Hexaware Tech shares slump 9.5% post Jan-March quarter numbers

Shares of IT services firm Hexaware Technologies slumped 9.5% on Thursday after the company's January-March quarter earnings failed to impress investors.

After a weak opening, the stock further tanked 9.52% to Rs 206.50 on the BSE. On the National Stock Exchange (NSE), it tumbled 9.56% to Rs 205.75.

At 1129 hours the stock of the company was dealing at Rs 214.35, down Rs 13.90 or 6.09% on the BSE and on the National Stock Exchange, the stock was dealing at Rs 214.90, down Rs 12.60 or 5.54%.

The numbers were announced after the market close on Wednesday.

Mid-sized IT services firm Hexaware Technologies posted a marginal increase in consolidated net profit at Rs 84.2 crore for January-March 2016. Net profit in the same period a year ago came in at Rs 83.3 crore.

Revenues during the reported quarter rose 15% to Rs 820.2 crore, from Rs 713.4 crore in the previous year.

Hexaware follows January-December fiscal.

Hexaware CEO and Executive Director R Srikrishna said: "While we had a challenging quarter for revenue and profitability, bookings from new customers continued to be strongly driven by automation and digital transformation."

In dollar terms, the firm's net profit declined 6.3% to USD 12.6 million in January-March while revenue grew 5.9% to USD 121.7 million.