Upload
angel-broking
View
222
Download
0
Embed Size (px)
Citation preview
7/27/2019 Hexaware, 2Q CY 2013
1/13
Please refer to important disclosures at the end of this report 1
Y/E December (` cr) 2QCY13 1QCY13 % chg (qoq) 2QCY12 % chg (yoy)Net revenue 537 508 5.7 500 7.3EBITDA 127 98 30.0 115 11.0
EBITDA margin (%) 23.7 19.3 444bp 22.9 79bp
PAT* 98 79 23.5 89 10.0Source:Company, Angel Research; Note: *Excluding exceptional item
For 2QCY2013, Hexaware Technologies (Hexaware) reported broadly in-line set
of results on the revenue front but exceeded expectations on the operating margin
as well as on the bottom-line front. The overall volume of the company came in at
1.5% qoq. The operating margin grew by more than 440bp on a sequential basis
which was a major surprise. The Management has given a 3.5-5.5% qoq
USD revenue growth for 3QCY2013, which is higher than our expectation of
2-4%. We maintain our Buy rating on the stock.Quarterly highlights: For 2QCY2013, Hexaware reported a USD revenue ofUS$94.8mn, up 0.8% qoq. In INR terms, revenue came in at `537cr, up 5.7%
qoq. The company witnessed a 444bp and 452bp qoq increase in its EBITDA and
EBIT margins to 23.7% and 22.0%, respectively. The pickup in operating margin
was driven by an ~140bp qoq gain due to forex, 70bp qoq gain due to absence
of visa cost (which was incurred last quarter) and 150bp qoq gain due to
one-time reversal of a cost. The PAT stood tall at `98cr, up 23.5% qoq, aided by
gains due to strong operational performance.
Outlook and valuation: For 3QCY2013, the Management has given a USDrevenue guidance of US$98.1-100mn, which implies a growth rate of 3.5-5.5%;
better than our estimates of 2-4%. The company is chasing four deals with a TCV
of US$25m+ each and two deals with a TCV of US$10m+. It expects to close at
least two of these deals by the next quarter. Hexaware has been slowly clawing its
way back to growth after a tepid performance on large deal signings over the
past few quarters and headwinds in its top account. The 3QCY2013 guidance and
outlook on large deal pipelines suggest greater likelihood of growth acceleration
going forward. We expect the company to post a USD and INR revenue CAGR of
6.6% and 10.0% over CY201214E, respectively. We expect the EBITDA margin to
remain at 21.5% and 20.5% in CY2013 and CY2014, respectively from 20.9% in
CY2012. We value the company at 9.5x CY2014E EPS of `12.9, which gives us atarget price of `123. We maintain our Buy rating on the stock.Key financials (Indian GAAP, Consolidated)
Y/E Dec. (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ENet sales 1,055 1,451 1,948 2,213 2,479% chg 1.5 37.6 34.3 13.6 12.0
Net profit 108 267 328 365 388% chg (19.7) 147.8 22.8 11.3 6.4
EBITDA margin (%) 8.9 18.2 20.9 21.5 20.5
EPS (`)* 2.9 8.9 10.9 12.1 12.9P/E (x) 37.1 12.0 9.8 8.8 8.3
P/BV (x) 3.2 3.1 2.6 2.2 1.9
RoE (%) 11.2 26.3 27.2 25.4 23.5
RoCE (%) 7.1 22.8 30.0 29.4 27.3
EV/Sales (x) 2.5 1.9 1.5 1.2 1.1
EV/EBITDA (x) 28.4 10.4 7.2 5.8 5.2
Source: Company, Angel Research; Note: *Excluding exceptional item
BUYCMP `107
Target Price `123
Investment Period 12 Months
Stock Info
Sector
Net debt (`cr) (562)
Bloomberg Code HEXW@IN
