1. FY 2004, Quarter III 18 th October 2004

2. Disclaimer Certain statements on this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry

3. Highlights

4. Financial Results Consolidated Revenues from Software Services amounts to Rs 1,461.97 Mn, up 58.9% from the third quarter of 2003 Attains sequential Q-o-Q growth of 13.9% over Q2, 04 PAT at Rs 165.53 Mn, up 16.6% over Q2, 2004 and up 179.4% over Q3 of 2003 Fully diluted EPS for the quarter was Rs. 26.12 on an annualised basis All financial numbers are as per Consolidated Indian GAAP

5. Progress New multi-year contracts worth > $30mn signed 10 new clients added during the quarter Attrition declines to 14%, headcount is 3,196: 317 employees added in Software services business Guidance on annual revenue raised to $118mn and PAT to $13mn, from $114mn and $12.5mn respectively $ mentioned above, refers to USD

6. Robust Growth EBITDA PBT PAT Revenue INR, Mn------------------------  Double digit growth over the quarters, enables exploitation of operating leverage

7. Vertical Split

8. Technology Split A number of multi-year contracts exceeding $30mn overall in value were signed Less than 20% is on PeopleSoft technology. Key contracts include new business from Lufthansa and Citibank In many of our larger Fortune 500 clients, we have become preferred vendors of choice.

9. Geographies

10. Selling, General & Administrative EBITDA S, G&A Revenue INR, Mn------------------------  Scale and smart-sizing leading to reduced S, G&A ratio, and improved profitability

11. Revenue Mix Focus on moving work offshore is paying off

12. Client Size and Distribution Customer size increasing Over 32 of our clients are in the Global 500 Marquee client list continues to increase

13. Human Resources ONSITE OFFSHORE SUPPORT MKTG Attrition declines to 14% Headcount is 3,196 persons in software services Focus on resource pyramid: Base being increased Focused training system in place: Hexavarsity

14. Cash and Equivalents Investment in infrastructure for future growth continuing Investment in BPO operations done this quarter

15. Future Outlook Guidance: annual revenue raised to $118mn and PAT to $13mn, from $114mn and $12.5mn respectively Aggressive effort in enhancing portfolio of enterprise solutions Strengthening account management of key clients to enable better mining

16. Thank you for your time For queries, contact: Investor.relations@hexaware.comInvestor.relations@hexaware.com / swapnab@hexaware.com