|
| \$75 million + | 3 | 3 | 2 | 3 | 2 |
| \$50 million + | 3 | 3 | 3 | 3 | 3 |
| \$20 million + | 15 | 15 | 11 | 15 | 11 |
| \$10 million + | 31 | 31 | 29 | 31 | 29 |
| \$5 million + | 61 | 59 | 54 | 61 | 54 |
| \$1 million + | 186 | 186 | 171 | 186 | 171 |
Key Employee Metrics
| Q4CY24 | Q3CY24 | Q4CY23 | CY24 | CY23 | |
|---|---|---|---|---|---|
| # of IT business professionals |
20,475 | 20,149 | 18,007 | 20,475 | 18,007 |
| # of BPS business professionals |
11,834 | 12,387 | 10,285 | 11,834 | 10,285 |
| Total Headcount | 32,309 | 32,536 | 28,292 | 32,309 | 28,292 |
| Voluntary Attrition rate for IT service line(3) |
10.8% | 11.3% | 14.7% | 10.8% | 14.7% |
| Utilization rate for IT(4) | 81.6% | 82.9% | 81.6% | 82.3% | 79.7% |
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 | Q4CY24 | Q3CY24 | Q4CY23 | CY24 | CY23 | ||
| DSO - Billed | 38 | 40 | 49 | 39 | 49 | ||
| DSO - Unbilled | 27 | 32 | 18 | 29 | 18 |
USD / INR Exchange Rate
| Q4CY24 | Q3CY24 | Q4CY23 | CY24 | CY23 | |
|---|---|---|---|---|---|
| Period Closing Rate | 85.62 | 83.80 | 83.21 | 85.62 | 83.21 |
| Period Average Rate | 84.73 | 83.80 | 83.29 | 83.77 | 82.61 |
Summary of Consolidated Statement of Profit and Loss
| Change | |||||
|---|---|---|---|---|---|
| In INR million unless stated otherwise | Q4CY24 | Q3CY24 | Q4CY23 | QoQ (%) | YoY (%) |
| Revenue (USD Mn) | 372.3 | 374.2 | 314.1 | (0.5%) | 18.5% |
| Revenue – Constant Currency | 0.2% | 18.8% | |||
| Revenue (INR Mn) | 31,544 | 31,357 | 26,160 | 0.6% | 20.6% |
| Other Income | 236 | 112 | 100 | 110.7% | 136.0% |
| Total Income | 31,780 | 31,469 | 26,260 | 1.0% | 21.0% |
| (-) Employee Benefits Expense | 18,196 | 18,091 | 15,725 | 0.6% | 15.7% |
| (-) Other Expenses | 8,444 | 8,355 | 7,124 | 1.1% | 18.5% |
| EBITDA | 5,140 | 5,023 | 3,411 | 2.3% | 50.7% |
| EBITDA Margin (%) | 16.3% | 16.0% | 13.0% | 28 bps | 326 bps |
| (-) / + Adjustments | 240 | 453 | 634 | (47.0%) | (62.1%) |
| Adjusted EBITDA | 5,380 | 5,476 | 4,045 | (1.8%) | 33.0% |
| Adjusted EBITDA Margin (%) | 17.1% | 17.5% | 15.5% | (41 bps) | 159 bps |
| (-) D&A | 763 | 738 | 939 | 3.4% | (18.7%) |
| EBIT | 4,377 | 4,285 | 2,472 | 2.1% | 77.1% |
| EBIT Margin (%) | 13.9% | 13.7% | 9.4% | 21 bps | 443 bps |
| (-) Finance Costs | 207 | 226 | 72 | (8.4%) | 187.5% |
| Profit before Tax | 4,170 | 4,059 | 2,400 | 2.7% | 73.8% |
| Total Tax Expense | 963 | 1,062 | 472 | (9.3%) | 104.0% |
| Reported Profit | 3,207 | 2,997 | 1,928 | 7.0% | 66.3% |
| Reported Profit Margin (%) | 10.2% | 9.6% | 7.4% | 61 bps | 280 bps |
| Adjusted Profit | 3,567 | 3,504 | 2,738 | 1.8% | 30.3% |
| Adjusted Profit Margin (%) | 11.3% | 11.2% | 10.5% | 13 bps | 84 bps |
| Basic EPS (INR) | 5.25 | 4.98 | 3.18 | 5.4% | 65.1% |
| Adjusted EPS (INR) | 5.84 | 5.81 | 4.51 | 0.5% | 29.5% |
Summary of Consolidated Statement of Profit and Loss
| In INR million unless stated otherwise | CY24 | CY23 | YoY (%) |
|---|---|---|---|
| Revenue (USD Mn) | 1,428.9 | 1,256.4 | 13.7% |
| Revenue – Constant Currency | 13.5% | ||
| Revenue (INR Mn) | 119,744 | 103,803 | 15.4% |
| Other Income | 749 | 88 | 751.1% |
| Total Income | 120,493 | 103,891 | 16.0% |
| (-) Employee Benefits Expense | 69,649 | 61,282 | 13.7% |
| (-) Other Expenses | 31,793 | 26,710 | 19.0% |
| EBITDA | 19,051 | 15,899 | 19.8% |
| EBITDA Margin (%) | 15.9% | 15.3% | 59 bps |
