BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
While Zensar Technologies Ltd.’s revenue performance in FY21 (down 12% year-on-year in constant currency terms) was among the weakest in our IT Services coverage due to hit from both Covid-19 and restructuring in its top account (over 20% of revenue), it reported an impressive profit after tax growth (33% YoY), led by 6% Ebitda margin improvement.
The company’s low valuation (13 times FY23E price-to-earning) is on account of its weak topline performance over the last two years.
With a new leadership (Ajay Bhutoria took over in January 2021), refreshed strategy, and reinvestment of margin gains in sales, we expect it to return to sustainable growth from H2 FY22.
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