hexaware result updated

8/2/2019 Hexaware Result Updated

1/13

Please refer to important disclosures at the end of this report 1

Y/E December (` cr) 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy)Net revenue 438 432 1.5 319 37.6EBITDA 98 99 (1.2) 46 115.8

EBITDA margin (%) 22.4 23.0 (61)bp 14.3 812bp

PAT* 88 88 0.2 54 64.5Source:Company, Angel Research; Note: *Excluding exceptional item

For 1QCY2012, Hexaware reported a healthy set of results. Major highlights of

the results were whopping 6.6% qoq volume growth even in a seasonally soft

quarter for IT companies. Hexaware has been outperforming in the mid-cap

space since eight quarters by reporting a scorching 7.7% CQGR. Management

has been outperforming its guidance every quarter and has maintained CY2012

yoy revenue growth guidance of at least 20%. We expect the company to continue

its revenue growth on the back of increasing traction for enterprise services as

well as continue its operational exuberance. We remain Neutral on the stock.Quarterly highlights: For 1QCY2012, Hexaware reported USD revenue ofUS$88mn, up 4.7% qoq, led by 6.6% qoq volume growth. In INR terms, revenue

came in at `438cr, up 1.5% qoq. The companys EBITDA and EBIT margins

declined by 61bp and 77bp qoq to 22.4% and 20.8%, respectively, majorly due

to qoq INR appreciation against USD. PAT for the quarter stood flat qoq to `88cr.

Outlook and valuation: Hexaware signed two deals during 4QFY2012, eachworth US$10mn plus. Also, management indicated that it is in the final stages of

signing two large deals each worth US$25mn plus. Management intends to hire

1,500 net employees in CY2012 with 600-700 of them being freshers.

Management has maintained the companys CY2012 yoy revenue growth

guidance of at least 20% i.e., above US$370mn.We expect USD and INRrevenue to post a scorching 18.1% and 20.5% CAGR over CY201012E,

respectively. Hexaware has adequate levers to expand its margins such as

strong volume growth, improvement in utilization level, broadening of the

employee pyramid and rationalizing SGA costs which can elevate its EBITDA

margin to 19.0% for CY2012 from 18.2% in CY2011. Thus, we expect EBITDA

and PAT to post a CAGR of 21.7% and 9.5%, respectively. We value the company

at 12x CY2013E EPS of `10.7, which gives us a target price of `128. The stockprice has run up significantly and we see limited upside from current levels. We maintain our Neutral rating on the stock.Key financials (Indian GAAP, Consolidated)

Y/E December (` cr) CY2010 CY2011 CY2012E CY2013ENet sales 1,055 1,451 1,821 2,105% chg 1.5 37.6 25.5 15.6

Net profit 85 267 295 321% chg (36.4) 212.9 10.4 8.9

EBITDA margin (%) 8.9 18.2 19.0 18.6

EPS (`)* 2.9 8.9 9.8 10.7P/E (x) 45.2 14.6 13.2 12.1

P/BV (x) 3.8 3.7 3.1 2.7

RoE (%) 10.9 26.3 23.7 22.4

RoCE (%) 6.9 23.6 25.4 24.9

EV/Sales (x) 3.2 2.3 1.8 1.5

EV/EBITDA (x) 35.6 12.6 9.5 8.1

Source: Company, Angel Research; Note: *Excluding exceptional item

NEUTRALCMP `130

Target Price -

Investment Period -

Stock Info

Sector

Bloomberg Code HEXW@IN

Shareholding Pattern (%)

Promoters 28.0

MF / Banks / Indian Fls 9.6

FII / NRIs / OCBs 42.1

Indian Public / Others 20.4

Abs. (%) 3m 1yr 3yr

Sensex (0.6) (11.9) 50.7

Hexaware 57.7 82.8 709.0

Face Value (`)

IT

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

3,792

1.1

2

134/61

BSE Sensex

Nifty

Reuters Code

17,134

5,191

HEXT.BO

263,827

Ankita Somani+91 22 39357800 Ext: 6819

[email protected]