Shareholding Pattern (%)
Promoters 27.9
MF / Banks / Indian Fls 10.4
FII / NRIs / OCBs 36.2Indian Public / Others 25.5
Abs. (%) 3m 1yr 3yr
Sensex 6.0 16.6 12.4
Hexaware 21.9 (6.9) 157.5
Face Value (`)
IT
Avg. Daily Volume
Market Cap (`cr)
Beta
52 Week High / Low
3,116
0.7
2
142/73
BSE Sensex
Nifty
Reuters Code
20,150
6,029
HEXT.BO
335,470
Ankita Somani+91 22 39357800 Ext: 6819
HexawarePerformance highlights
2QCY2013 Result Update | IT
July 19, 2013
7/27/2019 Hexaware, 2Q CY 2013
2/13
Hexaware | 2QCY2013Result Update
July 19, 2013 2
Exhibit 1:2QCY2013 performance (Indian GAAP, Consolidated)
Y/E December (` cr) 2QCY13 1QCY13 % chg (qoq) 2QCY12 % chg (yoy) 1HCY13 1HCY12 % chg (yoy)Revenue 537 508 5.7 500 7.3 1,044 938 11.3Direct costs 325 316 2.8 300 8.6 641 557 15.2Gross profit 211 192 10.4 201 5.4 403 382 5.6
SG&A expenses 84 94 (10.1) 86 (2.1) 178 169 5.4
EBITDA 127 98 30.0 115 11.0 225 213 5.8Dep. and amortization 9 9 1.1 8 23.7 19 15 27.2
EBIT 118 89 33.1 107 10.1 207 198 4.2
Other income 10 10 10 20 22
Forex gain (4) 2 (6) (2) (3)
PBT 124 100 23.6 112 10.8 225 217 3.5
Tax 26 21 24.2 23 13.9 47 40 19.7
PAT 98 79 23.5 89 10.0 177 177 (0.1)Exceptional item - - - - -
Final PAT 98 79 23.5 89 10.0 177 177 (0.1)Diluted EPS* 3.3 2.6 23.5 3.0 10.1 5.9 5.9 -Gross margin (%) 39.4 37.7 168bp 40.1 (72)bp 38.6 40.7 (207)bp
EBITDA margin (%) 23.7 19.3 444bp 22.9 79bp 21.6 22.7 (112)bp
EBIT margin (%) 22.0 17.5 452bp 21.4 56bp 19.8 21.1 (135)bp
PAT margin (%) 18.0 15.3 277bp 17.6 41bp 16.7 18.5 (185)bp
Source: Company, Angel Research; Note: * Excluding exceptional item
Exhibit 2:Actual vs Angel estimates
(` cr) Actual Estimate % VarNet revenue 537 543 (1.2)
EBITDA margin (%) 23.7 20.7 298bp
PAT 98 82 18.7
Source: Company, Angel Research
In-line revenues, margins ahead of estimates
For 2QCY2013, Hexaware reported a USD revenue of US$94.8mn (at the lower
end of the companys guided band of US$94-96mn), up 0.8% qoq, mainly led by
a 1.5% qoq volume growth. The break-up of revenue growth is as follows: 1)volume growth: +1.5% qoq, 2) forex impact: -0.34% qoq and price realization: -
0.36%. In INR terms, the revenue came in at `537cr, up 5.7% qoq.
During the quarter, the companys offshore bill rates remained almost stable qoq
at US$23.40/hour, while its onsite bill rates declined by 0.8% to US$73.06/hour.
The Management indicated that on a broader basis the company expects billing
rates to remain stable.
7/27/2019 Hexaware, 2Q CY 2013
3/13
Hexaware | 2QCY2013Result Update
July 19, 2013 3
Exhibit 3:Trend in revenue growth (qoq)
Source: Company, Angel Research
Exhibit 4:Trend in billing rates
Source: Company, Angel Research
Service vertical wise, the companys growth was led by testing (contributed 13% to
revenue), the revenue from which grew by 9.2% qoq. BI and analytics continued to
decline for a second consecutive quarter (-6.6% qoq), and has remained volatile in
the past five quarters, with revenues ranging between US$9-12mn. Applicationdevelopment and maintenance (ADM) the companys anchor service vertical,
contributed 38.1% to revenue, and its revenue grew by 1.3% qoq. Revenue from
enterprise solutions (contributed 29.0% to revenues) grew by 0.4% qoq.
