Hexaware Technologies

INDUSTRY IT CMP (as on 24 Apr 2017) Rs 220 Target Price Rs 215 Nifty 9,218 Sensex 29,656 KEY STOCK DATA Bloomberg/Reuters HEXW IN No. of Shares (mn) 302 MCap (Rs bn) / ($ mn) 67/1,033 6m avg traded value (Rs mn) 233 STOCK PERFORMANCE (%) 52 Week high / low Rs 255 / 178 3M 6M 12M Absolute (%) 11.5 11.7 (12.4) Relative (%) 3.2 6.5 (27.2) SHAREHOLDING PATTERN (%) Promoters 71.53 FIs & Local MFs 9.76 FIIs 8.68 Public & Others 10.03 Source : BSE Apurva Prasad apurva.prasad@hdfcsec.com +91-22-6171-7327 Amit Chandra amit.chandra@hdfcsec.com +91-22-6171-7345 Upside capped Hexaware s 1Q performance was marked by strong IMS-led growth (onsite heavy). However, margins (in line) were impacted by deal transition costs and lower realisations. The company maintained its revenue guidance of a USD revenue growth of 10-12% for CY17E, as well as a margin guidance of CY16 EBITDA%. The revenue guidance is achievable, and implies a 0-1.1% CQGR. The margin guidance may have a downside risk of INR appreciation (unchanged guidance from the last qtr). Management alluded to a flat deal pipeline sequentially, even as the quarterly win-rate was compressed (a 30% YoY decline in the TCV of new deals). Our estimates are unchanged. We believe that the margin levers are constrained by (1) A continuation of onsite-led growth, (2) Growth leadership in the BFS vertical (lower margin) and (3) A limited upside from utilisation. We, however, note positives such as a lower shrinkage in enterprise solutions, going RESULTS REVIEW 1QCY17 25 APR 2017 Hexaware Technologies NEUTRAL ahead, and traction in the top six-to-twenty accounts. We expect USD revenue/eps to grow at a 11/10% CAGR over CY16-18E, factoring in a USD revenue growth of 11.4/10% for CY17/18E, the EBITDA% at 15.8% (-40bps), and 16.5% for CY17/18E. Maintain a NEUTRAL with a TP of Rs 215, 13x CY18E. Highlights of the quarter Revenue stood at USD 144.7mn, 4.2% QoQ on a 4% CC growth (A 4.3% volume growth and a 0.3% decline in realisations). The EBITDA% at 16.9%, -36bps QoQ, was impacted by a ramp-up of costs for a new BPO client (- 41bps impact). The Travel and Transportation vertical is expected to be impacted by the insourcing of a large account in 2HCY17E (a ~USD6-7mn revenue impact). The APAC region is expected to drive growth in CY17E. The Healthcare and Insurance vertical is expected to recover, going ahead. Near-term outlook: The 2Q growth is expected to be softer than normal, owing to the base effect (strong 1Q), while margin headwinds will remain. FINANCIAL SUMMARY Year Ending December (Rs bn) 1QCY17 1QCY16 YoY (%) 4QCY17 QoQ (%) CY14 CY15 CY16 CY17E CY18E Net Sales 9.61 8.20 17.1 9.41 2.1 25.82 31.24 35.35 38.68 42.50 EBITDA 1.62 1.19 35.9 1.62 (0.0) 4.78 5.36 5.75 6.13 7.03 APAT 1.14 0.84 35.3 1.21 (6.2) 3.20 3.93 4.17 4.42 4.90 Diluted EPS (Rs) 3.9 2.8 38.2 4.0 (4.1) 10.6 13.0 13.8 14.9 16.6 P/E (x) 20.7 16.9 15.9 14.7 13.3 EV / EBITDA (x) 13.0 11.4 10.6 9.9 8.4 RoE (%) 25.7 28.9 26.5 23.9 23.2 # Consolidated HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters

Revenue stood at USD144.7mn, 4.2% QoQ on a 4% CC QoQ growth EBITDA% came in at 16.9%, -36bps QoQ, supported by improvement in the Travel and Transportation vertical A decline in realisations and project ramp-up costs impacted margins in 1Q Quarterly Consolidated Financials Snapshot Particulars (Rs bn) 1QCY17 1QCY16 YoY (%) 4QCY16 QoQ (%) Net Sales (US$ mn) 144.7 121.7 18.9 138.9 4.2 Net Sales 9.61 8.20 17.1 9.41 2.1 Employee Expenses 5.26 4.82 9.1 5.11 3.0 SG&A And Other Operating Expenses 2.67 2.11 26.4 2.62 1.7 EBITDA 1.62 1.19 35.9 1.62 (0.0) Depreciation 0.16 0.14 13.7 0.14 12.5 EBIT (ESOP adj) 1.52 1.13 34.6 1.54 (1.3) ESOP Compensation Cost 0.05 0.07 (26.3) 0.06 (2.6) EBIT 1.47 1.06 38.8 1.48 (1.2) Interest Costs 0.00 0.00 94.4 0.00 (5.4) Other Income 0.03 0.06 (48.4) 0.14 (79.6) PBT 1.49 1.11 34.4 1.62 (7.9) Tax 0.35 0.27 31.8 0.41 (13.0) APAT 1.14 0.84 35.3 1.21 (6.2) E/o (adj for tax) - - - RPAT 1.14 0.84 35.3 1.21 (6.2) Margin Analysis Particulars 1QCY17 1QCY16 YoY (%) 4QCY16 QoQ (%) Employee Expenses % Net Sales 54.8 58.8 (404) 54.3 49 SG&A and Other Expenses % Net Sales 27.8 25.7 204 27.9 (11) EBITDA Margin (%) 16.9 14.6 233 17.2 (36) EBIT Margin (ESOP adj) (%) 15.8 13.8 205 16.4 (54) EBIT Margin (%) 15.3 12.9 238 15.8 (51) Tax Rate (%) 23.7 24.2 (48) 25.1 (139) APAT Margin (%) 11.9 10.3 159 12.9 (105) Page 2

The onsite revenue grew 7.6% QoQ, while offshore revenue declined 2% QoQ. Going ahead, growth will be onsiteled The BFS and Travel and transportation verticals led growth at 5.7% and 7.3% QoQ The Healthcare and insurance vertical declined by 0.9% QoQ, but is expected to recover going ahead Onsite-Offshore Revenue Break-up (% of revenue) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Onsite Revenue 60.8 62.3 63.1 63.9 65.6 64.5 66.6 Offshore Revenue 39.2 37.7 36.9 36.1 34.4 35.5 33.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Onsite-Offshore Revenue Growth (QoQ, %) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Onsite Revenue 2.5 1.6 (0.7) 7.9 7.1 1.0 7.6 Offshore Revenue 4.2 (4.6) (4.0) 4.3 (0.6) 6.0 (2.0) Total 3.1 (0.8) (1.9) 6.6 4.3 2.7 4.2 Vertical Revenue Break-up (% of revenue) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Banking and Financial Services 37.6 37.5 39.2 40.0 41.6 42.1 42.7 Manufacturing, Consumer and Others 29.3 28.5 28.0 28.4 27.9 28.2 28.0 Insurance and Healthcare 16.4 17.4 17.5 17.1 16.0 16.5 15.7 Travel & Transportation 16.7 16.6 15.3 14.5 14.5 13.2 13.6 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Vertical-wise Revenue Growth (QoQ, %) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Banking and Financial Services 5.7 (1.1) 2.5 8.7 8.5 3.9 5.7 Manufacturing, Consumer and Others 0.1 (3.5) (3.7) 8.1 2.5 3.8 3.4 Insurance And Healthcare 7.7 5.2 (1.4) 4.1 (2.4) 5.9 (0.9) Travel & Transportation (1.0) (1.4) (9.6) 1.0 4.3 (6.5) 7.3 Total 3.1 (0.8) (1.9) 6.6 4.3 2.7 4.2 Page 3