HexawarePerformance highlights

1QCY2012 Result Update | IT

April 27, 2012


2/13

Hexaware | 1QCY2012Result Update

April 27, 2012 2

Exhibit 1:1QCY2012 performance (Indian GAAP, Consolidated)

Y/E December (` cr) 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy) CY2011 CY2010 % chg (yoy)Revenue 438 432 1.5 319 37.6 1,451 1,055 37.6Direct costs 257 256 0.5 200 28.8 894 692 29.3Gross profit 181 176 3.0 119 52.4 557 363 53.3

SG&A expenses 83 76 8.4 73 13.0 292 269 8.4

EBITDA 98 99 (1.2) 46 115.8 265 94 182.4Dep. and amortization 7 6 12.7 6 15.2 25 24 2.5

EBIT 91 93 (2.1) 39 131.6 240 70 244.9

Other income 11 12 9 43 50

Forex gain 3 (5) 10 25 (25)

PBT 105 99 5.6 58 80.4 308 95 225.4

Tax 17 11 48.6 4 275.0 41 9 341.5

PAT 88 88 0.2 54 64.5 267 85 212.9Exceptional item - - - - 22

Final PAT 88 88 0.2 54 64.5 267 108 147.8Diluted EPS* 2.9 2.9 (0.1) 1.8 62.4 8.9 2.9 210.5Gross margin (%) 41.3 40.7 59bp 37.3 400bp 38.4 34.4 395bp

EBITDA margin (%) 22.4 23.0 (61)bp 14.3 812bp 18.2 8.9 936bp

EBIT margin (%) 20.8 21.6 (77)bp 12.3 843bp 16.5 6.6 994bp

PAT margin (%) 19.6 20.1 (58)bp 15.9 362bp 17.6 7.9 968bp

Source: Company, Angel Research; Note: * Excluding exceptional item

Exhibit 2:Actual vs. Angel estimates(` cr) Actual Estimate % Var

Net revenue 438 440 (0.3)

EBITDA margin (%) 22.4 21.6 79bp

PAT 88 77 14.5

Source: Company, Angel Research

Stellar performance

For 1QCY2012, Hexaware reported healthy USD revenue growth of 4.7% qoq,

with revenue coming at US$88mn, primarily led by 6.6% qoq volume growth.

In INR terms, revenue came in at `438cr, up merely 1.5% qoq, impacted by qoqINR appreciation against USD in 1QCY2012.

During the quarter, the company reported a 1.2% qoq increase in onsite bill rates

to US$73.90/hour from US$73.01/hour in 4QCY2011. Offshore billing rates

stood almost flat qoq at US$22.9/hour. Going ahead, the company expects bill

rates to remain stable.


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April 27, 2012 3

Exhibit 3:Trend in revenue growth (qoq)


Exhibit 4:Trend in billing rates


Service vertical wise, the companys growth was broad-based. Growth was led by

business intelligence (BI) and analytics (contributed 12.5% to revenue), revenue

from which grew by 24.6% qoq. Hexawares anchor service vertical, application

development and maintenance (ADM) (contributed 38.9% to revenue) reported

decent 2.6% qoq growth in revenue. Revenue from other service verticals such as

enterprise solutions and testing grew by 1.5% and 1.8% qoq, respectively. Going

forward, management indicated that it is witnessing strong traction for services

such as enterprise solutions, BI and infrastructure management services.

