RATING

RECOMMENDATION

Buy

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Buy

Business Type

Emerging Leader

RATING

RECOMMENDATION

Buy

Business Type

Emerging Leader

Discover and get complete analysis on Hexaware Share Price of unlisted shares - Meet Hexaware Management and read research report for info on Pre IPO, IPO, share price today, delisting price, share price nse, stock price, Hexaware net profit growth etc.

ISIN

INE093A01033

Face Value

₹10.00

Total Share

30,03,30,455

Total Income

₹7,244.50 Cr

Profit After Tax

₹748.83 Cr

EPS

₹24.64

P/E

23.13

P/B

4.90

Market Capitalisation

₹17,118.84 Cr

Enterprise Value

₹16,292.06 Cr

Book Value

₹116.44

Intrinsic Value

₹1,101.00

Dividend Yield

0.79 %

Earnings Yield

4.32 %

Sector

Information Technology

Sub-sector

IT Services & Consulting

Category

Delisted

Cashflow - Operations

₹979.74 Cr

Cashflow - Financing

-₹602.14 Cr

Hexaware Growth

Compounded Sales Growth

  • 14.62%

    1 Year

  • 15.22%

    5 Year

  • 15.59%

    9 Year

Pro Only

Compounded Profit Growth

  • 20.49%

    1 Year

  • 12.31%

    5 Year

  • 9.62%

    9 Year

Pro Only

Return On Equity

  • 21.32%

    2021

  • 26.65%

    2017

  • 31.55%

    2013

Pro Only

About Hexaware

  • Hexaware Technologies Limited is a leading global provider of IT and consulting services. They have more than three decades of experience making tailor-made technology solutions for their clients to achieve operational excellence and enhanced customer experience.
  • The company provides services like digital Product engineering, Cloud transformation, Digital core transformation, Enterprise & generation services, business process services, and Digital IT operations with its three platforms - tensai, amaze, and mobiquity.
  • The company has a client base across six business verticals, including Banking, Financial Services, Healthcare & Insurance, Manufacturing & Consumer, Hi-Tech& Professional services, and Travel & Transportation.
  • The company has a client base worldwide with 70%, 20%, and 10% revenue share from countries in the Americas, European countries, and Aisa-Pacific countries, respectively. 
  • It had 43 offices in 2021 scattered all over the world with 24,166 employees. It was incorporated on 20th November 1992 as a public limited company. 

  • Hexaware IPO Details

Delisting Details:

The trading for Hexaware Technologies Limited was discontinued w.e.f November 02, 2020, and the company got delisted from BSE Ltd and National Stock Exchange of India Limited w.e.f November 09, 2020, at the market price of Rs 471. The offer price for delisting was Rs 475 per scrip

  • Hexaware Funding

Funded By Funding Amount Date of Investment Funding Round Fund Name
Canada Pension Plan Investment Board Undisclosed 01 Jan 2013 Post IPO -
Mape Advisory Group Undisclosed 01 Oct 2006 Post IPO -
General Atlantic $ 3000 M 20 Mar 2006 Post IPO -
  • Hexaware Merger & Acquisition

Acquisition

On 23rd of October, 2021 Hexaware Technologies Limited was acquired by The Carlyle Group at a valuation of  $3 billion

  • Hexaware Subsidiaries

  • Hexaware Technologies Inc.
  • Hexaware Technologies, Mexico S. De. R.L. De. C.V
  • Hexaware Technologies UK Limited
  • Hexaware Technologies Asia Pacific Pte Limited
  • Hexaware Technologies GmBH.
  • Hexaware Technologies Canada Limited
  • Guangzhou Hexaware Information Technologies Company Limited (closed on 31st August 2020)
  • Hexaware Technologies LLC
  • Hexaware Technologies Saudi LLC
  • Hexaware Technologies Romania SRL ( subsidiary of Hexaware Technologies UK Limited).
  • Hexaware Technologies Hong Kong Limited
  • Hexaware Technologies Nordic AB
  • Hexaware Information Technologies (Shanghai) Company Limited
  • Mobiquity Inc (subsidiary of Hexaware Technologies Inc., acquired on 13 June 2019)
  • Mobiquity Velocity Solutions, Inc (subsidiary of Mobiquity Inc)
  • Mobiquity Velocity Cooperative UA ( subsidiary of Mobiquity Inc)
  • Mobiquity BV (subsidiary of Mobiquity Velocity Cooperative UA)
  • Mobiquity Consulting BV (formerly known as Morgan Clark BV (subsidiary of Mobiquity Velocity Cooperative UA))
  • Mobiquity Softech  Private Limited (subsidiary of Hexaware Technologies Limited, acquired on 13 June 2019)
  • Hexaware Technologies Belgium (subsidiary of Hexaware Technologies UK Limited)
  • Hexaware Technologies South Africa ( formed on 25  November 2019, subsidiary of Hexaware Technologies  UK Ltd.)


