Hexaware holds head high

They may be a mid-tier player, but Mumbai-based IT/BP offshore services firm, Hexaware, is no growth slouch compared to its much larger peers. Headline revenues for Q2 (to 30th June) grew by 22% yoy to $91.2m, an equally creditable 3.6% growth qoq. Operating margins expanded yet again to 21.4%, almost 8 points higher yoy and 60bps better than the prior quarter. It has to be said that Hexaware is really motoring despite the economic ‘traffic jams’. Well done them!