Q4CY24 Revenue at $372.3 Mn Up 18.5% YoY | Q4CY24 EBITDA Expansion of 326 bps YoY
Q4CY24 EPS at INR 5.25 Expansion of 65.1% YoY
ISELIN, N.J., March 7, 2025 /PRNewswire/ -- Hexaware Technologies (NSE: HEXT), a leading global provider of IT solutions and services, today announced financial results for the fourth quarter of calendar year 2024 ended December 31, 2024.
Financial Summary and Highlights
| | USD Mn | | INR Mn | ||||
| Q4CY24 | QoQ (%) | YoY (%) | | Q4CY24 | QoQ (%) | YoY (%) | |
| Revenue | 372.3 | (0.5 %) | 18.5 % | | 31,544 | 0.6 % | 20.6 % |
| EBITDA | 60.7 | 1.3 % | 48.0 % | | 5,140 | 2.3 % | 50.7 % |
| PAT | 38.0 | 6.4 % | 64.5 % | | 3,207 | 7.0 % | 66.3 % |
| CY24 | USD Mn | |
| CY24 | YoY (%) | |
| Revenue | 1,428.9 | 13.7 % |
| EBITDA | 227.2 | 18.1 % |
| PAT | 140.1 | 16.2 % |
| Constant Currency Growth | CY24 | Q4CY24 | |
| YoY % | QoQ % | YoY % | |
| Revenue | 13.5 % | 0.2 % | 18.8 % |
Revenue:
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Q4CY24: USD 372 Mn | INR 31,544 Mn
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CY24: $1,429 Mn | INR 119,744 Mn
Profitability:
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Reported EBITDA:
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Basic EPS:
Key Client Metrics:
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Added 1 customer in the $100 Mn+ category
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Added 4 customers in the $20 Mn+ category: 15 in CY24 vs 11 in CY23
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Top 10 customers revenue concentration: 35.8% in CY24
Key People Metrics:
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Closing Headcount: 32,309, Net added 4,017 since Q4CY23
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Voluntary Attrition for IT(1): 10.8%
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Q4CY24 Utilization Rate for IT(2): 81.6%
Other Key Metrics:
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DSO (Billed + Unbilled) at 65 in Q4CY24, of which Billed is 38
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CY24 Adjusted Cash Conversion % at 74.5%
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Strong Cash and Cash Equivalents position as of 31st December 2024 INR 1,977 Cr
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INR 8.75 per share of dividend paid in CY24
Leadership Speak
"We are delighted to be public again. Materially outperforming industry growth with 18.5% YoY Q4CY24 revenue growth reflects the strength of Hexaware's foundations: putting clients first, creating a home for great talent, and using platforms for real impact. We look forward to building on this momentum for a great CY25," said R Srikrishna, CEO and Executive Director, Hexaware.
"CY24 performance underlines the resilience of our business model. We clocked strong revenue growth of 13.7% YoY for CY24 while expanding margins at the same time and delivering 18.1% operating margin growth YoY. Our razor-sharp focus on cash flow helped yield OCF to Adjusted EBITDA of 74%+," said Vikash Jain, CFO, Hexaware.
Financial Performance
Revenue Performance by Vertical
| In USD Million | Q4CY24 | Q4CY24 | CY24 |
| Financial Services | 3.5 % | 25.0 % | 19.1 % |
| Healthcare and Insurance | (2.4 %) | 16.0 % | 10.9 % |
| Manufacturing and Consumer | (6.9 %) | (0.8 %) | 4.5 % |
| High Tech and Professional Services | 1.4 % | 38.4 % | 22.5 % |
| Banking | 6.4 % | 15.0 % | 7.6 % |
| Travel and Transportation | (7.6 %) | 11.2 % | 13.3 % |
| Total Revenue | (0.5 %) | 18.5 % | 13.7 % |
Revenue Performance by Geography
| In USD Million | Q4CY24 | Q4CY24 | CY24 |
| Americas | 2.3 % | 24.1 % | 17.7 % |
| Europe | (9.7 %) | 2.7 % | 3.0 % |
| Asia Pacific | (4.0 %) | 8.3 % | 6.5 % |
| Total Revenue | (0.5 %) | 18.5 % | 13.7 % |
Key Wins
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Modernizing workflows and user interfaces by replacing Appian with AWS cloud-native solutions and implementing ServiceNow ITSM for a large secondary mortgage provider in the US
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GenAI-based legacy modernization project using our proprietary GenAI model to extract business rules and blueprint the application to a new technology stack for a major airline in the US
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Infrastructure operations with AI-first transition to mitigate operational risks and enhance service quality for a global supply chain management and logistics services company in the US
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Digital banking implementation and maintenance for a large bank in Southeast Asia
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Cybersecurity services for a UK-based global provider of financial markets data and infrastructure
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Redesigning and rebuilding the eDiscovery platform and workflow, leveraging our AI-driven platform engineering and product road-mapping expertise for a global leader in eDiscovery, document review, risk management, and legal consulting services