91.2
92.892.4
94.0
94.83.6
1.7
(0.4)
1.8
0.8
4.2
1.7
(1.1)
1.9 1.5
(2)
0
2
4
6
89
90
91
92
93
94
95
96
2QCY12 3QCY12 4QCY12 1QCY13 2QCY13
(%)
(US$mn)
Revenue (US$ mn) Revenue growth -qoq (%) Volume grow th - qoq (%)
73.50 73.54 74.27 73.64 73.06
22.85 22.97 23.16 23.37 23.40
10
20
30
40
50
60
70
80
2QCY12 3QCY12 4QCY12 1QCY13 2QCY13
(US$/hr)
Onsite Offshore
7/27/2019 Hexaware, 2Q CY 2013
4/13
Hexaware | 2QCY2013Result Update
July 19, 2013 4
Exhibit 5:Growth trend in service verticals
Service verticals % to revenue % chg (qoq) % chg (yoy)ADM 38.1 1.3 3.3
Enterprise solutions 29.0 0.4 (6.8)
Testing 13.0 9.2 51.7
BI and analytics 10.2 (6.6) (0.1)
BPO 4.3 0.8 (7.0)
IMS 5.4 (4.5) 10.0
Source: Company, Angel Research
Industry segment wise, once again banking and capital markets posted a modest
growth with the segments revenue growth coming in at 4.0% qoq. The company
expects this segment to grow at a higher rate than the companys average growth
rate in CY2013. Revenue from healthcare & capital markets insurance and travel
& transportation industry segment remained stable on a qoq basis. The company
added four new clients in the banking & financial markets vertical and one each in
healthcare & insurance and travel & transportation industry segments.
Exhibit 6:Growth trend in industry segments
Industry segments % to revenue % chg (qoq) % chg (yoy)Banking and financial markets 35.5 4.0 28.5
Healthcare and insurance 15.9 0.1 1.3
Travel and transportation 19.5 0.3 2.3
Emerging segments 29.1 (2.3) (14.1)
Source: Company, Angel Research
In terms of geographies, growth came from developed economies such as the US
and Europe, the revenues from which grew by 1.2% and 0.8% qoq, respectively.
Hexaware is confident of healthy growth in Europe and expects it to ably support
the favorable environment of America.
Exhibit 7:Growth trend in geographies
% to revenue % chg (qoq) % chg (yoy)Americas 67.1 1.2 10.1
Europe 26.3 0.8 (6.5)
Rest of the World (RoW) 6.6 (3.6) (8.6)
Source: Company, Angel Research
Hiring and utilization
During 2QCY2013, Hexaware reported a net addition of 30 employees, taking its
total employee base to 8,700. Out of the total addition, 28 employees were added
in its technical employee base, taking the total technical employee base to 7,978.
Attrition rate during 2QCY2013 moved up to 11.0% from 9.9% in 1QCY2013.
7/27/2019 Hexaware, 2Q CY 2013
5/13
Hexaware | 2QCY2013Result Update
July 19, 2013 5
Exhibit 8:Employee metrics
Particulars 2QCY12 3QCY12 4QCY12 1QCY13 2QCY13Technical
Onsite 1,485 1,563 1,551 1,569 1,636Offshore 6,558 6,866 6,820 6,381 6,342
Total technical employees 8,043 8,430 8,371 7,950 7,978Net technical emp. addition 118 387 (59) (420) 28
Net addition (overall) 109 410 (74) (399) 30
Total employees 8,733 9,143 9,069 8,670 8,700Attrition (%) 9.6 8.4 8.7 9.9 11.0
Source: Company, Angel Research
Utilization level, including trainees, inched up slightly by 30bp qoq to 70.9%,
which proved out to be one of the margin levers in this quarter.
