HEXT · Information Technology
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +38.2% on the year; profit before other income, exceptional items and tax −12.0%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 34% of profit before tax, against 8% a year earlier.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 12.4%, −229 bps on the year (−407 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY21 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,586 cr | ₹2,616 cr | ₹2,749 cr | ₹2,936 cr | ₹3,136 cr | ₹3,154 cr | ₹3,208 cr | ₹3,261 cr | ₹3,484 cr | ₹3,478 cr | ₹3,613 cr | ₹3,845 cr |
| YoY | — | — | — | — | — | +21% | +17% | +11% | +11% | +10% | +13% | +18% |
| EBITDA margin | 17.5% | 12.7% | 15.2% | 14.7% | 15.7% | 15.5% | 16.5% | 12.4% | 17.3% | 10.9% | 15.8% | 15.7% |
| Other income, % of PBT | −3% | 4% | 3% | 8% | 3% | 6% | 1% | 34% | 2% | 31% | 5% | −11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 20% | 22% | 28% | 26% | 23% | 25% | 19% | 26% | 10% | 26% | 25% |
| Net profit | ₹163 cr | ₹193 cr | ₹279 cr | ₹275 cr | ₹300 cr | ₹321 cr | ₹327 cr | ₹380 cr | ₹370 cr | ₹292 cr | ₹352 cr | ₹330 cr |
| YoY | — | — | — | — | — | +66% | +17% | +38% | +23% | −9% | +8% | −13% |
| Core profit YoY | — | — | — | — | — | +71% | +24% | −12% | +23% | −43% | +4% | +59% |
| EPS | ₹5.42 | ₹6.42 | ₹9.31 | ₹4.53 | ₹4.98 | ₹5.25 | ₹5.38 | ₹6.24 | ₹6.08 | ₹4.78 | ₹5.75 | ₹5.40 |
| Flags | · | · | · | · | · | 1 | ✓ | 2 | ✓ | 3 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hexaware Technologies Ltd. reported revenue of ₹3,261 cr (+11.1% on the year) and net profit of ₹380 cr (+38.2% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −12.0% on the year, against +38.2% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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