The Hindu Business Line : Hexaware posts Rs 7.47-cr net

HEXAWARE Technologies Ltd has posted a net profit of Rs 7.47 crore for the year ended December 31, 2002, compared to Rs 1.607 crore in the corresponding period in the previous year.

According to a company release, the previous year's figures include income and expenditure of Aptech Ltd (formerly Aptech Training Ltd) for the period January 1, 2002 to March 31, 2001.

Hence the figures for the year ended December 2002 are not comparable with those for the previous year.

Total income for the company stood at Rs 99.89 crore for the year against Rs 117.23 crore last year.

Total expenditure for 2002 was Rs 81 crore compared to Rs 100.69 crore in the previous year.

During the year, consolidated global net profit for the company was Rs 5.75 crore, while revenues stood at Rs 248.59 crore. On segment-wise basis, the airlines and transport segment reported revenues of Rs 29.47 crore; finance and banking Rs 67.97 crore; insurance Rs 29.47 crore and others Rs 121.67 crore.

As per the release for the fourth quarter ended December 31, 2002, the consolidated net profit was Rs 10.9 crore while revenues were Rs 65.5 crore.

The release added that during the year, Hexaware added 28 new clients in 2002, several of which had already billed over a million dollars each.

Major new customers signed up last year included Exult, Deutsche Leasing, Citibank NA, Unisys, Axa Belgium, American Express, Lufthansa and Virgin Atlantic among others.

According to the company, the improving order book, which currently exceeds $100 million, provides strong indication of the visibility and robustness of future business and profitability.

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