Exhibit 9:Utilization trend
Source: Company, Angel Research
Margins improve substantially
During 2QCY2013, the company witnessed a 444bp and 452bp qoq increase in
its EBITDA and EBIT margins to 23.7% and 22.0%, respectively. The pickup in
operating margin was driven by an ~140bp qoq gain due to forex, 70bp qoqgain due to absence of visa cost (which was incurred last quarter) and 150bp qoq
gain due to one-time reversal of a cost.
The gross profit margin of the company expanded by 170bp qoq to 39.4%; the
break-up of which is as follows: 1) 95bp qoq due to favourable forex movement,
2) 70bp qoq positive impact due to absence of one time visa cost which was
incurred in 1QCY2013 and 3) 5bp qoq gain due to other factors including
utilization.
68.6
70.0
67.6
63.9
70.6 70.9
62
6364
65
66
67
68
69
70
71
72
1QCY12 2QCY12 3QCY12 4QCY12 1QCY13 2QCY13
(%)
Utilization - incl. trainees (%)
7/27/2019 Hexaware, 2Q CY 2013
6/13
Hexaware | 2QCY2013Result Update
July 19, 2013 6
Exhibit 10:Margin profile
Source: Company, Angel Research
Client pyramid
During 2QCY2013, Hexaware added 14 new clients seven from America, two
from Europe and five from the APAC region. From a service vertical perspective,
seven clients were added in enterprise solutions, three in BI & Analytics and four in
the BPO service vertical. The active client base of the company stood at 219. The
revenue from the companys top client revived and came in at US$13.1mn (after
falling to US$10.8m in 4QCY2012), though still below US$13.7m reported in
3QCY2012. The Management expects contribution from the top client to return to
~15% of revenues by 4QCY2013 (14.8% in 3QCY2012, 11.7% in 4QCY2012,13.1% in 2QCY2013). Revenue from the top 2-5 clients grew by 2.0% while that
from non top-10 clients declined by 3.2% qoq.
Exhibit 11:Client metrics
No. of clients 2QCY12 3QCY12 4QCY12 1QCY13 2QCY13US$1mn5mn 44 43 40 40 37
US$5mn10mn 7 7 7 7 8
US$10mn20mn 3 4 5 5 5
US$20mn plus 3 3 3 3 3
Total clients billed 210 217 218 216 219
Clients added 12 12 11 11 14
Source: Company, Angel Research
Outlook and valuation
For 3QCY2013, the Management has given a USD revenue guidance of
US$98.1-100mn, which implies a growth rate of 3.5-5.5% while the same is
higher than our estimate of 2-4%. The company is chasing four deals with a
TCV of US$25m+ each and two deals with a TCV of US$10m+. It expects to
close at least two of these deals by the next quarter. While the guidance
nearly rules out double-digit USD revenue growth in CY2013 (the companys
earlier forecast), the Management cited expectations of a better 2HCY2013
as compared to a tepid 1HCY2013.
40.1 39.636.1
37.7 39.4
22.921.6
16.919.3
23.7
21.419.9
15.117.5
22.0
5
10
15
20
25
30
35
40
45
2QCY12 3QCY12 4QCY12 1QCY13 2QCY13
(%)
Gross margin EBITDA margin EBIT margin
7/27/2019 Hexaware, 2Q CY 2013
7/13
7/27/2019 Hexaware, 2Q CY 2013
8/13
Hexaware | 2QCY2013Result Update
July 19, 2013 8
Exhibit 14:One-year forward PE(x) chart
Source: Company, Angel Research
Exhibit 15:Recommendation summary
Company Reco CMP Tgt Price Upside FY2015 FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (%) RoE (%)
HCL Tech Neutral 893 870 (2.5) 22.0 14.1 20.7 1.6 21.7
Hexaware Buy 107 123 15.3 20.5 8.3 13.1 1.1 23.5Infosys Neutral 2,846 2,820 (0.9) 26.4 15.0 9.2 2.5 19.3
