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IDBI Capital Report
Zensar Technologies Ltd.’s Q3 FY22 revenues were below peers and profitability was subdued. However, we believe the company is in turnaround phase and will take few quarters to get in line with industry level growth.
The company is winning deals and has seen healthy client mining (addition of one client in $20 million and $10 million category).
In addition, improving logo addition in hi-tech, robust growth in banking, financial services and insurance, addition of new leadership, defined sales pitch and new sales hires bodes well for future revenue growth.
In addition, Zensar Tech aims to improve margins by offshoring, pyramid rationalisation, lower sub-contracting cost and price hikes.
The company expects to maintain mid-teens margins in near term (four-five quarters) and high teen margin in longer term.
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