Associate

  • Experis Technology Solutions Pte. Ltd. (20% ownership interest by Hexaware Technologies Asia Pacific Pte Limited) (ceased w.e.f. 8 December 2020).
  • Hexaware Revenue Segmentation

  • Financial Services
  • Banking
  • Healthcare and Insurance
  • Hi-Tech & Professional Services
  • Travel and Transportation
  • Manufacturing and Consumer
  • Hexaware Product & Services

The product Portfolio of Hexaware Technologies Ltd is as follows:
  • Digital Product Engineering
  • Cloud Transformation
  • Digital Core Transformation
  • Enterprise & Next Generation Services
  • Business Process Services
  • Digital IT Operations (ITO) & Others  
  • Hexaware Assets

As of 31st December, 2021 company's fixed assets are bifurcated as follows:

Tangible Assets (in Mn)

 Buildings and Freehold Land
Rs  3718.44 
 Plant and MachineryRs  1,113.50
 Furniture and FixturesRs  400.44 
 VehiclesRs  1.06 
 Office EquipmentRs 572.22 
 Leasehold ImprovementsRs 187.59 
 Right-of-use assets

Rs 4,327.61

Intangible Assets(in Mn)

Software licensesRs 54.71 
Customer Contracts / RelationsRs 1,642.11
Goodwill Rs 12,252.41

  • Hexaware Industry Overview

Industry Statistics

Introduction

  • The IT service market combines the BPO service market, the SAAS service market, and the infrastructure services market.
  • The BPO services market is defined as the revenues from services related to the following segments: customer relationship management (CRM), finance and accounting, human resources, knowledge process outsourcing, and procurement and supply chain.
  • The SAAS services market is defined as the revenues from services related to the following segments: application development, application management, and performance monitoring.
  • The infrastructure services market is defined as the revenues from services related to the following segments: cloud computing, data center & hosting services, IT management, security, and storage.
  • The Indian services sector is paramount for the country’s economy with its exponential contribution to the nation's and state's incomes, trade flows, FDI inflows, and employment.
  • The industry covers a large area of activity all over the country like trade, hotels, restaurants, transport, telecommunication, IT, financing, insurance, real estate, business services, community, social & personal services and associated with construction, etc. 
  • IT industry plays a key role by positioning the country as a preferred investment destination for global investors. The Indian IT industry contributes to around 8% of the country's GDP and is the most significant contributor to total services exports.

Market size: 

  • According to Marketline, the Indian IT services industry grew by 9.5% in 2021 to reach a value of $30.1 billion compared to $ 27.5 Billion in 2020.  
  • According to Marketline, the global cloud computing industry grew by 12.7% in 2020 to reach a value of $240,698.7 million. The compound annual growth rate of the industry in the period 2016–20 was 24.1%
  •  The revenues from the domestic market grew during FY21, supported by various government initiatives such as digital India, start-up India, smart cities, and digital payments.
  • Out of the total export revenues generated by the IT industry, the IT services segment contributes 50-55%, while BPM contributes nearly 25%. Software products & Engineering services contribute the remaining share.
  • Infrastructure services is the largest segment of the IT services industry in India, accounting for 58.8% of the industry's total value
  • The export revenue for the IT services industry grew by a modest 2.6% YoY in FY21.
  • Rise in demand for collaborative applications, application platforms, security software, system & service management software, and content workflow & management applications has led to a 2% growth in the software products segment to $3 billion.
  • India accounts for 8.9% of the Asia-Pacific IT services industry value. 

Growth:

  • The IT services industry is evolving from offering services such as outsourcing, which improves productivity and efficiency, to providing value-added services such as analytics consulting. This has increased rivalry as players seek to capture a share of these higher-margin sectors.
  • The sector ranked 2nd in FDI inflows per the data released by the Department for Promotion of Industry and Internal Trade (DPIIT).

  • According to Marketline, the compound annual growth rate of the industry in the period 2017–21 was 8.8%

  • In another report according to Marketline, the compound annual growth rate of the industry in the period 2016–20 was 24.1%

Key Trends

  • The IT industry is the most dynamic industry of all, and it has a significant shift in the base technology used every 8 to 10 years.
  • The key trends in the market include new advancements for a better future like the Internet of Things, Blockchain, Machine Learning, Artificial Intelligence, Augmented Reality, Data advancement like 5G, and so on
  • Key players in these advancements in India include Bharti Airtel Ltd, Happiest Minds Technologies Ltd, Larsen & Turbo Infotech Ltd, HCL Technologies Ltd, and Tata Elxsi Ltd
  • These technological advancements have given rise to a pool of opportunities like VR/AR gaming, Metaverse, web3, robotics, web-tech, food-tech, mobile apps, and so on.