Infotech Enterprises Accumulate 178 190 6.8 17.6 7.9 15.7 0.5 14.0
KPIT Cummins Accumulate 130 144 10.5 16.7 9.0 21.6 0.7 16.7
MindTree Accumulate 943 1050 11.4 19.9 9.0 25.1 0.9 20.3Mphasis Neutral 408 400 (1.9) 18.2 9.4 4.9 0.7 14.2
NIIT^ Buy 18 30 68.1 9.1 3.3 (7.1) (0.0) 11.9
Persistent Accumulate 528 595 12.8 26.2 8.8 19.0 0.8 16.7
TCS Neutral 1,742 1,760 1.0 29.1 18.3 20.5 3.6 27.8
Tech Mahindra Accumulate 1,131 1,250 10.6 19.1 9.7 11.4 1.6 18.9
Wipro Neutral 391 389 (0.4) 21.4 13.1 9.7 1.5 19.0
Source: Company, Angel Research; Note: Valued on SOTP basis
Company Background
Hexaware is a mid-cap Indian IT company and is the 18th largest Indian software
exporter according to Nasscom 2010 rankings. Under the leadership of Chairman
Mr Atul Nishar and Vice Chairman and CEO Mr Chandrashekar (ex-Wipro
Technologies), Hexaware has differentiated itself from its peers and built a niche
position in the airlines vertical and in PeopleSoft implementation. Hexaware offers
its services to clients mainly in the BFSI and travel and transportation industries.
0
20
40
60
80
100
120140
160
180
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Mar-10
Aug-10
Jan-11
Jun-11
Nov-11
Apr-12
Sep-12
Feb-13
Jul-13
(`)
Price 14x 11x 8x 5x 2x
7/27/2019 Hexaware, 2Q CY 2013
9/13
Hexaware | 2QCY2013Result Update
July 19, 2013 9
Profit and loss statement (Indian GAAP, Consolidated)
Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ERevenues 1,055 1,451 1,948 2,213 2,479Direct costs 692 894 1,185 1,358 1,526Gross profit 363 557 764 855 954
% to revenues 34.4 38.4 39.2 38.6 38.5
SG&A expenses 269 292 356 379 445
% to revenues 25.5 20.1 18.3 17.1 17.9
EBITDA 94 265 407 476 509% to revenues 8.9 18.2 20.9 21.5 20.5
Depreciation and amort. 24 25 32 40 45
% to revenues 2.3 1.7 1.7 1.8 1.8
EBIT 70 240 375 436 464
% to revenues 6.6 16.5 19.2 19.7 18.7
Other income 50 43 40 42 53
Forex gain (25) 25 (11) (14) (19)
PBT 95 308 404 463 498
Tax 9 41 76 99 109
% of PBT 9.8 13.2 18.9 21.3 22.0
PAT 85 267 328 365 388
Exceptional item 22 - - - -
Adj. PAT 108 267 328 365 388EPS (`) - diluted 2.9 8.9 10.9 12.1 12.9
7/27/2019 Hexaware, 2Q CY 2013
10/13
Hexaware | 2QCY2013Result Update
July 19, 2013 10
Balance sheet (Indian GAAP, Consolidated)
Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ELiabilitiesShare capital 29 59 59 59 59
Reserves 910 958 1,145 1,376 1,595
Forex MTM 26 - - - -
Share ap. money - - 0 0 0
Total shareholders' funds 965 1,016 1,204 1,436 1,654Long term provisions - 20 27 27 27
Deferred tax liability (net) - 3 13 13 13
Borrowings 11 - - - -
Other long term liabilities - 12 8 8 8
Total liabilities 977 1,052 1,252 1,484 1,702AssetsGross fixed assets 560 647 719 769 819
Less: Accumulated dep. 152 170 199 239 284
Net fixed assets 408 477 520 530 536Non-current investments - - 0 0 0
Deferred tax assets (net) 17 19 20 20 20
Long term loans and advances - 81 109 109 109
Other non-current assets - 72 17 17 17
Current assetsCash and cash equivalent 475 377 197 376 464
Debtors 192 299 365 412 462
Current investments 21 23 235 237 280
Loans and advances - 48 51 51 51
Others 142 57 64 73 82
Total current assets 830 804 912 1,149 1,339Trade payables - 54 53 63 71
Other current liabilities 279 223 176 181 150
Short term provisions - 124 98 98 98
Total assets 977 1,052 1,252 1,484 1,702
