Fwd: Hexaware Technologies Q3CY11 Result Update; Another solid performance; Accumulate; Target: Rs100

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Deepak Vaishnav

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Oct 22, 2011, 5:02:03 AM10/22/11
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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 

 

Regards,

Manik Taneja

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : manik....@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 253 | DID : 66121253 | Mob : +919833934924 |

 

 


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Hexaware Technologies Q3CY11 Result Update.pdf
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