Hexaware profit lags estimates, shares tank
Empower your mind, elevate your skills
Carlyle-backed Hexaware Technologies reported a 38% on-year rise in June quarter net profit in rupee terms at Rs 380 crore. Profit rose 16% sequentially.Profit trailed expectations, largely due to a more than 20% increase in other expenses such as acquisition-related cost, and impairment of customer contract associated with an earlier acquisition.Hexaware issued a muted revenue guidance for the year ahead. The company follows a January to December financial year.Unlike its mid-tier peers, Hexaware's Q2 revenue was relatively subdued at Rs 3,260 crore, rising 11.1% on-year and 1.6% sequentially in constant currency terms, lagging Street estimates.In constant currency terms, revenue stood at $382.1 million, growing 1.3% sequentially and 7.5% from a year ago. During the quarter, revenue growth was impacted by decline in manufacturing and consumer segments, and flat growth in financial services."Our growth expectations for the year are a little bit lower now than it was in the beginning of Q2," R Srikrishna, CEO, Hexaware told ET. Shares of Hexaware fell sharply on the earnings announcement. They closed 10.7% lower at Rs 738.25 apiece, underperforming a 0.88% decline in the benchmark BSE Sensex.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
15 minutes ago
- Business Standard
CarTrade Tech hits all-time high, zooms 146% in 11 months; here's why
CarTrade Tech share price today Shares of CarTrade Tech hit a new high of ₹2,140, soaring 13 per cent on the BSE in Monday's intra-day trade amid heavy volumes after the company's net profit more-than-doubled in the quarter ended June 2025 (Q1FY26). The stock price of the smallcap company surpassed its previous high of ₹1,999.50 touched on July 14, 2025. Thus far in the month of July, the stock has outperformed the market by surging 25 per cent, as compared to 3 per cent decline in the BSE Sensex. In the past 11 months, it has zoomed 146 per cent and 161 per cent from its 52-week low of ₹817.75 touched on August 14, 2024. It has bounced back 528 per cent from its all-time low of ₹341 hit in March 2023. Prior to that, it fell 79 per cent against its issue price of ₹1,618 per share. Currently, CarTrade Tech trades 32 per cent higher when compared with its issue price. The company made its stock market debut on August 20, 2021. Q1FY26 results - CarTrade Tech In Q1FY26, CarTrade Tech, one of India's largest online classifieds and auto auction platforms, reported its highest-ever quarterly revenue of ₹198.50 crore, representing a 27 per cent year-on-year (YoY) growth, and PAT of ₹47.06 crore, up 106 per cent YoY. The consumer group continued to scale profitably, delivering 32 per cent YoY revenue growth and 79 per cent YoY PAT growth. The remarketing business posted robust results with 36 per cent YoY revenue growth and 258 per cent YoY PAT growth. Its group company, OLX India maintained momentum with 71 per cent YoY growth in profits, benefiting from operating leverage and integration synergies. The company attracted ~75 million average monthly unique visitors during Q1FY26, with 95 per cent of the traffic being organic, underlining strong brand equity and content leadership. The management said the company remains focused on driving innovation and have recently intensified our AI-led initiatives to enhance customer experience, improve operational efficiency, and enable smarter, data-driven decision-making across platforms. Crisil Ratings view on used-car volume The sales volume of used cars in India is expected to cross ~6 million units this fiscal driven by value-conscious demand, rising digital adoption and better access to finance. This has lifted the used-to-new ratio in car sales to 1.4 from less than 1 five years ago, with the volume growing more than twice as fast. The market value of these used cars is estimated to be around ₹4 lakh crore, nearly matching that of new car sales. After a tepid 5 per cent volume growth seen between fiscal 2017-24, used vehicle sales grew at a strong ~8 per cent last fiscal and is poised to grow up to 10 per cent this fiscal too. Looking ahead, the used car market is expected to remain structurally steady, but availability of quality inventory will bear watching, Crisil Ratings said. About CarTrade Tech CarTrade Tech is India's largest digital marketplace ecosystem, operating multiple platforms including CarWale, BikeWale, CarTrade, OLX India, Shriram Automall, CarTrade Exchange, and Adroit Auto. These platforms empower millions of users including consumers, dealers, OEMs, and enterprises to buy and sell vehicles, real estate, electronics, mobile phones, furniture, and more with ease and efficiency. With a strong digital footprint, each of their three platforms (CarWale, BikeWale and OLX India) crossed 150 million yearly unique visitors with more than 95 per cent of the traffic being generated organically, and the remarketing business achieved 1.4 million listings for auction in FY25.
