The company has posted a good set of numbers for Q1FY14 given the trying economic circumstances. On a 14% (YoY) rise in net sales at Rs.613 crore, it posted a 17% rise in net profit at Rs.60 crore. This was despite the huge wage hike the company has given to all its employees across the board. Effective 1^st April’13, the average salary for offshore employees was hiked 8% and by 3% for onsite employees. This meant a 270 bps cut on the margins.  EBIDTA margin including this wage hike was at 15.86% v/s 17.83% (QoQ). PAT margins did well, up 83 bps at 9.81% v/s 8.98 (QoQ). The margins would have been impacted further had it not been for the rupee depreciation, which helped offset some of the cost. Rupee depreciation added around 150 bps to the margins.

Among the top customer accounts, Cummins grew 8.7% (QoQ) with a revenue share at 17% during the quarter. The company does not expect Cummins revenue share to decline any more and expects it to be maintained at FY13 levels. In terms of geography, Europe rose 11% (QoQ), USA rose 7.4% and APAC was at 5.8%. Cash balance at end of 30^th June 2013 was at Rs.430 crore and total debt stood at Rs.498 crore. It added 6 clients during the quarter taking its total active clients  to 189 as at 30^th June 2013. It’s total employee tally stands at 8,300.