Hexaware is currently the top loser on the BSE, down almost 5% at Rs.217.40. Its intra day low is at Rs.206.50 and this is very close to its 52-weel low of Rs.202.90. Volumes were up over 9 times.

The company posted a very disappointing set of numbers for Q1 (Year ending on 31^st Dec). Its net profit for the quarter was down 15% (QoQ) at Rs.84 crore and total income was almost stagnant at Rs.820 crore. Dollar revenue slipped 2% at $122 million. The company blamed this poor show on seasonal factors and lower order intake.

The company’s EBIT was down 10% (QoQ) at Rs.106 crore and margins slipped 140 bps to 12.9% v/s 14.3%.

The perception now is that given the weaker growth shown in Q1, it would become a bit tough for the company to ramp up its revenue and bottomline growth in the months ahead. Compared to the other midcap IT companies, amongst those who have declared their numbers, Hexaware’s performance has been the most disappointing.