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Hexaware Technologies Annual Reports, Balance Sheet and Financials

Hexaware Technologies Limited (Hexaware) Return Comparision with Primex 40 Index

Periods 1 Week 1 Month 3 Months 6 Months 1 Year 3 Years All Time
Primex-40
Hexaware Technologies Limited

Hexaware Technologies Limited Balance Sheet (Rs. In Millions)

 

 

 

PARTICULARS  31 March 2023  31 March 2022
ASSETS    
Non-current assets    
Property, plant and equipment 5,257 5,985
Capital work-in-progress 552 63
Right-of-use assets 3,761 3,878
Goodwill  14,290 14,205
Other intangible assets  1,227 1,807
Financial assets:    
Investments 4 3
Other financial assets 660 570
Income tax assets (net) 756 536
Deferred tax assets (net)  2,461 2,387
Other non-current assets  894 886
Total non-current assets 29,862 30,320
Current assets    
Financial assets:    
Investments 2506 -
Trade receivables    
Billed 13,863 13,846
Unbilled 4,595 4,972
Cash and cash equivalents 17,734 12,916
Other bank balances 103 112
Other financial assets 115 179
Income tax assets (net) 448 354
Other current assets  2,802 2,417
Total current assets 42,166 34,796
TOTAL ASSETS 72,028 65,116
EQUITY AND LIABILITIES    
Equity    
Equity share capital  607 604
Other equity 45,745 40,626
Total equity 46,352 41,230
Non-current liabilities    
Financial liabilities:    
Lease liabilities 3,151 3,068
Other financial liabilities 166 632
Provisions  794 663
Total non-current liabilities 4,111 4,363
Current liabilities    
Financial liabilities:    
Borrowings (secured) - 827
Lease liabilities 792 670
Trade payables 6,657 5,437
Other financial liabilities 6,727 6,237
Other current liabilities  3,327 3,239
Provisions  2,287 1,821
Income tax liabilities (net) 1,775 1,292
Total current liabilities 21,565 19,523
Total liabilities 25,676 23,886
TOTAL EQUITY AND LIABILITIES 72,028 65,116

Hexaware Technologies Limited Profit & Loss Statement (Rs. In Millions)

 

PARTICULARS  31 March 2023  31 March 2022
INCOME    
Revenue from operations 1,03,803 91,996
Other income 88 1,792
TOTAL INCOME 1,03,891 93,788
EXPENSES    
Employee benefits expense 61,142 55,444
Finance costs 378 335
Depreciation and amortization expense 2,836 2,444
Other expenses 26,850 24,335
TOTAL EXPENSES 91,206 82,558
PROFIT BEFORE TAX 12,685 11,230
Tax expense    
Current tax 2,780 2,330
Deferred tax charge / (credit) -71 58
Total tax expense  2,709 2,388
PROFIT FOR THE YEAR 9,976 8,842
OTHER COMPREHENSIVE INCOME (OCI)    
Items that will not be reclassified subsequently to profit or loss    
Remeasurement of defined benefit plan -47 -55
Income tax relating to items that will not be reclassified to profit or loss 9 12
Items that will be reclassified subsequently to profit or loss    
Exchange differences in translating the financial statements of foreign operations 410 1,398
Net change in fair value of cash flow hedges 228 -994
Income tax relating to items that will be reclassified to profit or loss -44 203
TOTAL OTHER COMPREHENSIVE INCOME / (LOSSES) 556 564
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 10,532 9,406
Earnings per equity share: Basic and diluted (INR)     
Basic 32.9 29.31
Diluted 32.82 29.06

Hexaware Technologies Limited Consolidated Cash Flow Statement (Rs. In Millions)

 

 

 