Major Players:

  • The four key players in the Indian IT sector are Tata Consultancy Services Ltd, Infosys Ltd, HCL Technologies, and Wipro Ltd.
  • Tata Consultancy Services - TCS is the biggest India IT service company in India; it is the behemoth of the industry with a market capitalization of approximately Rs 12 lakh crores. It has around 5,56,000 employees as of 2022.
  •  Infosys - The company is the second biggest player in the industry with a market capitalization of around Rs 6  lakh crores and a ten years CAGR revenue growth of 14%.
  • HCL technologies - HCL Ltd is the fastest-growing player in this sector, with a ten-year CAGR revenue and profit growth of 20% and 23%, respectively. It has a market capitalization of approximately Rs 3 lakh Crores.
  • Wipro - Wipro Ltd is the most well-known name in this industry with a tremendous experience in the field of 30+ years. It was one of the first players in this segment. It has a market capitalization of around Rs 2.5 lakh crores and employs more than 2,40,000 people.

Listed Peers: 

  • The listed peers of Hexaware Technologies Ltd, as per its market capitalization and portfolio sizes, are Mphasis Ltd, Larsen & Turbo Technology Services Ltd, and Coforge Ltd.

Future Prospects

  • Continued growth in artificial intelligence, big data analytics, and cloud computing. Big data and AI are the keys are future growth, and the management is focused on gaining more in this segment.
  • Internet security and privacy are prioritized nowadays as the world is going digital, leading to increased security concerns like cyber attacks. The company is focusing on getting aid from this segment too
  • Rising demand from businesses across all IT segments, with a pronounced acceleration in demand for cloud services, providing considerable monetization opportunity to the company in the future as it is already working in the segment.
  • According to Marketline in 2026, the Indian IT services industry is forecast to have a value of approximately $45.4 billion, an increase of  50.8% since 2021. The compound annual growth rate of the industry in the period 2021–26 is predicted to be 8.5%. The forecast for the same is elaborated with the help of a table below.

.

  • In another report according to Marketline in 2025, the global cloud computing industry is forecasted to have a value of approximately $446,079.3 million, an increase of 85.3% since 2020.  The compound annual growth rate of the industry in the period 2020–25 is predicted to be 13.1%. The forecast for the same is elaborated with the help of a table below. 

 

 

Government Initiatives

  • The IT sector is governed by the Ministry of  Electronics and Information Technology (MietY)
  • An executive department of the Union Government of the Republic of India is the Ministry of Electronics and Information Technology (MeitY). On July 19, 2016, it was separated from the Ministry of Communications and Information Technology to become a separate ministerial organization in charge of IT policy, strategy, and the growth of the electronics sector.
  • In July 2015, the Government of India launched a ‘Digital India Programme’, with a vision of propelling the efforts to transform India into a digitally empowered society and knowledge economy. Further, it was envisaged that the digital ecosystem could generate economic value of USD 1 trillion, which would play a crucial role in achieving the USD 5 trillion economy target by 2025.
  • Rising demand from businesses across all IT segments, with a pronounced acceleration in cloud service demand, provides considerable monetization opportunities.
  • Government push for data localization requirements will provide domestic data storage providers a shot.
  • Government and enterprises are showing an appetite for cloud computing services, including Infrastructure-as-a-Service and Software-as-a-Service, which has attracted significant inward investment from global leading vendors, creating a virtuous circle.
  • Government push for developing the Internet of Things industry will create opportunities for networking, software, and services vendors in India over the medium term.
  • The growing tech start-up ecosystem, which features many companies providing various innovative services, is a crucial opportunity for IT vendors.

