The record date is fixed as 28 May 2011 for determining the shareholders entitled for the interim dividend
Hexaware Technologies, a leading global provider of IT, BPO & consulting services, has announced 25% interim dividend.
Hexaware is a financially strong company with net cash balance in excess of $100 million. Accordingly the board of directors has declared a liberal dividend policy to reward its 84,000+ shareholders. Now, the company intends to distribute a high proportion of cash generated through operations as dividend.
Further, the board of directors declared an interim dividend of 0.50 paise per share (25%) on equity shares of Rs2 each. The record date is fixed as 28 May 2011 for determining the shareholders entitled for this interim dividend. This interim dividend shall be paid to the eligible shareholders on 3 June 2011.
The final dividend of Rs1.40 per share (70%) for CY2010 was approved at the annual general meet held on 27 April 2011 and has now been paid to all the entitled shareholders. The total dividend for 2010 was Rs2 per share (100%), excluding the special dividend of Rs1 per share (50%), up from Rs1.40 per share (70%) for the year 2009.
Last week, Hexaware reported strong performance for Q1 2011 with healthy revenue growth of 45% Y-o-Y and 5.8% Q-o-Q sequentially in dollar terms to $70.4 million exceeding the quarterly revenue guidance. During the previous quarter, there was an across the board margin expansion of 280 basis points in gross margins, EBIT margins expanding 310 basis points to 12.4% and profit after tax margins expanding 370 basis points to 16.9%. Further, the company upgraded its revenue outlook for 2011 to a minimum of $295 million, an annual revenue growth of at least 27.5% compared with 2010.
Shares of Hexaware were trading at around Rs67.75 on the Bombay Stock Exchange in the late afternoon, 2.42% up from the previous close.
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