Hexaware Achieves Impressive Growth in Revenues for CY24
Hexaware's Financial Highlights for CY24
Hexaware Technologies, a leader in IT solutions, has recently reported impressive financial performance for the fiscal year 2024. The company achieved a remarkable revenue of $1,429 million, reflecting a growth of 13.7% year-on-year. This achievement showcases Hexaware's robust strategies and market positioning in a competitive landscape.
Quarterly Performance Insights
Q4CY24 Overview
In the fourth quarter, Hexaware recorded revenues of $372.3 million, indicating an 18.5% increase compared to the same quarter last year. The EBITDA for this period expanded by an impressive 326 basis points year-on-year, while the earnings per share (EPS) improved to INR 5.25, reflecting a substantial growth of 65.1%. These figures underline Hexaware’s solid foundation and operational efficiency.
Growth Across Verticals and Regions
Hexaware's revenue growth can be attributed to its diverse client base and strategic investments in technology. The company reported positive performances across various sectors, with particular strengths noted in Financial Services and Healthcare. In the Americas, revenues grew by 24.1% year-on-year, signaling a robust demand for Hexaware’s services.
Profitability and Operational Efficiency
The company's reported operating margin improved significantly, paralleling its revenue growth. For CY24, Hexaware recorded an operating margin of 15.9%. The focus on cash flow management is evident, as the operating cash flow reached an impressive percentage of the Adjusted EBITDA, enhancing the company’s financial health.
Strategic Initiatives and Key Wins
Hexaware’s ongoing commitment to leveraging advanced technologies has led to several key wins. The company is engaging in modernization projects for major clients, using AI and cloud solutions to enhance service delivery across various industries. Notable projects include working with large banking institutions to implement innovative digital solutions tailored to modern business needs.
Management's Perspective
R Srikrishna, the CEO of Hexaware, expressed pride in the company’s performance, stating, "Materially outperforming industry growth reflects the strength of Hexaware's foundations. We look forward to building on this momentum for a great CY25." Financial optimism from management highlights their plans for sustained growth, prioritizing client needs and technological advancements.
Key Metrics and Future Outlook
Employee Metrics
As of the end of CY24, Hexaware's workforce consisted of 32,309 employees, adding 4,017 team members since the last quarter. The company continues to emphasize low turnover rates and high utilization, critical for maintaining service quality.
Frequently Asked Questions
What were Hexaware's total revenues for CY24?
Hexaware reported total revenues of $1,429 million for CY24, marking a growth of 13.7% year-on-year.
How did Hexaware perform in Q4CY24?
In Q4CY24, Hexaware achieved revenues of $372.3 million, up 18.5% year-on-year, with EBITDA expanding by 326 basis points.
What is the outlook for Hexaware's growth?
The company plans to maintain its growth momentum by focusing on client needs and leveraging technology innovations.
What strategies did Hexaware deploy in CY24?
Hexaware implemented significant modernization projects and enhanced their service delivery capabilities through AI and cloud technologies.
What are the key sectors contributing to Hexaware's growth?
Financial Services and Healthcare have been significant contributors to Hexaware's growth, driven by increasing demand for digital solutions.
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