Shares of Hexaware Technologies slipped 6.5 percent in the opening trade on Friday despite better March Quarter (Q1CY18) numbers.
The company posted a 17.9 percent rise in consolidated Net Profit at Rs 134.3 crore for the quarter ended March 31, 2018. This is against a net profit of Rs 113.9 crore in the same period a year ago, Hexaware said in a statement.
Its revenue rose 9.2 percent to Rs 1,049 crore from Rs 960.5 crore in the same period a year ago, as per Indian Accounting Standards. Hexaware follows the January-December fiscal.
The company added three new clients in the first quarter of 2018 with total contract value of USD 28 million. It has declared an interim dividend of Re 1 for the said quarter.
Its cash and cash equivalents stood at USD 94.03 million or Rs 613 crore at the end of the reported quarter.
The company declared payment of interim dividend at Re 1 per share (50 percent) on equity shares.
Morgan Stanley maintained underweight rating on Hexaware with a target of Rs 325 per share
According to brokerage, this is another robust quarter of revenue growth, while margin softer-than-expected. It believes that stock is already more than pricing in potential upside risks.
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