hexaware 1q cy 2013

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

Y/E December (` cr) 1QCY13 4QCY12 % chg (qoq) 1QCY12 % chg (yoy)Net revenue 508 502 1.1 438 15.8EBITDA 98 85 15.6 98 (0.3)

EBITDA margin (%) 19.3 16.9 242bp 22.4 312bp

PAT* 79 66 19.8 88 (10.3)Source:Company, Angel Research; Note: *Excluding exceptional item

For 1QCY2013, Hexaware Technologies (Hexaware) reported broadly in-line set

of results with operating margins coming ahead of expectations. The overall

volume of the company came in at 1.9% qoq. The Management has given a

0-2% qoq USD revenue growth for 2QCY2013, which is lower than the

expectation of 13%. Owing to steep correction in the stock price, we maintainour Buy rating on the stock.Quarterly highlights: For 1QCY2013, Hexaware reported USD revenue ofUS$94.0mn, up 1.8% qoq. In INR terms, revenue came in at `508cr, up 1.1%

qoq. The company witnessed a 242bp and 236bp qoq increase in its EBITDA and

EBIT margins to 19.3% and 17.5%, respectively, driven by a 670bp qoq increase

in utilization including trainees to 70.6% and offshore mix shift of 230bp qoq to

47.5%. The PAT came in at `79cr, up 19.8% qoq.

Outlook and valuation: For 2QCY2013, the Management has given a USDrevenue guidance of US$94-96mn, which implies a growth rate of 0-2%, which is

disappointing given our estimate of 1-3%. Assuming the company meeting theupper end of the guidance in 2QCY2013, it requires a 6.4% CQGR in

2HCY2013 to meet the guidance of double digit USD revenue growth that was

given at the beginning of CY2013 by the Management, which looks a bit

stretched. While the guidance nearly rules out double-digit USD revenue growth

in CY2013 (the companys earlier forecast), the Management cited expectations

of a better 2HCY2013 as compared to a tepid 1HCY2013. We tone down our

USD revenue growth estimates and 6.2% USD revenue growth for CY2013 and

expect the company to grow by 8.5% in CY2013. We expect the company to post

a USD and INR revenue CAGR of 8% and 8.5% over CY201214E, respectively.

At the current market price, the stock is trading at a PE of 7.7x CY2013E and 7.2x

CY2014E EPS. We value the company at 9x CY2014E EPS of `11.3, which givesus a target price of `102. We maintain our Buy rating on the stock.Key financials (Indian GAAP, Consolidated)

Y/E Dec. (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ENet sales 1,055 1,451 1,948 2,091 2,289% chg 1.5 37.6 34.3 7.3 9.5

Net profit 108 267 328 319 341% chg (19.7) 147.8 22.8 (2.6) 6.8

EBITDA margin (%) 8.9 18.2 20.9 19.0 18.8

EPS (`)* 2.9 8.9 10.9 10.6 11.3P/E (x) 28.5 9.2 7.5 7.7 7.2

P/BV (x) 2.5 2.4 2.0 1.7 1.5

RoE (%) 11.2 26.3 27.2 22.8 21.7

RoCE (%) 7.1 22.8 30.0 24.9 24.1

EV/Sales (x) 1.8 1.4 1.1 1.0 0.9

EV/EBITDA (x) 20.6 7.6 5.4 5.1 4.6

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

BUYCMP `82

Target Price `102

Investment Period 12 Months

Stock Info

Sector

Net debt (`cr) (539)

Bloomberg Code HEXW@IN

Shareholding Pattern (%)

Promoters 28.0

MF / Banks / Indian Fls 7.9

FII / NRIs / OCBs 39.0Indian Public / Others 25.1

Abs. (%) 3m 1yr 3yr

Sensex (2.5) 12.6 11.1

Hexaware 2.8 (36.7) 127.0

Face Value (`)

IT

Avg. Daily Volume

Market Cap (`cr)

Beta

52 Week High / Low

2,393

0.8

2

142/73

BSE Sensex

Nifty

Reuters Code

19,504

5,930

HEXT.BO

314,891

Ankita Somani+91 22 39357800 Ext: 6819

[email protected]

HexawarePerformance highlights

1QCY2013 Result Update | IT

April 30, 2013

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Hexaware | 1QCY2013Result Update

April 30, 2013 3

Exhibit 3:Trend in revenue growth (qoq)

Source: Company, Angel Research

Exhibit 4:Trend in billing rates


Service vertical wise, the companys growth was led by BPO (contributed 4.3% to

revenue) and application development and maintenance (ADM the companys

anchor service vertical; contributed 37.9% to revenue), the revenue from which

grew by 9.4% and 7.7% qoq, respectively. Testing (contributed 12.0% to revenue)continued its growth momentum and reported a 5.3% qoq growth in revenue.

