Hexaware Q2 revenue climbs 6.1% to $405.4 million as $8 million hedge loss hits net profit
AI Market Summary
Hexaware's Q2 showed solid topline growth and margin expansion, but net profit fell due to an $8m FX hedge loss triggered by INR appreciation versus USD. The update underscores how currency swings and hedging outcomes can materially distort reported earnings for export-heavy Indian IT services despite stable operations. Near-term focus is likely on INR/USD volatility, hedge effectiveness, and translation impacts across similar offshore service providers.
Impact level
● Low
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NCFXUSD2JPY/USDT-1.21%
AI Insight · NCFXUSD2JPY/USDTAI Insight
● Neutral
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Hexaware reported fiscal 2024 Q2 revenue of $405.4 million, up 6.1% year on year, with EBIT margin rising to 13.6%. Net profit fell 21.1% from a year earlier to $34.9 million. The company said it booked an $8 million foreign-exchange hedge loss after a sharp appreciation of the Indian rupee against the U.S. dollar. The results highlight how INR/USD swings can affect earnings stability for export-oriented Indian IT services firms.
