Hexaware Profit Drops 33%
BANGALORE -- India's Hexaware Technologies Ltd. posted a 33% drop in its first-quarter consolidated net profit, but forecast robust revenue growth in the current quarter as it expects more outsourcing orders on a spike in technology spending by clients.</br></br>Hexaware joins bigger rivals Infosys Technologies Ltd. and Wipro Ltd. in projecting strong growth in coming quarters as a rebound in global technology spending helps India's software service exporters recover from the impact of the economic downturn.</br></br>"We have a strong (deal) pipeline. We expect to receive additional work from existing clients as they start on new projects," Chairman Atul Nishar told Dow Jones Newswires Thursday.</br></br>The company's profit for the January-March period fell to 116 million rupees ($2.6 million) from 173 million rupees a year earlier. Consolidated revenue slipped 16% to 2.22 billion rupees from 2.64 billion rupees.</br></br>Analysts had mixed views on the results.