Revenues from BI and analytics declined 12.5% qoq, and have remained volatile

in the past five quarters, with revenues ranging between US$10-12mn. Revenue

from enterprise solutions (contributed 29.1% to revenues) declined for the third

consecutive quarter.

88.0

91.292.8 92.4

94.04.7

3.6

1.7

(0.4)

1.8

6.6

4.2

1.7

(1.1)

1.9

(2)

0

2

4

6

8

70

75

80

85

90

95

100

1QCY12 2QCY12 3QCY12 4QCY12 1QCY13

(%)

(US$mn)

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

73.90 73.50 73.54 74.27 73.64

22.90 22.85 22.97 23.16 23.37

10

20

30

40

50

60

70

80


(US$/hr)

Onsite Offshore

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Exhibit 5:Growth trend in service verticals

Service verticals % to revenue % chg (qoq) % chg (yoy)ADM 37.9 7.7 4.1

Enterprise solutions 29.1 (1.6) 7.6

Testing 12.0 5.3 22.1

BI and analytics 11.0 (12.5) (6.0)

BPO 4.3 9.4 (2.3)

IMS 5.7 1.8 35.3


Industry segment wise, once again banking and capital markets posted a modest

growth with the segments revenue growth coming in at 3.9% qoq. The company

expects this segment to grow at a higher rate than the companys average growth

rate in CY2013. On a LTM basis, the segment has constituted 32% of the

companys revenues and contributed 64% of incremental revenues. Revenue from

healthcare and insurance industry segment remained stable on a qoq basis, after

a strong 4QCY2012 when the segment had growth of 6.8% qoq. Revenue from

travel and transportation industry segment declined by 1.3% qoq. The company

added one new client each in banking & capital markets and travel &

transportation industry segments and two clients were added in the healthcare &

insurance industry segment.

Exhibit 6:Growth trend in industry segments

Industry segments % to revenue % chg (qoq) % chg (yoy)Banking and capital market 34.4 3.9 34.4

Healthcare and insurance 16.0 (0.1) 16.0

Travel and transportation 19.6 (1.3) 19.6

Emerging segments 30.0 2.5 30.0


In terms of geographies, Europe came back strongly after two quarters of

significant decline, growing by 15.4% qoq including negative cross currency

impact. Revenues from RoW and Americas both declined sequentially, the first in

nine quarters for Americas and in 13 quarters for RoW.

Exhibit 7:Growth trend in geographies

% to revenue % chg (qoq) % chg (yoy)Americas 66.8 (1.8) 11.8

Europe 26.3 15.4 (5.1)

Rest of the World (RoW) 6.9 (7.6) 11.7


Hiring and utilization

During 1QCY2013, Hexaware reported net reduction of 399 employees, taking its

total employee base to 8,670. Out of the total reduction, 420 employees were

reduced from its technical employee base, taking the total technical employee base

to 7,950. Attrition rate during 1QCY2013 moved up to 9.9% from 8.7% in

4QCY2012. The Management indicated that the company will hire 100+ freshers

in 2QCY2013, while maintaining utilization at current levels, thereby driving

expectations of better margins in 2QCY2013.

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Exhibit 8:Employee metrics

Particulars 1QCY12 2QCY12 3QCY12 4QCY12 1QCY13Technical

Onsite 1,457 1,485 1,563 1,551 1,569Offshore 6,468 6,558 6,866 6,820 6,381

Total technical employees 7,925 8,043 8,430 8,371 7,950Net technical emp. addition 299 118 387 (59) (420)

Net addition (overall) 307 109 410 (74) (399)

Total employees 8,624 8,733 9,143 9,069 8,670Attrition (%) 11.0 9.6 8.4 8.7 9.9


Utilization level, including trainees, moved up by 670bp qoq to 70.6%, which

proved out to be an important margin lever in this quarter.