| (-) / + Adjustments | 1,714 | 953 | 79.9% |
| Adjusted EBITDA | 20,765 | 16,852 | 23.2% |
| Adjusted EBITDA Margin (%) | 17.3% | 16.2% | 111 bps |
| (-) D&A | 2,788 | 2,836 | (1.7%) |
| EBIT | 16,263 | 13,063 | 24.5% |
| EBIT Margin (%) | 13.6% | 12.6% | 100 bps |
| (-) Finance Costs | 660 | 378 | 74.6% |
| Profit before Tax | 15,603 | 12,685 | 23.0% |
| Total Tax Expense | 3,863 | 2,709 | 42.6% |
| Reported Profit | 11,740 | 9,976 | 17.7% |
| Reported Profit Margin (%) | 9.8% | 9.6% | 19 bps |
| Adjusted Profit | 13,744 | 11,326 | 21.3% |
| Adjusted Profit Margin (%) | 11.5% | 10.9% | 57 bps |
| Basic EPS (INR) | 19.37 | 16.45 | 17.8% |
| Adjusted EPS (INR) | 22.67 | 18.68 | 21.4% |
Summary of Consolidated Balance Sheet
| As of period ending | |||||
|---|---|---|---|---|---|
| In INR million | Dec-24 | Sep-24 | Dec-23 | ||
| Assets | |||||
| Property, plant and equipment and intangible | 8,128 | 8,370 | 6,484 | ||
| Right-of-use assets | 5,596 | 5,038 | 3,761 | ||
| Goodwill | 23,871 | 23,366 | 14,290 | ||
| Capital work-in-progress | 1,308 | 1,106 | 552 | ||
| Deferred tax assets (net) | 2,682 | 3,032 | 2,727 | ||
| Other non-current assets & investments in associates | 2,338 | 2,130 | 2,130 | ||
| Trade receivables and unbilled revenue | 22,531 | 24,394 | 19,101 | ||
| Other current assets | 3,568 | 3,376 | 2,573 | ||
| Cash and cash equivalents (inc. restricted) | 19,923 | 15,130 | 20,403 | ||
| Total Assets | 89,945 | 85,942 | 72,021 | ||
| Equity and Liabilities | |||||
| Equity | 608 | 607 | 607 | ||
| Other Equity and reserves | 52,961 | 52,205 | 45,745 | ||
| Non-controlling Interests | (23) | (42) | - | ||
| Total Equity | 53,546 | 52,770 | 46,352 | ||
| Non-current liabilities | 228 | 183 | 69 | ||
| Deferred tax liabilities (net) | 0.0 | 0.0 | - | ||
| Lease liabilities | 5,742 | 5,175 | 3,936 | ||
| Trade payables | 9,140 | 7,876 | 6,595 | ||
| Other current liabilities | 13,981 | 12,406 | 11,597 | ||
| Deferred consideration | 4,140 | 4,216 | 391 | ||
| Provisions | 3,168 | 3,316 | 3,081 | ||
| Total Liabilities | 36,399 | 33,172 | 25,669 | ||
| Total Equity and Liabilities | 89,945 | 85,942 | 72,021 |
Summary of Consolidated Cash Flow Statement
| In INR million unless stated otherwise | CY24 | CY23 |
|---|---|---|
| Profit before tax | 15,603 | 12,685 |
| D&A, ESOP cost, Finance cost & other items | 3,627 | 3,827 |
| Changes in working capital | (628) | 1,223 |
| Taxes | (3,122) | (2,579) |
| Cashflow from operation (OCF) | 15,480 | 15,156 |
| Capex | (1,312) | (634) |
| Investment in MFs and Interest on Fixed Deposits | 2,890 | (2,362) |
| Business acquisition | (8,268) | - |
| Cash used in investing activities | (6,690) | (2,996) |
| Proceeds from issue of shares | 1 | 3 |
| Borrowings and lease payments | (1,506) | (2,006) |
| Dividend | (5,314) | (5,308) |
| RSU one-time cash settlement | - | (190) |
| Cash used in financing activities | (6,819) | (7,501) |
| Net cash flow | 1,971 | 4,659 |
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 32,309 employees in 28 countries, our presence is spread across major countries, nationalities, languages, time zones and regulatory zones. For more information, please visit https://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: U72900MH1992PLC069662
© 2025 Hexaware Technologies 14 https://hexaware.com/