70.4

74.8

78.8

84.1

88.0

5.7

6.2

5.3

6.7

4.74.9

5.8

9.2

4.8

6.6

2

3

4

5

6

7

8

9

10

60

65

70

75

80

85

90

1QCY11 2QCY11 3QCY11 4QCY11 1QCY12

(%)

(US$mn)

Revenue (US$ mn) Revenue growth -qoq (%) Volume growth - qoq (%)

72.00 72.00 72.50 73.01 73.90

22.20 22.50 23.00 23.00 22.90

10

20

30

40

50

60

70

80


(US$/hr)

Onsite Offshore


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April 27, 2012 4

Exhibit 5:Growth trend in service verticals

Service verticals % to revenue % chg (qoq) % chg (yoy)ADM 38.9 2.6 25.0

Enterprise solutions 28.9 1.5 14.3Testing 10.5 1.8 41.2

BI and analytics 12.5 24.6 57.9

BPO 4.7 (3.5) 3.1

Others 4.5 14.9 22.3


Industry segment wise, travel and transportation and healthcare and insurance led

the companys growth by posting 11.2% and 10.4% qoq growth in revenue,

respectively. Revenue from the banking and capital market industry segment

remained almost flat qoq.

Exhibit 6:Growth trend in industry segments

Industry segments % to revenue % chg (qoq) % chg (yoy)Banking and capital market 27.3 0.3 19.3

Healthcare and insurance 17.3 10.4 80.2

Travel and transportation 22.0 11.2 10.9

Emerging segments 33.4 1.6 20.7


Geography wise, growth was again led by revenue from Europe, which reported

7.9% qoq growth. Revenue from America grew by 3.7% qoq, while revenue from

Asia Pacific geography remained flat qoq.

Exhibit 7:Growth trend in geographies

% to revenue % chg (qoq) % chg (yoy)Americas 63.8 3.7 20.9

Europe 29.6 7.9 32.6

Asia Pacific 6.6 0.1 35.3


Hiring continues

During 1QCY2012, Hexaware added 307 net employees, out of which 225 were

freshers. Of the total hiring done, 298 employees were added in the technical

employee base, taking the total technical employee base to 7,925. Management

intends to hire 1,500 net employees in CY2012 with 600-700 of them being

freshers and management indicated that the company is on track to meet its

guidance. Attrition rate during 1QCY2012 declined to 11.0% from 13.9% in

4QCY2011.


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April 27, 2012 5

Exhibit 8:Employee metrics

Particulars 1QCY11 2QCY11 3QCY11 4QCY11 1QCY12Technical

Onsite 1,333 1,454 1,527 1,564 1,595Offshore 4,725 5,334 5,960 6,063 6,330

Total technical employees 6,058 6,788 7,486 7,627 7,925Net technical emp. addition 159 731 698 140 299

Net addition (overall) 153 755 745 153 307

Total employees 6,664 7,419 8,164 8,317 8,624Attrition (%) 19.6 18.0 14.7 13.9 11.0


Utilization level, including trainees, dipped by 110bp qoq to 68.6% in 1QCY2012

from 69.7% in 4QCY2011 because of addition of freshers in the system.

Increasing utilization from current levels will be an important margin lever for the

company going forward, as trainees would turn billable.

Exhibit 9:Utilization trend


Margins decline

During 1QCY2012, the company witnessed a 61bp and 77bp qoq decline in itsEBITDA and EBIT margins to 22.4% and 20.8%, respectively, largely because of

INR appreciation. Factors aiding margins were: 1) 45bp qoq positive impact from

offshore effort shift, 2) 20bp positive impact from better billing rates, 3) 125bp

positive impact derived from improvement in employee pyramid, 4) 75bp negative

impact due to INR appreciation against USD, 5) 35bp negative impact due to

decline in utilization level and 6) 120bp qoq negative impact due to increased

SG&A costs. Going ahead, Hexaware expects its margin to further expand by using

levers such as 1) rationalizing employee pyramid, 2) increasing utilization level,

3) lowering SG&A expenses and 4) shifting the revenue mix offshore.

69.4

72.7

71.4

70.6

69.7

68.6

67

68

69

70

71

72

73

4QCY10 1QCY11 2QCY11 3QCY11 4QCY11 1QCY12

(%)

Utilisation - incl. trainees (%)


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April 27, 2012 6

Exhibit 10:Margin profile


Client pyramid

During 1QCY2012, Hexaware added 12 new clients one in travel and

transportation, three in banking and one in healthcare and insurance industry

segment. From a service vertical perspective, six clients were added in enterprise

solutions, one in testing, one in BI and analytics and one in infrastructure

management services. Of these 12 new client additions, five were added from the

American geography, while four were from Europe and three from Asia Pacific.

The company added one new client in the US$10mn-20mn plus revenue bracket

and two in the US$1mn-5mn revenue bracket. Active client base of the companyincreased to 201 in 1QCY2012 from 192 in 4QCY2011.

Exhibit 11:Client metrics

No. of clients 1QCY11 2QCY11 3QCY11 4QCY11 1QCY12US$1mn5mn 39 40 39 40 42

US$5mn10mn 6 6 8 7 7

US$10mn20mn 2 2 1 2 3

US$20mn plus 2 2 3 3 3

Total clients billed 180 190 194 192 201

Clients added 10 14 12 15 12


Outlook and valuation

Hexawares anchor service verticals, enterprise solutions (~29% of revenue) and

business intelligence (~12% of revenue) are firing up growth cylinders for the

company. Hexaware managed to outperform the entire IT pack with a 7.7% CQGR

in revenue and 22% in EBITDA over the last eight quarters. The company signed

two deals during 4QFY2012, each worth US$10mn plus. Also, management

indicated that it is in the final stages of signing two large deals each worth

US$25mn plus.

Management intends to hire 1,500 net employees in CY2012 with 600-700 of

them being freshers. Management has been outperforming its guidance every

quarter and has maintained the companys CY2012 yoy revenue growth guidance

37.3 36.6 38.240.7 41.3

14.3 15.3

18.7

23.0 22.4

12.3

13.5

17.0

21.6 20.8

5

10

15

20

25

30

35

40

45


(%)

Gross margin EBITDA margin EBIT margin


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April 27, 2012 7

of at least 20% i.e., above US$370mn. This seems easily achievable by the

company given the revenue visibility on account of six large deals signed in the

past few quarters. We expect the company to continue its revenue growth on the

back of increasing traction for enterprise services as well as continue itsoperational exuberance. Thus, we expect the companys niche focus in enterprise

solutions and business intelligence to play out strongly. Further, we expect USD

and INR revenue to post a scorching 18.1% and 20.5% CAGR over

CY201012E, respectively.

Hexaware has adequate levers to expand its margins such as 1) strong volume

growth and improvement in utilization level (currently at 68.6%), 2) broadening of

the employee pyramid, 3) ability to grow even with rationalizing SGA costs and

4) enterprise solutions and business intelligence, the companys strong growth

drivers, offering improvement in business mix and leading to increased revenue

productivity. We expect EBITDA margin to improve to 19.0% for CY2012 from18.2% in CY2011. Thus, we expect EBITDA and PAT to post a CAGR of 21.7% and

9.5%, respectively. At the CMP, the stock is trading at PE of 12.1x CY2013E EPS of

`10.7. We value the company at 12x CY2013E EPS of `10.7, which gives us atarget price of `128. The stock price has run up significantly and we see limitedupside from current levels. We maintain our Neutral rating on the stock.Exhibit 12:Key assumptions

Particulars CY2012 CY2013Revenue growth USD terms (%) 20.2 16.0

USD-INR rate 49.2 49.0

Revenue growth INR terms (%) 25.5 15.6

EBITDA margin (%) 19.0 18.6

Tax rate (%) 19.5 22.0

EPS growth (%) 10.1 9.0


Exhibit 13:Change in estimates

CY2012E CY2013EParameter Earlier Revised Variation Earlier Revised Variation(` cr) Estimates estimates (%) estimates estimates (%)Net revenue 1,829 1,821 (0.4) 2,092 2,105 0.6

EBITDA 343 346 1.1 391 392 0.3

Other income 47 46 (2.1) 53 52 (1.9)

PBT 347 366 5.4 404 411 1.8

Tax 69 71 3.1 88 90 2.9

PAT 278 295 6.0 316 321 1.5



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April 27, 2012 8

Exhibit 14:One-year forward PE(x) chart


Exhibit 15:Recommendation summary

Company Reco CMP Tgt Price Upside FY2014 FY2014E FY2011-14E FY2014E FY2014E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) RoCE (%) RoE (%)

HCL Tech Accumulate 511 560 9.7 17.4 11.9 17.0 20.4 21.3

Hexaware Neutral 130 - - 18.6 12.1 55.0 24.9 22.4Infosys Buy 2,390 2,792 16.8 30.6 13.7 13.4 22.8 20.8

Infotech Enterprises Accumulate 160 177 10.3 16.6 8.6 13.9 16.9 13.2

KPIT Cummins Buy 85 98 15.2 14.9 7.8 (1.4) 20.0 18.0

Mahindra Satyam Buy 75 89 18.1 15.0 9.1 25.3 11.4 13.0

MindTree Neutral 579 - - 15.5 9.9 32.9 19.8 17.0

Mphasis Buy 366 433 18.2 17.9 8.9 1.7 14.1 13.7

NIIT^ Buy 43 61 41.0 16.9 4.7 18.0 11.5 19.0

Persistent Neutral 346 - - 22.4 8.6 4.7 17.0 14.5

TCS Accumulate 1,205 1,276 5.9 28.7 17.0 16.8 28.8 27.7

Tech Mahindra Accumulate 696 750 7.7 15.7 8.0 20.8 12.9 18.0

Wipro Accumulate 406 430 6.0 19.9 14.2 9.7 13.9 18.3

Source: Company, Angel Research; Note: Valued on SOTP basis

0

20

40

60

80

100

120140

160

180

Jan-0

6

May-0

6

Sep-0

6

Jan-0

7

May-0

7

Sep-0

7

Jan-0

8

May-0

8

Sep-0

8

Jan-0

9

May-0

9

Sep-0

9

Jan-1

0

May-1

0

Sep-1

0

Jan-1

1

May-1

1

Sep-1

1

Jan-1

2

(`)

Price 16x 13x 9x 5x 2x


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April 27, 2012 9

Profit and loss statement (Indian GAAP, Consolidated)

Y/E December (` cr) CY2009 CY2010 CY2011 CY2012E CY2013ERevenues 1,039 1,055 1,451 1,821 2,105Direct costs 564 692 894 1,146 1,342

Gross profit 474 363 557 675 763

% to revenues 45.7 34.4 38.4 37.0 36.2

SG&A expenses 272 269 292 328 371

% to revenues 26.2 25.5 20.1 18.0 17.6

EBITDA 202 94 265 346 392% to revenues 19.5 8.9 18.2 19.0 18.6

Depreciation and amortization 27 24 25 31 36

% to revenues 2.6 2.3 1.7 1.7 1.7

EBIT 175 70 240 316 356

% to revenues 16.9 6.6 16.5 17.3 16.9

Other income 31 50 43 46 52

Forex gain (62) (25) 25 5 3

PBT 145 95 308 366 411

Tax 10 9 41 71 90

% of PBT 7.2 9.8 13.2 19.5 22.0

PAT 134 85 267 295 321

Exceptional item - 22 - - -

Adj. PAT 134 108 267 295 321EPS (`) - diluted 4.6 2.9 8.9 9.8 10.7


10/13


April 27, 2012 10

Balance sheet (Indian GAAP, Consolidated)

Y/E December (` cr) CY2009 CY2010 CY2011 CY2012E CY2013ELiabilitiesShare capital 29 29 59 59 59

Reserves 861 934 1,061 1,186 1,371

Forex MTM (41) 26 (104) - -

Total shareholders' funds 850 989 1,016 1,244 1,429Borrowings 16 11 - - -

Total liabilities 866 1,000 1,016 1,244 1,429AssetsGross fixed assets 576 560 648 704 752