IMS led the growth within service-lines at 22.5% CC QoQ, QATS and ADM grew 4.2/3.3% CC QoQ Competition from tier-2 vendors was higher in ADM services Cloud migration is the biggest demand driver in IMS Service Line Break-up (% of revenue) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 ADM 37.3 38.1 37.7 36.5 36.0 36.4 36.1 Quality Assurance and Testing Services 20.8 20.6 20.3 20.1 20.3 20.9 20.9 Business Intelligence & Analytics 14.7 14.0 15.2 15.6 15.2 14.1 13.8 Enterprise Solutions 14.6 14.3 13.7 13.3 13.0 12.7 12.1 RIMS 6.9 7.3 7.3 8.0 8.7 9.1 10.7 BPO 5.7 5.7 5.8 6.5 6.8 6.8 6.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Service Line Growth (QoQ, %) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 ADM 1.8 1.3 (3.0) 3.2 2.9 3.8 3.3 Quality Assurance and Testing Services 2.7 (1.8) (3.4) 5.5 5.3 5.7 4.2 Business Intelligence & Analytics 0.4 (5.5) 6.5 9.4 1.6 (4.7) 2.0 Enterprise Solutions 5.3 (2.9) (6.1) 3.5 1.9 0.3 (0.7) RIMS 6.2 4.9 (1.9) 16.8 13.4 7.4 22.5 BPO 13.1 (0.8) (0.2) 19.4 9.1 2.7 (2.0) Total 3.1 (0.8) (1.9) 6.6 4.3 2.7 4.2 BPO (-2% QoQ) impacted by seasonality Page 4

Among the geographies, Americas grew 3% and Europe 3.2% QoQ The utilisation improved by 30bps QoQ to 78.9% in 1Q, and attrition stood at 14.9%(- 120bps QoQ) 619 net additions (trainee addition of 150) increased the total headcount to 12,734 Geographic Revenue Break-up (% of revenue) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Americas 80.8 81.3 81.4 80.9 82.0 82.5 81.6 Europe 13.8 13.1 12.0 12.5 11.6 11.1 11.0 Asia-Pacific 5.4 5.6 6.6 6.6 6.4 6.4 7.4 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Geographic Revenue Growth (QoQ, %) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Americas 2.9 (0.2) (1.8) 5.9 5.7 3.4 3.0 Europe 6.2 (5.9) (10.2) 11.0 (3.2) (1.7) 3.2 Asia-Pacific (0.5) 2.9 15.6 6.6 1.1 2.7 20.5 Total 3.1 (0.8) (1.9) 6.6 4.3 2.7 4.2 Headcount, Utilisation Data (Nos.) 3QCY15 4QCY15 1QCY16 2QCY16 3QCY16 4QCY16 1QCY17 Total headcount 11,341 11,375 11,599 11,875 11,859 12,115 12,734 Technical Employees 10,241 10,203 10,555 10,711 10,911 11,111 11,311 Marketing 420 444 487 582 557 533 563 General Management/Support 680 728 557 582 390 471 860 Net Employee Addition 332 34 224 276 (16) 256 619 Utilisation including trainees (%) 70.4 69.7 69.6 70.0 74.1 78.6 78.9 Page 5

TCV of USD25mn booked in 1Q, -30% YoY The deal pipeline was flat sequentially Key Assumptions Particulars CY13 CY14 CY15 CY16 CY17E CY18E Onsite USD Revenue Growth (%) 4.9 14.1 26.0 14.4 15.9 12.5 Offshore USD Revenue Growth (%) 8.1 3.0 1.1 (1.4) 3.2 5.1 Total USD Revenue Growth (%) 6.4 8.9 14.9 8.3 11.4 10.0 USD/INR Rate 58.8 61.1 64.3 67.3 66.1 66.0 EBITDA Margin (%) 22.4 18.5 17.2 16.3 15.8 16.5 Change in Estimates Particulars OLD NEW % change CY17E Revenue (US$ mn) 580 585 0.8 Revenue (Rs bn) 38.45 38.68 0.6 EBITDA (Rs bn) 6.12 6.13 0.1 EBITDA margin (%) 15.9 15.8 (8bps) EPS (Rs) 15.1 14.9 (0.8) CY18E Revenue (US$ mn) 640 644 0.6 Revenue (Rs bn) 42.25 42.50 0.6 EBITDA (Rs bn) 6.82 7.03 3.0 EBITDA margin (%) 16.1 16.5 39bps EPS (Rs) 16.5 16.6 0.7 Source: HDFC sec Inst Research Peer Valuations Mcap Company (Rs bn) CMP (Rs) TP (Rs) Rating EPS (Rs) P/E (x) RoE (%) FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E Mphasis 111 529 645 BUY 39.1 41.0 46.1 13.5 12.9 11.5 12.7 12.7 13.5 Mindtree 76 450 425 NEU 24.9 30.6 35.7 18.0 14.7 12.6 16.8 19.1 20.3 Hexaware * 67 220 215 NEU 13.8 14.9 16.6 15.9 14.7 13.3 26.5 23.9 23.2 Cyient 61 540 512 NEU 32.3 37.7 42.7 16.7 14.3 12.7 17.9 18.9 19.2 eclerx 52 1,313 1,275 SELL 91.9 84.5 98.0 14.3 15.5 13.4 30.1 24.2 25.7 Persistent 45 564 740 BUY 38.8 42.3 52.9 14.5 13.3 10.7 17.5 16.5 17.8 Zensar 40 907 1,209 BUY 69.6 82.3 93.0 13.0 11.0 9.8 19.6 19.9 19.3 KPIT Tech 26 131 130 NEU 11.1 12.3 14.5 11.8 10.6 9.1 15.0 15.0 15.7 Sonata 17 165 243 BUY 15.0 17.3 20.2 11.0 9.5 8.1 30.7 30.1 30.1 Source: HDFC sec Inst Research *Dec Y/E and FY17E implies CY16 Page 6

