Reduce Hexaware Technologies, target price Rs 260: Kotak Institutional Equities
Hexaware's belief of net beneficiary in the vendor consolidation exercise will be tested in the current environment, said
Kotak Institutional Equities has maintained reduce rating on Hexaware Technologies with a target price of Rs 260. Shares of Hexaware Technologies ended down 6 per cent at Rs 280 on Thursday while the BSE Sensex closed 997.46 points up (+3.05 pre cent) at 33,717.62.
Hexaware Technologies Ltd., incorporated in 1992, has a market cap of Rs 8342.83 crore.
Investment Rationale
Impact of Covid-19 on quarter’s revenues was far higher than estimated, said Kotak Institutional. Hexaware's belief of net beneficiary in the vendor consolidation exercise will be tested in the current environment, said Kotak Institutional.
Financials
For the quarter ended 31-03-2020, the company has reported a Consolidated sales of Rs 1585.17 crore, up 3.69 per cent from last quarter sales of Rs 1528.82 crore and up 25.41 per cent from last year same quarter sales of Rs 1264.02 crore Company has reported net profit after tax of Rs 174.90 crore in latest quarter.
Promoter/FII Holdings
Promoters held 62.44 per cent stake in the company as of March 31, 2020, while FIIs held 16.82 per cent, DIIs 12.86 per cent and public and other investors 7.88 per cent.
Hexaware Technologies Ltd., incorporated in 1992, has a market cap of Rs 8342.83 crore.
Investment Rationale
Impact of Covid-19 on quarter’s revenues was far higher than estimated, said Kotak Institutional. Hexaware's belief of net beneficiary in the vendor consolidation exercise will be tested in the current environment, said Kotak Institutional.
Financials
For the quarter ended 31-03-2020, the company has reported a Consolidated sales of Rs 1585.17 crore, up 3.69 per cent from last quarter sales of Rs 1528.82 crore and up 25.41 per cent from last year same quarter sales of Rs 1264.02 crore Company has reported net profit after tax of Rs 174.90 crore in latest quarter.
Promoter/FII Holdings
Promoters held 62.44 per cent stake in the company as of March 31, 2020, while FIIs held 16.82 per cent, DIIs 12.86 per cent and public and other investors 7.88 per cent.