7/27/2019 Hexaware, 2Q CY 2013
11/13
Hexaware | 2QCY2013Result Update
July 19, 2013 11
Cash flow statement (Indian GAAP, Consolidated)
Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014EPre-tax profit from operations 70 240 375 436 464
Depreciation 24 25 32 40 45
Pre tax cash from operations 94 265 407 476 509
Other income/prior period ad 25 68 29 27 33
Net cash from operations 119 332 436 503 542
Tax 9 41 76 99 109
Cash profits 109 292 360 404 433
(Inc)/dec in current assets (91) (72) (289) (58) (102)
Inc/(dec) in current liabilities 8 122 (73) 15 (23)
Net trade working capital (84) 50 (362) (43) (125)
Cash flow from operating activities 26 342 (2) 362 308(Inc)/dec in fixed assets 4 (94) (75) (50) (50)
(Inc)/dec in deferred tax asset (6) 1 9 - -
Inc/(dec) in other non-current liabilities - (120) 28 - -
Cash flow from investing activities (2) (213) (38) (50) (50)Inc/(dec) in debt (5) (11) - - -
Inc/(dec) in equity/premium 81 (80) 30 - -
Dividends (51) (136) (170) (133) (170)
Cash flow from financing activities 25 (227) (140) (133) (170)Cash generated/(utilized) 49 (98) (180) 179 88
Cash at start of the year 426 475 377 197 376
Cash at end of the year 475 377 197 376 464
7/27/2019 Hexaware, 2Q CY 2013
12/13
Hexaware | 2QCY2013Result Update
July 19, 2013 12
Key ratios
Y/E December CY2010 CY2011 CY2012 CY2013E CY2014EValuation ratio (x)P/E 37.1 12.0 9.8 8.8 8.3
P/CEPS 23.7 10.7 8.7 7.7 7.2
P/BVPS 3.2 3.1 2.6 2.2 1.9
Dividend yield (%) 1.4 3.2 4.7 3.7 4.7
EV/Sales 2.5 1.9 1.5 1.2 1.1
EV/EBITDA 28.4 10.4 7.2 5.8 5.2
EV/Total assets 2.7 2.6 2.3 1.9 1.6
Per share data (`)EPS 2.9 8.9 10.9 12.1 12.9
Cash EPS 4.5 10.0 12.3 13.8 14.8
Dividend 1.5 3.4 5.0 3.9 5.0
Book value 33.0 34.7 41.2 49.1 56.6
DuPont analysisTax retention ratio (PAT/PBT) 0.9 0.9 0.8 0.8 0.8
Cost of debt (PBT/EBIT) 1.4 1.3 1.1 1.1 1.1
EBIT margin (EBIT/Sales) 0.1 0.2 0.2 0.2 0.2
Asset turnover ratio (Sales/Assets) 1.1 1.4 1.6 1.5 1.5
Leverage ratio (Assets/equity) 1.0 1.0 1.0 1.0 1.0
Operating ROE 8.8 26.3 27.2 25.4 23.5
Return ratios (%)RoCE (pre-tax) 7.1 22.8 30.0 29.4 27.3
Angel RoIC 13.9 35.5 35.6 39.3 37.5RoE 11.2 26.3 27.2 25.4 23.5
Turnover ratios(x)Asset turnover (fixed assets) 2.6 3.0 3.7 4.2 4.6
Debtor days 66 75 68 68 68
7/27/2019 Hexaware, 2Q CY 2013
13/13
Hexaware | 2QCY2013Result Update
J l 19 2013 13
Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document shouldmake such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of thecompanies referred to in this document (including the merits and risks involved), and should consult their own advisors to determinethe merits and risks of such an investment.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, makeinvestment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in thisdocument are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions andtrading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company'sfundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment bankingor other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report orin the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise fromor in connection with the use of this information.Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Hexaware
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors