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Centrum Broking Report
Hexaware Technologies Ltd.'s revenues for Q2 CY20 came at 208 million U.S. dollar down 1.2% QoQ above our estimates (196 million U.S. dollar).
Constant currency revenues declined by 0.9% QoQ. For Q2 CY20, banking and financial sector/Healthcare Insurance/Hitech and Professional services vertical revenues were up 3.5/3.4/2.1% QoQ.
Travel/Manufacturing vertical revenues were down 27/4.4% QoQ. Revenues from top five accounts (37.4% of total revenues) were up 7.7% QoQ and was the key reason for stable performance in the quarter.
Total contract value wins for quarter stood at 46 million U.S. dollar (Net new deals). Business process outsourcing/ application data management services revenues were down 10/5.5% and remained weak on service line front.
Hexaware cited that Q2 CY20 has seen the worst impact of Covid -19 led weakness. However, it expects Q3/Q4 CY20 to be stable quarters sequentially with flat to modest positive volume growth.
Lack of acceleration in H2 CY20 has negated optimism related to strong Q2 CY20 execution.
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