Particulars  31 March 2023  31 March 2022
Cash flow from operating activities    
Profit before tax 12,685 11,230
Adjustments for:    
Depreciation and amortization expense 2,836 2,444
Employee stock option compensation cost 264 406
Interest income -63 -13
Life time expected credit loss 500 77
Net (gains)/losses on investments carried at fair value through profit or loss -45 13
Gains on redemption / sale of Investments -39 -43
Profit on sale of property, plant and equipment (PPE) (net) -4 -2
Exchange rate difference (net) - unrealized - 18
Finance costs 378 335
Operating profit before working capital changes 16,512 14,465
Adjustments for:    
Trade receivables and other assets -220 -5,877
Trade payables, other liabilities and provisions 1,443 2,053
Cash generated from operations 17,735 10,641
Direct taxes paid (net) -2,579 -2,435
Net cash generated from operating activities 15,156 8,206
Cash flow from investing activities    
Purchase of PPE and intangible assets including CWIP and capital advances -643 -1,192
Proceeds from sale of property, plant and equipment 9 2
Purchase of investments -6,201 -7,800
Proceeds from sale / redemption of investments 3,778 9,054
Payment for acquisition of business (Refer to note 8) - -227
Interest received 61 12
Net cash used in investing activities -2996 -151
Cash flow from financing activities    
Proceeds from issue of shares / share application money (net) 3 1
Repurchase of restricted stock units -190 -460
Payment of lease liabilities (Refer to note 5B) -1033 -865
Proceeds from short term borrowing - 1,213
Repayment of short term borrowing -837 -407
Interest paid -136 -56
Dividend paid -5,308 -6,637
Net cash used in financing activities -7,501 -7,211
Net / increase in cash and cash equivalents 4659 844
Cash and cash equivalents at the beginning of the year 12,916 11,787
Exchange difference on translation of foreign currency cash and cash equivalents 159 285
Cash and cash equivalents at the end of the year 17,734 12,916

Let 's delve into a detailed explanation of each section of the Cash Flow Statement for the years 2023 and 2022:

 

1. Cash Flow from Operating Activities (CFO):

   - The CFO section outlines cash flows generated from the company 's core business operations.

   - It starts with the profit before tax figure, which represents the company 's earnings before accounting for taxes.

   - Adjustments are made to this figure to reflect cash expenses or income items, such as depreciation, employee stock option compensation, and interest income.

   - The adjustment for depreciation and amortization expense is crucial as it represents non-cash expenses that need to be added back to determine actual cash flow.

   - The net gains or losses on investments carried at fair value through profit or loss, gains on redemption/sale of investments, and profits/losses from the sale of property, plant, and equipment are also factored in.

   - Additionally, adjustments for changes in working capital items like trade receivables, trade payables, and other assets and liabilities are made to derive the cash generated from operations.

   - Finally, direct taxes paid are subtracted from the operating cash flows to arrive at the net cash generated from operating activities.

 

2. Cash Flow from Investing Activities (CFI):

   - This section details cash flows related to investments in assets not directly related to the company 's core operations.

   - It includes cash flows from the purchase and sale of property, plant, and equipment (PPE), intangible assets, and investments.

   - The net cash used in investing activities is calculated by subtracting the cash inflows from the cash outflows, including proceeds from the sale of assets and investments and payments for acquisitions.

   - Interest received on investments is also included in this section.

 

3. Cash Flow from Financing Activities (CFF):

   - CFF reflects cash flows related to financing activities, including transactions with shareholders and lenders.

   - It encompasses proceeds from issuing shares, repurchase of stock units, payment of lease liabilities, borrowing activities, repayment of borrowings, interest paid, and dividend payments.

   - The net cash used in financing activities is calculated by subtracting cash inflows from cash outflows.

 

4. Net Increase in Cash and Cash Equivalents:

   - This section summarizes the overall change in cash and cash equivalents during the period.

   - It 's calculated by adding the net cash flows from operating, investing, and financing activities.

   - The net increase in cash and cash equivalents is then added to the cash and cash equivalents at the beginning of the year to derive the closing balance of cash and cash equivalents at the end of the year.

