Smooth ‘Promoter’ transition for Hexaware

The transfer of control (as in change of 'Promoter', in effect lead shareholder) of Mumbai-headquartered IT and BPO services firm Hexaware to Baring Private Equity Asia (see here) appears not to have distracted management from running the business, with revenues and margins still on the rise. Headline revenues for Q3 (to 30th Sept.) grew by 6.4% yoy and 4.2% qoq to $98.8m, representing a 16% increase qoq and 22% increase yoy in Rupee terms. EBIT margins at 22.2% were 30bps higher qoq and over two points higher yoy. As for all peers, the weaker Rupee (11% down yoy and 10% down qoq) rather helped.

Founder Atul Nishar remains chairman of the company though no longer holds any stock. PR Chandrasekar remains CEO. Hexaware remains a listed company. So far remains so good!