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.
The companys top management includes Mr.Atul K Nishar, Mr.Jimmy Mahtani, Mr.Kosmas Kalliarekos, Mr.P R Chandrasekar, Mr.R Srikrishna, Mrs.Meera Shankar.
Company has BSR - Co.
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.