Hexaware Technologies Ltd, which is into IT, BPO and consulting services, has made a marginal downward revision in its guidance for the quarter ending December 2012 and for the current fiscal ending on December 31, 2012, citing “unforeseen changes to a project plan” with a client.
However, the company was on course to deliver above industry revenue growth over the medium term despite the material adverse impact on the profitability margin in Q4, according to P.R. Chandrasekar, CEO and Vice-Chairman.
In a stock exchange filing, Hexaware said today that at the time of reporting Q3 earnings (quarter ending September 2012), it had projected a revenue of $94.7 million–$96.5 million for the last quarter of the year. This was done keeping in mind exchange rates of 1 £=1.61$, 1€ = 1.30 $ and 1$ = Rs 53.81.
The company said it has revised the revenue to $92 million (at the same exchange rates) due to changes in a large engagement for a client.
The modified revenue guidance also included impact of $4,50,000 because of Hurricane Sandy on the eastern coast of US.
It said that the relationship with the client, whom it did not identify, remained solid and all other projects and initiatives with the client were unchanged and on track.
The company averred that it continued to “strengthen its execution engine; enhancing its domain capabilities and technological competencies” and increasing its field presence from business development perspective.
Hexaware said it would come out with its Q4 and the full year (2012) results in early February 2013.
On the BSE, the shares of the company were trading down 8.08 per cent at Rs 97.85 (face value Rs 2) at 1.10 p.m. The counter witnessed high trading activity with a trading volume of 15.07 lakh shares compared to the two-week average volume of 2.81 lakh shares.