MUMBAI, Dec 7: Shares of Hexaware Technologies today slumped by nearly 9 per cent after the company lowered its revenue outlook for the October-December quarter, citing changes in a contract and a USD 450,000 hit on account of Hurricane Sandy.
Following the news, shares of the company went into a tailspin, falling 8.97 per cent to Rs 96.90 on the BSE.
At NSE, the stock plunged 8.68 per cent to Rs 97.20.
“Due to certain unforeseen changes to a project plan in a large engagement for a customer, Hexaware now expects the revenues for fourth quarter of 2012 to be USD 92 million. The revised revenue guidance also includes impact of USD 450,000 on account of Hurricane Sandy on the Eastern Coast of the US,” Hexaware said in a filing to the BSE.
While reporting earnings for quarter ending September 30, 2012 (third quarter), Hexaware had issued a revenue outlook of USD 94.7 million–96.5 million for fourth quarter of 2012.
Hexaware expects to grow 18 per cent year-on-year in Calendar Year 2012. In FY2011, the company’s revenue stood at USD 308.1 million.
The revised outlook is about 2.85 per cent below the lower end of its earlier outlook and 4.66 per cent below the higher end. (PTI)
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