Hexaware Technologies (HEXT) Q4 24/25 earnings summary

Executive summary

• Q4CY24 revenue grew 18.5% YoY to $372.3M (INR 31,544M); full-year revenue up 13.7% YoY to $1,428.9M (INR 119,744M), among the highest in the industry.

• EBITDA margin for Q4CY24 was 16.3%, up 2.3% QoQ and 50.7% YoY; full-year EBITDA margin was 15.9%, up 19.8% YoY.

• Basic EPS for Q4CY24 was INR 5.25, up 65.1% YoY; full-year EPS was INR 19.37, up 17.8% YoY.

• Net headcount at year-end was 32,309, with 4,017 net additions in CY24; voluntary attrition at 10.8%, among the lowest in the industry.

• Completed a major IPO in February 2025 and acquired Softcrylic group in May 2024, expanding data consulting capabilities.

Financial highlights

• Q4CY24 EBITDA was INR 5,140M (16.3% margin), up 50.7% YoY; full-year EBITDA was INR 19,051M (15.9% margin), up 19.8% YoY.

• Q4CY24 PAT at INR 3,207M, up 66.3% YoY; full-year PAT at INR 11,740M, up 17.7% YoY.

• Dividend payout was INR 8.75 per share, totaling INR 5,314M for CY24.

• Cash and cash equivalents at year-end were INR 19,766M.

• DSO (billed + unbilled) at 65 days in Q4CY24; OCF to adjusted EBITDA at 74.5% for CY24.

Outlook and guidance

• Management expects resilient double-digit growth in CY25, with ramp-ups in Q3 and H2 driven by already-won deals.

• Q1 and Q4 are seasonally low quarters; Q2 and Q3 expected to show best sequential performance.

• ERP implementation cost is the only non-recurring expense left, expected to phase out by H2CY25.

• Reported EBITDA margin for 2025 expected to reach 17.3%, in line with adjusted 2024 margin, including ESOP expenses.