Hexaware Tech shares tank 9.5% post Q1 earnings

Shares of IT services firm Hexaware Technologies slumped 9.5 per cent today after the company's January-March quarter earnings failed to impress investors.

After a weak opening, the stock further tanked 9.52 per cent to Rs 206.50 on BSE.

On NSE, it tumbled 9.56 per cent to Rs 205.75.

The numbers were announced after the market close yesterday.

Mid-sized IT services firm Hexaware Technologies posted a marginal increase in consolidated net profit at Rs 84.2 crore for January-March 2016.

Net profit in the same period a year ago came in at Rs 83.3 crore.

Revenues during the reported quarter rose 15 per cent to Rs 820.2 crore, from Rs 713.4 crore in the previous year.

Hexaware follows January-December fiscal.

Hexaware CEO and Executive Director R Srikrishna said: "While we had a challenging quarter for revenue and profitability, bookings from new customers continued to be strongly driven by automation and digital transformation."

In dollar terms, the firm's net profit declined 6.3 per cent to USD 12.6 million in January-March while revenue grew 5.9 per cent to USD 121.7 million.