INSUBCONTINENT EXCLUSIVE:
ICICI Securities has maintained buy rating on Hexaware Technologies in the long term and revised target price to Rs 430 from Rs 425
Shares of Hexaware Technologies ended up 2.9% at Rs 331 on Friday while the BSE Sensex closed 411.38 points up at 41,575.14.
Company
FinancialsFor the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1481.35 crore, up 13.22 % from last quarter
sales of Rs 1308.34 crore and up 22.46% from last year same quarter sales of Rs 1209.62 crore
The company has reported net profit after tax of Rs 183.65 crore in the latest quarter
LLP as its auditors .As on 30-09-2019, the company has a total of 298,337,681 shares outstanding
Investment RationaleThe brokerage expects the worst of the company's client-specific issues to be behind by the fourth quarter of 2019
with revenue growth likely to sustain in double digits on an organic basis in 2020
The brokerage expects momentum to improve in the BFS vertical in 2020 as spends at the large secondary mortgage client seeing issues should
bottom out in the fourth quarter of 2019.