Hexaware Delivers Strong CY24 Performance with $1,429 Mn Revenue Up 13.7% YoY

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

MUMBAI, India, 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	CY24	YoY (%)
Revenue	1,428.9	13.7 %
EBITDA	227.2	18.1 %
PAT	140.1	16.2 %

Constant Currency Growth	CY24	Q4CY24
Constant Currency Growth	YoY %	QoQ %	YoY %
Revenue	13.5 %	0.2 %	18.8 %

Revenue:

Q4CY24: USD 372 Mn | INR 31,544 Mn

USD: (0.5%) QoQ and +18.5% YoY | INR: +0.6% QoQ and +20.6% YoY
Constant Currency: +0.2% QoQ and +18.8% YoY

CY24: $1,429 Mn | INR 119,744 Mn

USD: +13.7% YoY | INR: +15.4% YoY
Constant Currency: +13.5% YoY

Profitability:

Reported EBITDA:

Q4CY24: 16.3% | +2.3% QoQ & +50.7% YoY in absolute terms | +28 bps QoQ & +326 bps YoY in % terms
CY24: 15.9% | +19.8% YoY in absolute terms | +59 bps YoY in % terms

Basic EPS:

Q4CY24: INR 5.25| +5.4% QoQ & +65.1% YoY
CY24: INR 19.37 | +17.8% YoY

Key Client Metrics:

Added 1 customer in the $100 Mn+ category
Added 4 customers in the $20 Mn+ category: 15 in CY24 vs 11 in CY23
Top 10 customers revenue concentration: 35.8% in CY24

Key People Metrics:

Closing Headcount: 32,309, Net added 4,017 since Q4CY23
Voluntary Attrition for IT⁽¹⁾: 10.8%
Q4CY24 Utilization Rate for IT⁽²⁾: 81.6%

Other Key Metrics:

DSO (Billed + Unbilled) at 65 in Q4CY24, of which Billed is 38
CY24 Adjusted Cash Conversion % at 74.5%
Strong Cash and Cash Equivalents position as of 31^st December 2024 INR 1,977 Cr
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 QoQ	Q4CY24 YoY	CY24 YoY
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 QoQ	Q4CY24 YoY	CY24 YoY
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

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
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
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
Digital banking implementation and maintenance for a large bank in Southeast Asia
Cybersecurity services for a UK-based global provider of financial markets data and infrastructure
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

Furthermore, the presentation for investors (s) / analysts (s), along with the transcript of the call, will be available on the company’s website at www.hexaware.com.

_{Notes: (1) Voluntary attrition rate for the IT service line is calculated as the total number of IT business professionals and support function professionals who left the company voluntarily during a period, divided by the average number of IT business professionals and support function professionals during the period, computed on a trailing twelve-month basis. (2) Utilization rate for IT is calculated as the total hours IT business professionals spend on customer-billed assignments, divided by the total available base hours. IT business professionals designated as Mavericks (campus hires) are included in the utilization computation after the completion of an initial training period of up to four months.}

About Hexaware

We are a global digital and technology services company with artificial intelligence (“AI”) at its core. We leverage technology to deliver innovative solutions that help our customers in their digital transformation journey and subsequent operations. We embed AI into every aspect of our solutions and have created a suite of platforms and tools that allow our customers to adapt, innovate, and optimize in this AI-first era. We serve a diverse range of customers, including 31 Fortune 500 organizations. With a team of 32,309 employees in 28 countries, our presence is spread across major countries, nationalities, languages, time zones, and regulatory zones. For more information, please visit https://hexaware.com/.

Forward-looking Statements

Certain statements in this press release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company may, from time to time, make additional written and oral forward statements. We do not undertake to update any forward statements that may be made from time to time by us or on our behalf unless required under the law.

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