Less: Accumulated depreciation 140 152 170 200 236

Net fixed assets 436 408 479 504 516

Current assetsCash and cash equivalent 426 475 461 517 633

Debtors 153 192 299 369 427

Current assets - forex MTM - 21 - - -

Others 111 142 195 289 337

Total current assets 690 830 955 1,175 1,397Current liability - forex MTM 44 - 88 26 15

Other current liabilities 227 255 345 424 489

Deferred tax 11 17 16 16 20

Total assets 866 1,000 1,016 1,244 1,429


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April 27, 2012 11

Cash flow statement (Indian GAAP, Consolidated)

Y/E December (` cr) CY2009 CY2010 CY2011 CY2012E CY2013EPre-tax profit from operations 175 70 240 316 356

Depreciation 27 24 25 31 36

Pre tax cash from operations 202 94 265 346 392

Other income/prior period ad (31) 25 68 50 55

Net cash from operations 172 119 332 397 447

Tax 10 9 41 71 90

Cash profits 161 109 292 325 357

(Inc)/dec in current assets 46 (91) (139) (164) (106)

Inc/(dec) in current liabilities (100) (16) 178 17 54

Net trade working capital (54) (107) 40 (147) (52)

Cash flow from operating activities 107 2 331 179 305(Inc)/dec in fixed assets (13) 4 (95) (56) (48)

(Inc)/dec in deferred tax asset (3) (6) 1 - (4)

Inc/(dec) in other non-current liabilities 83 67 (130) 104 -

Cash flow from investing activities 67 64 (224) 48 (52)Inc/(dec) in debt (3) (5) (11) - -

Inc/(dec) in equity/premium (6) 39 26 - -

Dividends (24) (51) (136) (170) (136)

Cash flow from financing activities (33) (17) (122) (170) (136)Cash generated/(utilized) 141 49 (15) 56 117

Cash at start of the year 285 426 475 461 517

Cash at end of the year 426 475 461 517 633


12/13


April 27, 2012 12

Key ratios

Y/E December CY2009 CY2010 CY2011 CY2012E CY2013EValuation ratio (x)P/E 28.5 45.2 14.6 13.2 12.1

P/CEPS 23.6 28.8 13.0 11.7 10.6

P/BVPS 4.5 3.8 3.7 3.1 2.7

Dividend yield (%) 0.5 1.1 3.6 4.5 3.6

EV/Sales 3.3 3.2 2.3 1.8 1.5

EV/EBITDA 16.7 35.6 12.6 9.5 8.1

EV/Total assets 3.9 3.3 3.3 2.6 2.2

Per share data (`)EPS 4.6 2.9 8.9 9.8 10.7

Cash EPS 5.5 4.5 10.0 11.1 12.2

Dividend 0.7 1.5 4.7 5.8 4.7

Book value 29.1 33.8 34.7 42.5 48.9

DuPont analysisTax retention ratio (PAT/PBT) 0.9 0.9 0.9 0.8 0.8

Cost of debt (PBT/EBIT) 0.8 1.4 1.3 1.2 1.2

EBIT margin (EBIT/Sales) 0.2 0.1 0.2 0.2 0.2

Asset turnover ratio (Sales/Assets) 1.2 1.1 1.4 1.5 1.5

Leverage ratio (Assets/equity) 1.0 1.0 0.9 1.0 1.0

Operating ROE 15.1 8.9 23.8 23.7 22.4

Return ratios (%)RoCE (pre-tax) 20.2 6.9 23.6 25.4 24.9

Angel RoIC 39.8 13.2 43.2 43.4 44.8RoE 15.8 10.9 26.3 23.7 22.4

Turnover ratios(x)Asset turnover (fixed assets) 2.4 2.6 3.0 3.6 4.1

Debtor days 54 66 75 74 74


13/13


A il 27 2012 13

Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement Hexaware

1. Analyst ownership of the stock No

2. Angel and its Group companies ownership of the stock No

3. Angel and its Group companies' Directors ownership of the stock No

4. Broking relationship with company covered No

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors

hexaware result updated

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