&w=3840&q=100)
Business Standard
15 minutes ago
- Business Standard
Xiaomi launches Redmi Note 14 SE 5G at Rs 14,999: Specs, offers, and more
Xiaomi debuts Redmi Note 14 SE 5G in India with MediaTek Dimensity 7025 Ultra, 50MP Sony camera, 120Hz AMOLED display, and Dolby Atmos stereo speakers Sweta Kumari New Delhi Xiaomi has expanded its Redmi Note 14 series in India with the launch of the Redmi Note 14 SE 5G, priced at Rs 14,999. Powered by the MediaTek Dimensity 7025 Ultra chipset, the smartphone comes with 6GB RAM and 128GB storage, and features a 6.67-inch AMOLED display of a 120Hz refresh rate. The smartphone joins the Redmi Note 14, Note 14 Pro, and Note 14 Pro+ models already available in the market. Redmi Note 14 SE 5G: Price and colour 6GB RAM + 128GB storage: Rs 14,999 Colour: Crimson Art Availability and offers The smartphone will go on sale starting August 7 via Xiaomi's official website, Flipkart, and select retail stores. As part of the launch offer, buyers can avail a bank discount of Rs 1,000 on select cards. Redmi Note 14 SE 5G: Details The Redmi Note 14 SE 5G is powered by the MediaTek Dimensity 7025 Ultra chipset, paired with 6GB RAM and 128GB internal storage. It sports a 6.67-inch AMOLED display of a 120Hz refresh rate and peak brightness of up to 2100 nits. The display also features in-display fingerprint scanning and is protected by Corning Gorilla Glass 5. On the camera front, the device boasts a 50MP Sony LYT-600 primary sensor with Optical Image Stabilisation (OIS), an 8MP ultra-wide-angle camera, and a macro sensor. It packs a 5110mAh battery with support for 45W wired fast charging. For audio, it offers Dolby Atmos-tuned dual stereo speakers along with a 3.5mm headphone jack, aiming to deliver a more immersive sound experience. Redmi Note 14 SE 5G: Specifications
Time of India
15 minutes ago
- Time of India
Will minimum EPS-95 pension be hiked this festive season? Govt responds in Parliament
What is EPS? Academy Empower your mind, elevate your skills Questions on minimum pension under EPF-95 Is there any decision expected ahead of the upcoming festive season? Pensioners in India are looking forward to a long-awaited increase in the minimum monthly pension amount under the Employees' Pension Scheme (EPS-95). The current minimum pension is Rs. 1,000 per month, but trade unions, pensioners' associations and public representatives have been urging the government to raise the government has also confirmed that it has received many requests from trade unions and public representatives for an increase in the minimum Employee Pension Scheme (EPS) is a retirement benefit plan introduced by the Indian government in 1995 to provide financial security to employees after they stop working. It is part of the Employees' Provident Fund (EPF) framework. While, EPF serves as a lump sum retirement corpus, EPS provides pension upon retirement. This pension varies depending on the member salary and years of service. The funds in EPS need not be contributed Wealth Online tells you in detail the questions asked by the Members of Parliament on the minimum pension hike and the government's reply on the read: Higher pension: These central government employees to get pension hike due to minor salary increase Members of Parliament Vaiko and M. Shanmugam asked various questions on minimum pension.(a) Whether the demand to enhance minimum pension in Employees Pension Scheme (EPS-95) is under consideration of Government for a long time?(b) If so, by when Government will take a decision, especially in view of mounting pressure from the trade unions and the court judgments?(c) The constraint in increasing the EPF pension when there are sufficient funds available in the corpus fund and the accumulated unclaimed funds? and(d) Whether Government would expedite a decision in view of coming festival season?The government responded to the questions in Parliament:Representations have been received from various stakeholders including trade unions and public representatives to increase the minimum pension under the Employees' Pension Scheme (EPS), 1995 from existing Rs. 1000/- per month. The EPS, 1995 is a "Defined Contribution-Defined Benefit" Social Security Scheme. The corpus of the Employees' Pension Fund is made up of (i) contribution by the employer @ 8.33 per cent of wages; and (ii) contribution from Central Government through budgetary support @ 1.16 per cent of wages up to an amount of Rs.15,000/- per month. All benefits under the scheme are paid out of such accumulations. The fund is valued annually as mandated under paragraph 32 of the EPS, 1995 and as per the valuation of the fund as on 31.03.2019, there is an actuarial deficit. However, the Government is providing a minimum pension of Rs. 1000 per month to the pensioners under the EPS, 1995 by providing budgetary support, which is in addition to the budgetary support of 1.16 per cent of wages provided annually towards EPS to Employees' Provident Fund Organisation (EPFO).There is no confirmation of a pension hike before the festive season. The government did not commit to a timeline but reiterated that it continues to provide budgetary support to ensure the minimum Rs 1,000 pension.
