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Prabhudas Lilladher Report
Zensar Technologies Ltd. posted strong revenue growth of up 11.6% QoQ U.S. dollar, 12.3% QoQ constant currency much higher than our and consensus estimates (our estimate: 9.1%, consensus: 8.2%).
Revenue beat was led by higher than expected growth of 5.4% QoQ U.S. dollar (our estimate: 3.5%) in organic business.
M3bi also showed strong performance contributing $7.9 million (our estimate: $7.15 million) versus quarterly run-rate of $6.68 million in CY20.
Growth was broad-based and strong revenue growth momentum is expected to continue in H2, however there will be element of furlough in Q3.
Zensar Tech reported strong deal total contract of $187.5 million, up 94% QoQ, 7% YoY (versus average deal TCV of $156 million per quarter in FY21).
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