Hexaware profit lags estimates, shares tank

Carlyle-backed Hexaware Technologies reported a 38% on-year rise in June quarter net profit in rupee terms at Rs 380 crore. Profit rose 16% sequentially.

Profit trailed expectations, largely due to a more than 20% increase in other expenses such as acquisition-related cost, and impairment of customer contract associated with an earlier acquisition.

Hexaware issued a muted revenue guidance for the year ahead. The company follows a January to December financial year.