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					                                                                                              Regd off: 152 Millennium Business Park, Sector3, TTC IndI. Area, Navi Mumbai-710
HEXAWARE TECHNOLOGIES LIMITED                                                                 E-Mail:    bhagwantb@hexaware.com
                                                                                              Web site: www.hexaware.com
                                                                                              Telephone: (022) 6791 9595 Fax: (022) 6791 9578
SOFTWARE                                                            MISCELLANEOUS             Tr agent: Sharepro Services, Satam Est., 3rd Flr., C. G. Rd., Chakala, Mumbai - 99
Chairman: Atul K. Nishar                                                        SEC: Bhagwant P. Bhargawe                               AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1990   532129            HEXW:IN       2            83.2          38.4            75.5         20.3          13.7        1.2          11,951.7              394.2       INE093A01033
SHAREHOLDING                                                      FX Transaction   (CY08)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 23.6%                Exports (fob)           Rs m          0              (Rs)
Foreign collaborators      :   0.0%               Imports (cif)           Rs m        181
Indian inst/Mut Fund       :   5.3%               Fx inflow               Rs m      4,806       225
FIIs/GDR                   : 45.5%                Fx outflow              Rs m      1,113                                                                     DAILY
Free float                 : 25.6%                Net fx                  Rs m      3,693
Shareholders               : 103,826                                                                                                                          100 DMA

                           No. of months                   12            12            12       150
                             Year ending             31/12/06      31/12/07      31/12/08
EQUITY SHARE DATA
High                                   Rs         205       204                          94
Low                                    Rs         110         71                         17
Sales per share                        Rs        64.3      72.4                       80.2       75
Earnings per share                     Rs         9.4        0.5                        4.1
Cash flow per share                    Rs        10.9        2.1                        6.1
Dividends per share                    Rs        1.60      0.80                       1.00
Dividend yield (eoy)                   %          1.0       0.6                         1.8
                                                                                                  0
Book value per share                   Rs        44.7      49.2                       46.1
Shares outstanding (eoy)               m       131.98   143.62                     143.65         Aug-06             Jun-07            Feb-08            Nov-08              Aug-09
Bonus/Rights/Conversions                     PP,ESOP GDR,ESOP                       ESOP
Price / Sales ratio                    x           2.5       1.9                        0.7                               No. of months                 12            12           12
Avg P/E ratio                          x         16.7     274.3                       13.5                                  Year ending           31/12/06      31/12/07     31/12/08
                                                                                               CASH FLOW
P/CF ratio (eoy)                       x         14.4      64.3                         9.1
Price / Book Value ratio               x           3.5       2.8                        1.2    From Operations                         Rs   m       1,178              893        685
Dividend payout                        %         17.0     159.6                       24.3     From Investments                        Rs   m      -3,634             -510      1,156
Avg Mkt Cap                            Rs m    20,787    19,748                      7,973     From Financial Activity                 Rs   m       2,709             -265         69
No. of employees                       `000          6         7                          6    Net Cashflow                            Rs   m         252              117      1,910
Total wages/salary                     Rs m     4,662     6,149                      6,882
Avg. sales/employee                    Rs Th  1,455.1   1,471.1                    2,048.9                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th    799.8     870.0                    1,224.1                                          3QCY08 4QCY08               1QCY09        2QCY09
Avg. net profit/employee               Rs Th    213.2      10.2                      104.9     Net sales                   Rs    m     2,946   3,059              2,643         2,591
                                                                                               Gross profit                Rs    m       395      540               383           548
INCOME DATA                                                                                    Gross profit margin         %            13.4     17.7              14.5          21.2
Net Sales                              Rs     m         8,482        10,398        11,519      Net profit                  Rs    m       115      459               371           511
Other income                           Rs     m           244           289           236      Net profit margin           %             3.9     15.0              14.0          19.7
Total revenues                         Rs     m         8,726        10,687        11,755
Gross profit                           Rs     m         1,321         1,180           814                                           KEY DATA
Depreciation                           Rs     m           199           235           284      Parameters                          Unit              CY06            CY07       CY08
Interest                               Rs     m              3             1            21     BFSI                                % of revenues      44.7            44.8       41.1
Profit before tax                      Rs     m         1,363         1,233           745      Travel & Transportation             % of revenues      16.6            18.8       16.5
Minority Interest                      Rs     m              0             2             0     Emerging businesses                 % of revenues      30.6            22.0       28.8
Prior Period Items                     Rs     m             -5             0             0     Others                              % of revenues       8.1            14.0       13.6
Extraordinary Inc (Exp)                Rs     m              0       -1,030              0
Tax                                    Rs     m           115           133           155
                                                                                                                                      NOTES
Profit after tax                       Rs     m         1,243             72          590
Gross profit margin                    %                 15.6          11.3            7.1    Hexaware is a global provider of IT and process outsourcing services focusing
Effective tax rate                     %                   8.4         10.8          20.8     extensively on managing large IT applications real time as well as on providing high
                                                                                              value services around business intelligence and analytics solutions as well as
Net profit margin                      %                 14.7            0.7           5.1
                                                                                              packaged enterprise applications such as SAP, CRM, Oracle and PeopleSoft.
BALANCE SHEET DATA
                                                                                              In the last fiscal (CY08), Hexaware grew its topline by 11% YoY. The net profit for the
Current assets                         Rs m             3,847          4,221        5,950     fiscal grew by a whopping 719% on account of reversal of the exceptional losses on
Current liabilities                    Rs m             1,566          2,793        3,711     foreign exchange transactions. Operating margin declined by 4.2% on account of
Net working cap to sales               %                 26.9           13.7         19.4     increased The company added 37 clients during CY08, taking the active clients count
Current ratio                          x                   2.5            1.5          1.6    to 178. While, North America stands to be the major revenue contributor accounting
Inventory Turnover                     Days                  0              0            0    for 64% of the topline during 2008 and a YoY growth of 7%, the company is focusing
Debtors Turnover                       Days                96              76          65     on entering new geographical areas. During CY08, Hexaware was able to improve its
Net fixed assets                       Rs m             2,501          3,277        4,498     revenues from the European and emerging markets such as the South-East Asian
Share capital                          Rs m               264            287          287     and Far East regions. The company grew its revenue from Europe by 29%. However
"Free" reserves                        Rs m             5,623          6,978        7,400     the revenue contribution from Indian markets decreased by 36% YoY during CY08.
Net worth                              Rs m             5,895          7,059        6,625     Hexaware verticalised the organization in 2008 with an emphasis towards BFSI,
Long term debt                         Rs m                  0              0         195     travel transportation, hospitality and logistics (TTHL), life sciences and manufacturing
Total assets                           Rs m             8,964          9,807       10,447     as the areas of focus. The company also sees opportunities in new developments like
Interest coverage                      x                455.3        1,234.0         36.5     Service Oriented Architecture (SOA), Software as a Service (SaaS) and is working on
Debt to equity ratio                   x                   0.0            0.0          0.0    innovative business models while continuing to drive growth through cross-selling
Sales to assets ratio                  x                   0.9            1.1          1.1    and stronger account mining. Going forward, we believe that this focus will put the
Return on assets                       %                 21.1             1.0          9.0    company on a strong footing.
Return on equity                       %                 21.1             1.0          8.9
Return on capital                      %                 23.1             2.9        11.2
Exports to sales                       %                   0.0            0.0          0.0
Imports to sales                       %                   0.9            1.4          1.6
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posted:11/6/2010
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