Exhibit 9:Utilization trend


Margins enhance

During 1QCY2013, the company witnessed a 242bp and 236bp qoq increase in

its EBITDA and EBIT margins to 19.3% and 17.5%, respectively. The pickup in

operating margin was driven by a 670bp qoq increase in utilization includingtrainees to 70.6% and offshore mix shift of 230bp qoq to 47.5%.

Gross profit margin of the company expanded by 163bp qoq to 37.7%; the break-

up of which is: 1) 250bp qoq positive impact on the back of increase in utilization

level, 2) 70bp qoq positive impact due to offshore effort shift, 3) 70bp qoq

negative impact due to higher visa costs, 4) 65bp negative impact due to increase

in other costs and 5) 25bp negative impact due to forex fluctuation. The company

has deferred wage hikes for offshore employees to 3QCY2013, and will hire

100+ freshers in 2QCY2013, while maintaining utilization at current levels,

thereby driving expectations of better margins in 2QCY2013.

69.7

68.6

70.0

67.6

63.9

70.6

62

6364

65

66

67

68

69

70

71

72

4QCY11 1QCY12 2QCY12 3QCY12 4QCY12 1QCY13

(%)

Utilization - incl. trainees (%)

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Exhibit 10:Margin profile


Client pyramid

During 1QCY2013, Hexaware added 11 new clients five from America, two

from Europe and four from the APAC region. From a service vertical perspective,

six clients were added in enterprise solutions, one in testing and two in BPO service

verticals. The active client base of the company stood at 216. The revenue from the

companys top client revived partially and came in at US$12.2mn (after falling to

US$10.8m in 4QCY2012), though still below US$13.7m reported in 3QCY2012.

The Management expects contribution from the top client to return to ~15% of

revenues by 4QCY2013 (14.8% in 3QCY2012, 11.7% in 4QCY2012, 13% in1QCY2013). Revenue from the top 2-5 clients declined by 0.3% qoq, while

revenue from non top-10 clients grew by 1.6% qoq.

Exhibit 11:Client metrics

No. of clients 1QCY12 2QCY12 3QCY12 4QCY12 1QCY13US$1mn5mn 42 44 43 40 40

US$5mn10mn 7 7 7 7 7

US$10mn20mn 3 3 4 5 5

US$20mn plus 3 3 3 3 3

Total clients billed 201 210 217 218 216

Clients added 12 12 12 11 11


Outlook and valuation

For 2QCY2013, the Management has given a USD revenue guidance of US$94-

96mn, which implies a growth rate of 0-2%, disappointing given our estimate of 1-

3%. This reflects the loss in revenue momentum after a strong show through most

of CY2011-12. Assuming the company meeting the upper end of the guidance in

2QCY2013, the company requires a 6.4% CQGR in 2HCY2013 to meet the

guidance of double digit USD revenue growth that was given at the beginning of

CY2013 by the Management, which looks a bit stretched. While the guidance

nearly rules out double-digit USD revenue growth in CY2013 (the companys

41.3

40.1 39.636.1

37.7

22.4 22.9 21.6

16.919.3

20.8 21.419.9

15.117.5

5

10

15

20

25

30

35

40

45


(%)

Gross margin EBITDA margin EBIT margin

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earlier forecast), the Management cited expectations of a better 2HCY2013 as

compared to a tepid 1HCY2013.

The company expects the top-10 clients to grow ahead of the companys average

and expects an increase in share of business from the top clients through the next

2-3 quarters. Hexaware is currently chasing 3-4 large deals (TCV >US$25mn) and

expects closure on at least one of them in H2CY2013. In addition, the launch of

PeopleSoft 9.2 by Oracle will help facilitate growth for Hexaware in a couple of

quarters time. Hexaware has already bagged 27 projects with Oracles PeopleSoft

9.1 and expects to win more with PeopleSoft 9.2. We tone down our USD revenue

growth estimates and 6.2% USD revenue growth for CY2013 and expect the

company to grow by 8.5% in CY2013. We expect the company to post a USD and

INR revenue CAGR of 8% and 8.5% over CY201214E, respectively.