Hexaware Awards & Achievements

  • Hexaware has been officially certified as a 'Great Place to Work' by the Great Place to Work Institute – India
  • Won the ‘Most Inclusive Employer’ Award at the Sydney Hills Local Business Awards 2021
  • Won the Brandon Hall Group Silver Award in the ‘Best Program for Upskilling Employees 2021’ Category
  • Recognised as a leader in Learning and Development at the World HRD Congress 2021
  • Bagged the Golden Peacock National Training Award, 2021 in the IT sector 
  • Ranked #1 for overall customer satisfaction by Whitelane Research IT Sourcing Study, Belux, 2021
  • Ranked #2 for customer satisfaction in the Whitelane Research and PA Consulting IT Sourcing Study, United Kingdom, 2021
  • Ranked #3 for overall customer satisfaction – Whitelane Research IT Sourcing Study, Europe, 2020/2021
  • Won 3 Platinum Awards, 3 Gold Awards and 2 honourable mentions in 8 categories at Hermes Creative Awards 2021
  • Received 6 Platinum Awards and 5 Gold Awards and 8 honourable mentions at the 2021 MarCom Awards
  • Ranked among the Top 10 in IT services in the Brand Finance India 100 2021 Ranking
  • Named in the Prestigious IDC FinTech Rankings’ Top 100 by IDC Financial Insights
  • Ranked #1 in HFS Report on Disruptive Hyperscale Cloud Services
  • Named UK Leader in Intelligent Business Automation 
  • Named UK Leader in Artificial Intelligence for IT Operations (AIOps)
  • Named a Leader in AWS Consulting Services in the ISG Provider LensTM – AWS – Ecosystem Partners 2021 – U.S. Quadrant Study
  • Named a Leader in AWS Internet of Things (IoT) Services and AWS Consulting Services in the ISG Provider LensTM AWS Ecosystem Partners 2021 U.S. Quadrant Study 
  • Named a Leader for Healthcare Cloud Migration Services in the ISG Provider Lens Healthcare Digital Services Report, 2021
  • Named a Leader for Patient Engagement Digital Transformation Services in the ISG Provider Lens Life Sciences Digital Services Report, 2021
  •  Named a Leader in Managed Public Cloud Services for midmarket in the ISG Provider Lens Public Cloud – Services & Solutions U.S. 2021 Quadrant Report
  • Named a Leader in Consulting and Transformation Services for Midmarket in the ISG Provider Lens Public Cloud – Services & Solutions U.S. 2021 Quadrant Repor
  • Named a Rising Star for Clinical Development Digital Transformation Services in the ISG Provider Lens Life Sciences Digital Services Report, 2021
  • Hexaware named leader: Digital Customer Experience Services in the ISG Provider Lens™ Digital Business — Solutions and Ser-vice Partners 2020 US Quadrant study.
  • Hexaware named rising star, managed service provider (MSP) for Azure in the ISG Provider Lens™ Microsoft Ecosystem US Quadrant Study 2020.

Hexaware Strengths

  • Company has three platforms named Tensai, Amaze, and Mobiquity to cater to its customers' needs according to their demands.
  • Total income of the company has been increased from INR 6,297  Cr. in CY 2020 to INR 7,244 Cr. in CY 2021, showcasing a growth rate of 15.03%.
  • Profit after tax of the company has been increasing from INR 499 Cr. to INR 748 Cr. with a CAGR of 10.7% from 2017 to 2021.
  • The book value per share has been increasing subsequently for the company, which means a better retained earning and cash reserve 
  • Company’s asset turnover ratio is highest amongst its peers, indicating efficient utilization of assets in generating revenues.
  • Company got a rating increase from A+ in 2020 to AA- in 2021

Hexaware Shortcomings

  • Company needs to look after its working capital management; the current ratio is lower compared to other listed peers.
  • The revenue growth has been slow when compared to its peers 
  • Company is lacking behind in innovation when compared to its peers
  • Company's management often fails to catch up to the new advancements in their segment

Hexaware Opportunities

  • In the 2021/22 budget, the government earmarked around USD7.3bn for IT and telecoms sector investments.
  • The growing tech start-up ecosystem, which features many companies providing various innovative services, is a crucial opportunity for IT vendors.
  • Government push for data localization requirements will provide a shot in the arm to domestic data storage providers
  • In demand for automation and digitalization in each segment of the economy is an ample opportunity for the IT sector, and it can grow the service and product range. As it is forecasted to grow to several $45.4 billion by 2026, which means a lot of scale to growth in just 5 years 

Hexaware Threats

  • Rising competition from China and other Asian countries such as Vietnam and the Philippines for global business process outsourcing market share could create a match for India
  • As companies are moving towards new technologies, such as mobile computing, IoT, and cloud computing, they are more prone to sophisticated targeted attacks, ransomware threats, malware, data leakage, and other security failures
  • Concentration of business on customers from limited geographic areas, and dependence on few customers, could impact business.
  • There’s a significant disruption driven by technology. It is essential for us to continuously review and upgrade our technology, resources, and processes to mitigate technical obsolescence.
  • The company operates in an industry that is highly dependent on talent. They must continuously invest in employee training and development, or they can face a high attrition rate.
  • Increase in salary and other costs could affect margins because an increase in inflation and repo rate can lead to shrinking from high margins to low margins, which the company enjoyed during the COVID-19 period.
Hexaware Rating

  • RECOMMENDATION

    Buy

  • Hexaware Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

18/06/2022

Registered Date

20/11/1992

Planify Ticker

HEXAWARE

Reg Office: Mumbai Headquarters Building, No. 152, Millennium Business Park, “A” Block, TTC Industrial Area, Sector-3, Mahape

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