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Wednesday 12 September 2012

Hexaware sees strong order pipeline; 20% growth: Nishar

Atul Nishar, chairman, Hexaware, says that we remain quite positive on growing at 20% or more. We feel that if the situation improves with US elections and no debacle in Europe then the environment could only improve.


Atul Nishar, Chairman, Hexaware
Atul Nishar, chairman, Hexaware , says that we remain quite positive on growing at 20% or more. We feel that if the situation improves with US elections and no debacle in Europe then the environment could only improve.

He also says that currently there are five deals in the pipeline and one is in the advance stage. The deals are spread across from the United States and Europe, and across major verticals like capital markets, travel and emerging verticals. And in the last nine quarters the company has signed seven large deals.


Below is the edited transcript of his interview to CNBC-TV18.


Q: Hexaware recently had a deal and there have been reports or analyst notes which suggest that the company is in conversation with potential clients for four deals and one is in advance stages. Do you think something could fructify in the near-term?


A: Currently, there are five deals in the pipeline and one is in the advance stage. The deals are spread across from the United States and Europe, and across major verticals like capital markets, travel and emerging verticals. And in the last nine quarters we have signed seven large deals.


Q: Are billings under pressure even if the deals are coming? Are they coming from tight fisted managements?


A: In over last two years, we have marginally improved our average billing on both on onsite and offshore. We don’t see any pressure on pricing on the IT industry. Repeatedly, we have guided that our pricing should be assumed to be stable.


The important point is that the client want value, greater performance, result oriented projects and fixed priced or greater commitment by off shoring companies.  Clients do want to cut their costs and get more value, but they also know if it is all done at the cost of the service provider, it will not sustain that particular situation.


Q: How much do you think is Nasscom’s 13-14% growth target under threat? What might it fall to half or high single digits?


A: Nasscom has guided for 11-14% and it is a wide enough range. In the industry we saw that some companies like mid-sized companies and companies who are scale players have also done very well. It is a mixed reason. We have seen more client specific issues coincidence for downsizing for whatever reason that may dent revenue that doesn’t mean they will not be able to grow in future.  


Q: Do you think Nasscom will hold the lower end of their 11% range?


A: That is the current optimism. So, there is no reason to believe that there is material change from the guided number.


Q: The one concern around Hexaware has been for some time that you have seen an improvement in margins, but going forward it would come under pressure because in Q3 wage hikes are expected to shave off margins to a certain extent. How do you respond to that?


A: In Q2, ours being calendar year, Hexaware reported 22.9% EBITDA which was higher than Q1. We gave normal 10% increment to all our off shore employees. The impact was absorbed in our margin and in spite of that the margin improved.


We also absorbed the significant visa costs that traditionally come in that quarter. In the coming quarter there will be onsite increase in wages. For off shore workers the date of increment is April 1 and for onsite employees the date is July 1, which remains unchanged. And we feel with this we can guide stable margins.


We are proud that at Hexaware, we have grown at higher than the industry average at good margins. We don’t believe in taking new deals by compromising on margins in any manner.


Q: So at this juncture you don't want to change your guidance of 20% dollar revenue growth any which way, up or down?


A: We remain quite positive on growing at 20% or more. We feel that if the situation improves with US elections and no debacle in Europe then the environment could only improve. 


 

 

 

Wednesday 22 August 2012

Job: Peoplesoft Tester In Chennai

Title

Peoplesoft Tester

Categories

India

Grade

G4

Skill

Peoplesoft, HRMS Testing, Payroll

Start Date

21-08-2012

Location

Chennai

Job Information

3-5 years of experience in ERP Related Product Testing.

Knowledge of complete testing life-cycle and different testing methodologies.

Min. 2 – 3 years of hands on experience on PeopleSoft – HRMS.

Min. 1 year of experience on writing Test Scripts on PS Payroll Module.

Good knowledge on HP QC.

Strong analytical and troubleshooting skills.

Unit

10

 

Apply Now

Friday 10 August 2012

Short-term contracts give mid-cap IT cos new lease of life

With the duration of outsourcing deals getting shorter, deals worth nearly USD 85 billion are up for renegotiations this year, reports CNBC-TV18’s Shreya Roy.

Shreya Roy, Reporter, CNBC TV18

Midcap IT players may get a new lease of life. With the duration of outsourcing deals getting shorter, deals worth nearly USD 85 billion are up for renegotiations this year, reports CNBC-TV18’s Shreya Roy.

Over the last few years, uncertain times have forced IT companies to go in for more short-term contracts. For mid-cap IT companies, this may have been a blessing in disguise.

Data from outsourcing advisory firm TPI says that around 700 contracts will be up for renegotiations this fiscal year, compared to 530 last year.

“There is a significant reduction in the tenure of contracts as they were originally signed. Compared to 10 years ago, when 500 of these were being done, there are 1000 a year. The tenure has gone down to five years instead of seven, so a lot of deals are naturally coming back to the market as renewals. In itself, this is a very large opportunity,” said Siddharth Pai, partner and MD at TPI India.

For many IT players, this may be just what the doctor ordered. After all, renewals account for almost 65% of the outsourcing market. Advisory firm Everest estimates that by October 2013, deals worth nearly USD 85 billion will be up for renewal.

These include a contract between HP and Bank of America, a mega deal from Shell group which is currently with AT&T, HP, and T-Systems, a blue cross blue shield deal with Dell and Manu Life's deal with IBM.

Many of these contracts are expected to be broken up into smaller chunks, as outsourcers are looking increasingly towards multi-sourcing. Analysts say this could work in the favour of the smaller players, especially those like Mindtree and Hexaware, which have been focusing on developing niche capabilities to help differentiate from larger players.


