In 1QCY19, Hexaware reported a revenue growth of 2.2% QoQ (+2% QoQ in CC terms) to USD 180mn owing to the positive impact of a 1.2% sequential increase in volumes, higher billing days (+0.7% QoQ) and favorable cross currency movements.
Hexaware’s 1QCY19 results were broadly inline with our estimates. Hexaware has maintained its guidance of 12-14% organic revenue growth in CY19E, with EBITDA growth likely to be similar to revenue growth despite a fairly high ask-rate of 4% CQGR in USD terms over 1Q-4QCY19.
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