According to analysts, this could be a sign of weak quarters coming ahead. An analyst from a research firm said, Stopping recruitment might be a possible step towards cost optimisation and employee utilisation but at the same, also indicates that the company is not expecting its volumes to grow. Another analyst added, Since there is not much clarity on the order books going ahead, we might see a weak third quarter for the company. The company recorded one time charges of about $3.15 million in the second quarter, of which about $1.5 million was paid as right offs for a customer related engagement. PR Chandrashekar, vice-chairman and chief executive, Hexaware Technologies, said, We were not doing work for one of our mid sized clients for about six months as they had challenges in terms of ability and willingness to pay and therefore, we opted for one time provisioning.
Hexawares revenues coming from the US also dipped to 61.9% in the second quarter from 66.1% in the last quarter. We have seen some delays in decision from our clients in the US, besides closure of some large engagements in this