 

Tuesday 7 August 2012

Hexaware Technologies :Riding High! --nirmal bang,

Riding High!
Hexaware Technologies Limited (HTL) is a mid-sized IT company mainly catering to the capital markets (BFSI) and the airline (transportation) sector. It also focuses on enterprise software provided by PeopleSoft and Oracle. Recent large client wins has bought back the focus on this company which has good expertise in the niche areas. 


Investment Rationale

 Improved Revenue visibility due to large wins in the past 5 quarters

The deal wins of over $ 625 mn which HTL has gained in the past 5 quarters is commendable. HTL’s efforts of mining the existing clients in the gloomy days are paying off now reflecting in the incremental revenue streams it has earned. These long term deals give enough revenue visibility for CY12. In addition, HTL is negotiating almost 4 deals above $25mn which are in the pipeline.

 Margins moving northwards – room for further heights
EBIDTA margins have improved 812 basis points in the past 5 quarters led by drastic control in the operating costs. The company has in addition utilized its offshorablity lever in its advantage by moving almost 14% of work offshore during the same period. Currently, onsite: offshore mix stands at 53:47, utilization in early 70’s and plans to hire freshers would further aid the margins going forward. We expect HTL to report EBIDTA margins of 20% + in CY12E and CY13E.

 Proficiency in niche segments paying off
HTL earns 60% of its revenues from the Capital Markets and Travels industries and almost 30% of revenues come from enterprise solutions in terms of its service lines. In enterprise solutions, 60-65% of its revenues are from PeopleSoft where other software vendor’s focus is less.

 Guidance Revision of 20% on USD revenues for CY12E

On the back of good deals won recently, the company has revised the revenue guidance in USD terms to 20%. We feel this is a little conservative and the company can easily beat the guidance for CY12E.
Valuation & Recommendation

We expect HTL’s revenues to grow at a CAGR of 25% and adjusted profits to grow at a CAGR of 21% over CY11-CY13E. Margin improvement would remain under focus and we expect HTL’s EBIDTA margins improving by 313bps to 21.2% in CY13E from 18.03% in CY11. At CMP, the stock is trading at 10.4x and 8.6x for CY12E and CY13E respectively. On the back of improved financials and good revenue visibility, we recommend a BUY on the stock, assigning a target multiple of 11x for CY13E EPS with a price target of Rs. 147 which is a potential 28% upside.

Risks to our Rationale:

 Concentration in Discretion spending Revenues

Hexaware derives more than 50% of its revenues from Enterprise solutions and Business Intelligence and Analytics which could get affected in economic downturn. However, the recent deal wins re-affirms the revenue visibility for the company for CY12E.

 Industry Risks of wage pressures, rupee appreciation and competition
Rupee depreciation has acted in favor of the company and Industry per say. Any severe reversal of the rupee trend would affect the prospects of the firm.

 Exposure in the European Region
The company has 28.4% exposure in the European region and few of the major deals have been signed with clients in this region. Looking at the current economic scenario prevailing in the Euro zone, any delay in commencement of these deals or cancellation may impact the margins severely.

Valuation & Recommendation
We expect HTL’s revenues to grow at a CAGR of 25% and adjusted profits to grow at a CAGR of 21% over CY11-CY13E. Margin improvement would remain under focus and we expect HTL’s EBIDTA margins improving by 313bps to 21.2% in CY13E from 18.03% in CY11. At CMP, the stock is trading at 10.4x and 8.6x for CY12E and CY13E respectively. On the back of improved financials and good revenue visibility, we recommend a BUY on the stock, assigning a target multiple of 11x for CY13E EPS with a price target of Rs. 147 which is a potential 28% upside.

Tuesday 15 March 2011

Configuring Informatica File Transfer Protocol


Informatica File Transfer Protocol can be used to transfer/move files from different environment into our pre-defined Landing Zone. It can also be used to transfer file to the destination folder/directories.   The Integration Service can use FTP to access any machine it can connect to, including mainframes.

Configuring FTP in Informatica Workflow
To use FTP file sources and targets in a session,
  • Create an FTP connection object in the Workflow Manager and configure the connection attributes
  • Configure the session to use the FTP connection object in the session properties.
  • Specify the Remote filename in the connection value of the Session properties.
Guidelines
  • Specify the source or target output directory in the session properties. If not specified, the Integration Service stage the file in the directory where the Integration Service runs on UNIX or in the Windows System directory.
  • Session cannot run concurrently if the same FTP source file or target file located on a mainframe.
  • If a workflow containing a session that stages an FTP source or target from a mainframe is aborted, then the same workflow cannot be run until it’s timed out.
  • Configure an FTP connection to use SSH File Transfer Protocol (SFTP) while connecting to an SFTP server. SFTP enables file transfer over a secure data stream. The Integration Service creates an SSH2 transport layer that enables a secure connection and access to the files on an SFTP server.
  • To run a session using an FTP connection for an SFTP server that requires public key authentication, the public key and private key files must be accessible on nodes where the session will run.
Configuring Remote Filename
Attribute Description
Remote Filename The remote file name for the source or target.  Indirect source file name to be entered, in case of indirect source file is sent. Use 7-bit ASCII characters for the file name. The session fails if it encounters a remote file name with Unicode characters.
If the path name is provided with the source file name, the Integration Service ignores the path entered in the Default Remote Directory field. The session will fail if the File name with path is provided with single or double quotation marks.
Is Staged Stages the source or target file on the Integration Service. Default is “Not staged”.
Is Transfer Mode ASCII Changes the transfer mode. When enabled, the Integration Service uses ASCII transfer mode.
-           Use ASCII mode when transferring files on Windows machines to ensure that the end of line character is translated properly in text files. When disabled, the Integration Service uses Binary Transfer mode.
-          Use Binary Transfer mode when transferring files on UNIX machines. Default is disabled.