The Management expects margins to improve slightly further in 2QCY2013 but

would be impacted again in 3QCY2013 on account of wage hikes coming in. We

expect the EBITDA margin to remain at 19.0% and 18.8% in CY2013 and

CY2014, respectively from 20.9% in CY2012. At the current market price, the

stock is trading at a PE of 7.7x CY2013E and 7.2x CY2014E EPS. We value thecompany at 9x CY2014E EPS of `11.3, which gives us a target price of `102. Wemaintain our Buy rating on the stock.Exhibit 12:Key assumptions

Particulars CY2013 CY2014Revenue growth USD terms (%) 6.2 9.5

USD-INR rate 54.0 54.0Revenue growth INR terms (%) 7.3 9.5

EBITDA margin (%) 19.0 18.8

Tax rate (%) 21.0 22.5

EPS growth (%) (2.7) 6.8


Exhibit 13:Change in estimates

CY2013E CY2014EParameter Earlier Revised Variation Earlier Revised Variation(` cr) Estimates estimates (%) estimates estimates (%)Net revenue 2,137 2,091 (2.2) 2,350 2,289 (2.6)EBITDA 401 397 (1.1) 451 430 (4.6)

Other income 46 45 (1.5) 57 55 (3.5)

PBT 394 404 2.5 451 440 (2.5)

Tax 83 85 2.5 99 99 (0.3)

PAT 314 319 1.5 352 341 (3.2)Source: Company, Angel Research

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


Exhibit 15:Recommendation summary

Company Reco CMP Tgt Price Upside FY2015 FY2015E FY2012-15E FY2015E FY2015E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) EV/Sales (%) RoE (%)

HCL Tech Buy 721 863 19.7 20.7 11.7 19.6 1.3 21.5

Hexaware Buy 82 102 24.5 18.8 7.2 8.3 0.9 21.7Infosys Accumulate 2,235 2,465 10.3 27.7 12.2 7.9 2.0 19.3

Infotech Enterprises Accumulate 175 185 5.5 17.7 8.0 14.7 0.5 13.7

KPIT Cummins Buy 104 130 25.4 15.2 7.2 21.8 0.5 18.8

Mahindra Satyam Buy 110 143 29.7 19.1 9.3 2.3 0.9 20.1MindTree Accumulate 802 920 14.7 19.2 8.7 19.8 0.8 18.9

Mphasis Accumulate 372 395 6.2 17.4 9.0 3.3 0.6 13.6

NIIT^ Buy 24 30 25.3 9.1 4.5 (7.1) 0.1 11.9

Persistent Accumulate 520 593 14.0 25.0 8.8 18.7 0.8 16.5

TCS Buy 1,376 1,585 15.2 27.9 15.6 17.4 3.0 27.9

Tech Mahindra Buy 955 1,230 28.9 18.1 8.3 10.7 1.4 19.1

Wipro Accumulate 348 385 10.7 20.6 12.2 7.9 1.4 18.4

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

Company Background

Hexaware is a mid-cap Indian IT company and is the 18th largest Indian software

exporter according to Nasscom 2010 rankings. Under the leadership of Chairman

Mr Atul Nishar and Vice Chairman and CEO Mr Chandrashekar (ex-Wipro

Technologies), Hexaware has differentiated itself from its peers and built a niche

position in the airlines vertical and in PeopleSoft implementation. Hexaware offers

its services to clients mainly in the BFSI and travel and transportation industries.

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Profit and loss statement (Indian GAAP, Consolidated)

Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ERevenues 1,055 1,451 1,948 2,091 2,289Direct costs 692 894 1,185 1,309 1,448Gross profit 363 557 764 782 841

% to revenues 34.4 38.4 39.2 37.4 36.7

SG&A expenses 269 292 356 385 411

% to revenues 25.5 20.1 18.3 18.4 17.9

EBITDA 94 265 407 397 430% to revenues 8.9 18.2 20.9 19.0 18.8

Depreciation and amort. 24 25 32 38 41

% to revenues 2.3 1.7 1.7 1.8 1.8

EBIT 70 240 375 359 389

% to revenues 6.6 16.5 19.2 17.2 17.0

Other income 50 43 40 45 55

Forex gain (25) 25 (11) (0) (4)

PBT 95 308 404 404 440

Tax 9 41 76 85 99

% of PBT 9.8 13.2 18.9 21.0 22.5

PAT 85 267 328 319 341

Exceptional item 22 - - - -

Adj. PAT 108 267 328 319 341EPS (`) - diluted 2.9 8.9 10.9 10.6 11.3

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Balance sheet (Indian GAAP, Consolidated)

Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014ELiabilitiesShare capital 29 59 59 59 59

Reserves 910 958 1,145 1,338 1,509

Forex MTM 26 - - - -

Share ap. money - - 0 0 0

Total shareholders' funds 965 1,016 1,204 1,397 1,568Long term provisions - 20 27 27 27

Deferred tax liability (net) - 3 13 13 13

Borrowings 11 - - - -

Other long term liabilities - 12 8 8 8

Total liabilities 977 1,052 1,252 1,445 1,616AssetsGross fixed assets 560 647 719 769 819

Less: Accumulated dep. 152 170 199 237 278

Net fixed assets 408 477 520 532 541Non-current investments - - 0 0 0

Deferred tax assets (net) 17 19 20 20 20

Long term loans and advances - 81 109 109 109

Other non-current assets - 72 17 17 17

Current assetsCash and cash equivalent 475 377 197 370 434

Debtors 192 299 365 390 426

Current investments 21 23 235 227 257Loans and advances - 48 51 51 51

Others 142 57 64 69 76

Total current assets 830 804 912 1,106 1,244Trade payables - 54 53 61 67

Other current liabilities 279 223 176 181 150

Short term provisions - 124 98 98 98

Total assets 977 1,052 1,252 1,445 1,616

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Cash flow statement (Indian GAAP, Consolidated)

Y/E December (` cr) CY2010 CY2011 CY2012 CY2013E CY2014EPre-tax profit from operations 70 240 375 359 389

Depreciation 24 25 32 38 41

Pre tax cash from operations 94 265 407 397 430

Other income/prior period ad 25 68 29 45 51

Net cash from operations 119 332 436 442 481

Tax 9 41 76 85 99

Cash profits 109 292 360 357 382

(Inc)/dec in current assets (91) (72) (289) (21) (74)

Inc/(dec) in current liabilities 8 122 (73) 13 (24)

Net trade working capital (84) 50 (362) (8) (98)

Cash flow from operating activities 26 342 (2) 349 284(Inc)/dec in fixed assets 4 (94) (75) (50) (50)

(Inc)/dec in deferred tax asset (6) 1 9 - -

Inc/(dec) in other non-current liabilities - (120) 28 - -

Cash flow from investing activities (2) (213) (38) (50) (50)Inc/(dec) in debt (5) (11) - - -

Inc/(dec) in equity/premium 81 (80) 30 - -

Dividends (51) (136) (170) (126) (170)

Cash flow from financing activities 25 (227) (140) (126) (170)Cash generated/(utilized) 49 (98) (180) 173 64

Cash at start of the year 426 475 377 197 370

Cash at end of the year 475 377 197 370 434

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Key ratios

Y/E December CY2010 CY2011 CY2012 CY2013E CY2014EValuation ratio (x)P/E 28.5 9.2 7.5 7.7 7.2

P/CEPS 18.2 8.2 6.7 6.7 6.3

P/BVPS 2.5 2.4 2.0 1.7 1.5

Dividend yield (%) 1.8 4.1 6.1 4.5 6.1

EV/Sales 1.8 1.4 1.1 1.0 0.9

EV/EBITDA 20.6 7.6 5.4 5.1 4.6

EV/Total assets 2.0 1.9 1.8 1.4 1.2

Per share data (`)EPS 2.9 8.9 10.9 10.6 11.3

Cash EPS 4.5 10.0 12.3 12.2 13.1

Dividend 1.5 3.4 5.0 3.7 5.0

Book value 33.0 34.7 41.2 47.8 53.6

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

Cost of debt (PBT/EBIT) 1.4 1.3 1.1 1.1 1.1

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

Asset turnover ratio (Sales/Assets) 1.1 1.4 1.6 1.4 1.4

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

Operating ROE 8.8 26.3 27.2 22.8 21.7

Return ratios (%)RoCE (pre-tax) 7.1 22.8 30.0 24.9 24.1

Angel RoIC 13.9 35.5 35.6 33.4 32.9RoE 11.2 26.3 27.2 22.8 21.7

Turnover ratios(x)Asset turnover (fixed assets) 2.6 3.0 3.7 3.9 4.2

Debtor days 66 75 68 68 68

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A il 30 2013 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 1q cy 2013

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