Financial Ratios of Hexaware Technologies Limited:

 

 

 

Particulars 2023 2022
Current ratio (in times) 2.48 3.06
Debt-equity ratio (in times) 0.08 0.09
Debt service coverage ratio (in times) 14.02 15.94
Return on equity ratio (in %) 26.24% 25.81%
Trade receivables turnover ratio (in times) 4.14 3.67
Trade payables turnover ratio (in times) 4.2 4.06
Net capital turnover ratio (in times) 3.53 2.89
Net profit ratio (in %) 14.58% 16.82%
Return on capital employed (in %) 30.29% 30.62%

Insights into the financial health and performance of the company in 2023 and 2022:

 

1. Current Ratio:

   - Indicates the company 's ability to meet short-term liabilities with its short-term assets.

   - A higher current ratio indicates better liquidity.

   - In 2023, the current ratio is 2.48, slightly lower than 3.06 in 2022, suggesting a decrease in liquidity.

 

2. Debt-Equity Ratio:

   - Measures the proportion of debt and equity financing in a company 's capital structure.

   - Lower values indicate lower reliance on debt financing.

   - The debt-equity ratio decreased from 0.09 in 2022 to 0.08 in 2023, indicating a slightly reduced dependence on debt financing.

 

3. Debt Service Coverage Ratio:

   - Measures the company 's ability to cover its debt obligations with its operating income.

   - Higher values indicate better ability to cover debt obligations.

   - The ratio decreased from 15.94 in 2022 to 14.02 in 2023, indicating a slight decrease in the company 's ability to cover its debt service obligations.

 

4. Return on Equity (ROE) Ratio:

   - Measures the company 's profitability relative to shareholders ' equity.

   - Indicates how much profit a company generates for each rupee of equity.

   - ROE increased from 25.81% in 2022 to 26.24% in 2023, indicating improved profitability relative to shareholders ' equity.

 

5. Trade Receivables Turnover Ratio:

   - Measures how efficiently a company is managing its accounts receivable.

   - Indicates the number of times receivables are collected during a period.

   - Increased from 3.67 in 2022 to 4.14 in 2023, indicating better management of receivables.

 

6. Trade Payables Turnover Ratio:

   - Measures how efficiently a company pays its suppliers.

   - Indicates the number of times payables are paid during a period.

   - Increased slightly from 4.06 in 2022 to 4.20 in 2023, suggesting improved efficiency in paying suppliers.

 

7. Net Capital Turnover Ratio:

   - Measures the efficiency of capital utilization in generating sales.

   - Indicates the amount of sales generated per unit of capital employed.

   - Increased from 2.89 in 2022 to 3.53 in 2023, indicating improved efficiency in generating sales relative to capital employed.

 

8. Net Profit Ratio:

   - Measures the profitability of the company 's operations relative to its net sales.

   - Indicates the percentage of net profit earned on net sales.

   - Decreased from 16.82% in 2022 to 14.58% in 2023, indicating a decrease in profitability relative to net sales.

 

9. Return on Capital Employed (ROCE) Ratio:

   - Measures the efficiency of capital utilization in generating profits.

   - Indicates the percentage of profits earned on capital employed.

   - Slightly decreased from 30.62% in 2022 to 30.29% in 2023, indicating a slight decrease in profitability relative to capital employed.

Dividend History of Hexaware Technologies Limited:

 

Particulars

2023

Dividend (final + interim) (In Rs.)

17.50

 

Hexaware Technologies Annual Report

Hexaware Technologies Financials 2024

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Hexaware Technologies Annual Report 2022-23

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Hexaware Technologies Annual Report 2021-22

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Hexaware Technologies Annual Report 2020-21

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Corporate Actions

Hexaware Technologies Exit Offer Dated 9, November 2020

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Hexaware Technologies Subdivision of Face Value from 2 to 1 EX date 28, May 2024

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Instruction for members for Remote E-Voting

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