Consolidated Income Statement YE December (Rs bn) CY14 CY15 CY16 CY17E CY18E Net Sales (US$ mn) 422 485 526 585 644 Growth (%) 8.9 14.9 8.3 11.4 10.0 Net Sales 25.82 31.24 35.35 38.68 42.50 Growth (%) 13.0 21.0 13.2 9.4 9.9 Employee Expenses 14.60 17.61 19.71 21.75 23.74 SG&A and Other Operating Expenses 6.44 8.26 9.90 10.79 11.73 EBITDA 4.78 5.36 5.75 6.13 7.03 EBITDA (%) 18.5 17.2 16.3 15.8 16.5 EBITDA Growth (%) (6.8) 12.2 7.3 6.6 14.7 Depreciation 0.44 0.48 0.56 0.66 0.83 EBIT 4.34 4.88 5.19 5.47 6.20 Other Income (0.08) 0.17 0.39 0.43 0.38 Interest 0.01 0.00 0.00 0.00 - PBT 4.25 5.05 5.58 5.89 6.58 Tax (incl deferred) 0.98 1.11 1.41 1.48 1.68 RPAT 3.27 3.93 4.17 4.42 4.90 APAT 3.20 3.93 4.17 4.42 4.90 APAT Growth (%) (15.6) 22.8 6.1 5.9 10.9 EPS 10.6 13.0 13.8 14.9 16.6 EPS Growth (%) (15.8) 22.5 5.9 8.2 10.9 Consolidated Balance Sheet YE December (Rs bn) CY14 CY15 CY16 CY17E CY18E SOURCES OF FUNDS Share Capital - Equity 0.60 0.60 0.60 0.59 0.59 Reserves 12.30 13.73 16.51 19.31 21.79 Total Shareholders' Funds 12.91 14.33 17.11 19.90 22.38 Net Deferred Taxes (0.18) (0.26) (0.38) (0.38) (0.38) Long-term Provisions & Others 0.32 0.35 0.47 0.70 0.77 TOTAL SOURCES OF FUNDS 13.05 14.43 17.21 20.23 22.77 APPLICATION OF FUNDS Net Block 3.38 3.38 3.33 6.23 6.39 CWIP 0.35 1.16 3.23 1.47 1.61 Goodwill and Other Intangibles 1.76 1.95 2.00 2.98 3.27 Investments 0.00 0.00 0.02 0.02 0.02 LT Loans & Advances 1.73 2.01 2.05 2.29 2.50 Total Non Current Assets 7.22 8.50 10.63 12.99 13.78 Debtors 3.66 4.41 4.38 4.79 5.26 Cash & Equivalents 4.72 4.27 4.31 4.62 6.06 Other Current Assets 1.77 2.77 3.69 4.04 4.44 Total Current Assets 10.14 11.45 12.38 13.44 15.75 Creditors 0.68 0.98 1.29 1.16 1.26 Other Current Liabilities & Provns 3.63 4.54 4.51 5.05 5.50 Total Current Liabilities 4.31 5.52 5.80 6.21 6.76 Net Current Assets 5.83 5.93 6.58 7.24 8.99 TOTAL APPLICATION OF FUNDS 13.05 14.43 17.21 20.23 22.77 Page 7

Consolidated Cash Flow YE December (Rs bn) CY14 CY15 CY16 CY17E CY18E Reported PBT 4.18 5.05 5.58 5.89 6.58 Non-operating & EO items 0.80 (0.21) (0.33) 0.84 0.15 Interest expenses 0.01 0.00 0.00 0.00 - Depreciation 0.44 0.48 0.56 0.66 0.83 Working Capital Change (0.31) (0.38) (0.28) (0.96) (0.40) Tax paid (0.98) (1.11) (1.41) (1.48) (1.68) OPERATING CASH FLOW ( a ) 4.14 3.83 4.12 4.96 5.48 Capex (0.60) (1.37) (2.22) (1.32) (1.27) Free cash flow (FCF) 3.53 2.46 1.89 3.64 4.21 Investments 1.80 1.04 (0.24) (1.52) (0.35) Non-operating income - - - - - INVESTING CASH FLOW ( b ) 1.19 (0.32) (2.46) (2.84) (1.61) Debt Issuance - - - - - Interest expenses (0.01) (0.00) (0.00) (0.00) - FCFE 3.53 2.46 1.89 3.63 4.21 Share capital Issuance 0.01 0.00 0.00 (0.01) - Dividend (5.40) (3.00) (2.42) (1.73) (2.42) FINANCING CASH FLOW ( c ) (5.40) (3.00) (2.42) (1.74) (2.42) NET CASH FLOW (a+b+c) (0.07) 0.51 (0.77) 0.37 1.44 Non-operating and EO items (1.60) (0.95) 0.81 (0.07) - Closing Cash & Equivalents 4.72 4.27 4.31 4.62 6.06 Key Ratios CY14 CY15 CY16 CY17E CY18E PROFITABILITY (%) EBITDA Margin 18.5 17.2 16.3 15.8 16.5 APAT Margin 12.4 12.6 11.8 11.4 11.5 RoE 25.7 28.9 26.5 23.9 23.2 RoIC or Core RoCE 46.8 41.1 33.6 28.7 28.6 RoCE 25.4 28.6 26.4 23.6 22.8 EFFICIENCY Tax Rate (%) 23.4 22.1 25.3 25.1 25.5 Fixed Asset Turnover (x) 4.5 5.2 5.5 3.9 3.9 Debtors (days) 52 51 45 45 45 Payables (days) 10 11 13 11 11 Cash Conversion Cycle (days) 42 40 32 34 34 Net Debt/EBITDA (x) (1.0) (0.8) (0.8) (0.8) (0.9) Net Debt/Equity (x) (0.4) (0.3) (0.3) (0.2) (0.3) Interest Coverage (x) 483 4,725 3,691 78,086 NA PER SHARE DATA EPS (Rs/sh) 10.6 13.0 13.8 14.9 16.6 CEPS (Rs/sh) 12.1 14.6 15.7 17.2 19.4 DPS (Rs/sh) 7.0 8.7 7.0 5.0 7.0 BV (Rs/sh) 42.9 47.5 56.7 67.4 75.7 VALUATION P/E 20.7 16.9 15.9 14.7 13.3 P/BV 5.1 4.6 3.9 3.3 2.9 EV/EBITDA 13.0 11.4 10.6 9.9 8.4 OCF/EV (%) 6.7 6.3 6.8 8.2 9.3 FCF/EV (%) 5.7 4.0 3.1 6.0 7.1 FCFE/mkt cap (%) 5.4 3.8 2.9 5.6 6.5 Dividend Yield (%) 3.2 3.9 3.2 2.3 3.2 Page 8

RECOMMENDATION HISTORY 290 270 250 230 210 190 170 150 Apr-16 May-16 Jun-16 Jul-16 Hexaware Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 TP Jan-17 Feb-17 Mar-17 Apr-17 Date CMP Reco Target 6-May-16 227 BUY 260 8-Jul-16 227 NEU 230 1-Aug-16 221 NEU 220 6-Oct-16 190 NEU 205 26-Oct-16 203 NEU 215 9-Jan-17 201 NEU 220 8-Feb-17 197 NEU 215 25-Apr-17 220 NEU 215 Rating Definitions BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period Page 9

Disclosure: We, Apurva Prasad, MBA and Amit Chandra, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest. 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