Daijiworld Media Network- Mumbai
Mumbai, Mar 7: Hexaware Technologies (NSE: HEXT), a leading global IT solutions provider, announced its financial results for the fourth quarter of CY24, ending December 31, 2024.
Q4CY24 Highlights:
• Revenue: $372.3 Mn, up 18.5% YoY
• EBITDA growth: 326 bps YoY
• EPS: INR 5.25, up 65.1% YoY
Revenue Performance:
• Q4CY24: USD 372 Mn | INR 31,544 Mn
o USD: (0.5%) QoQ | +18.5% YoY
o INR: +0.6% QoQ | +20.6% YoY
o Constant Currency: +0.2% QoQ | +18.8% YoY
• CY24: $1,429 Mn | INR 119,744 Mn
o USD: +13.7% YoY | INR: +15.4% YoY
o Constant Currency: +13.5% YoY
Profitability:
• EBITDA:
o Q4CY24: 16.3% | +2.3% QoQ & +50.7% YoY in absolute terms
o CY24: 15.9% | +19.8% YoY in absolute terms
• EPS:
o Q4CY24: INR 5.25 | +5.4% QoQ | +65.1% YoY
o CY24: INR 19.37 | +17.8% YoY
Key Client Metrics:
• Added one customer in the $100 Mn+ category
• Added four customers in the $20 Mn+ category (15 in CY24 vs 11 in CY23)
• Top 10 customers contributed 35.8% of revenue in CY24
Key People Metrics:
• Total workforce: 32,309, net addition of 4,017 since Q4CY23
• IT voluntary attrition: 10.8%
• IT utilization rate: 81.6%
Operational Metrics:
• DSO (Billed + Unbilled): 65 days (Billed: 38 days)
• CY24 Adjusted Cash Conversion: 74.5%
• Cash & Cash Equivalents (as of Dec 31, 2024): INR 1,977 Cr
• Dividend paid in CY24: INR 8.75 per share
"We are thrilled to be public again. Our 18.5% YoY Q4CY24 revenue growth underscores the strength of our core values: prioritizing clients, fostering talent, and leveraging platforms for meaningful impact. We look forward to sustaining this momentum into CY25," said R Srikrishna, CEO & executive director, Hexaware.
"CY24 results highlight our resilient business model. With 13.7% YoY revenue growth and margin expansion, we delivered 18.1% operating margin growth. Our disciplined approach to cash flow management enabled an OCF to Adjusted EBITDA of over 74%," stated Vikash Jain, CFO, Hexaware.
• Modernizing workflows by replacing Appian with AWS cloud-native solutions and implementing ServiceNow ITSM for a leading US secondary mortgage provider
• GenAI-based legacy modernization for a major US airline
• AI-driven infrastructure operations for a global logistics firm
• Digital banking implementation for a Southeast Asian bank
• Cybersecurity services for a UK-based financial data provider
• AI-powered eDiscovery platform redesign for a global legal consulting firm
Investor presentations and earnings call transcripts are available at www.hexaware.com.
Hexaware is a global digital and technology services company, integrating AI at its core. With a presence in 28 countries and a team of 32,309 professionals, it serves a diverse clientele, including 31 Fortune 500 companies.
Certain statements in this press release are forward-looking and subject to risks, including economic conditions, competition, talent acquisition, and technological disruptions. The company does not undertake to update any forward-looking statements unless legally required.