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Zensar Technologies - Management Change Yielding Results: ICICI Direct

Zensar Technologies - Management Change Yielding Results: ICICI Direct

<div class="paragraphs"><p>A binary code design decorates the wall.&nbsp; (Photographer: Krisztian Bocsi/Bloomberg)</p></div>
A binary code design decorates the wall.  (Photographer: Krisztian Bocsi/Bloomberg)

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.

ICICI Direct Report

Zensar Technologies Ltd. offers application and infrastructure management services to hi-tech, manufacturing, retail and banking financial services and insurance.

The company grew at ~5% compound annual growth rate in FY16-21, lagging its peers. As it goes through a turnaround, we expect it to grow at 12.6% CAGR in FY21-23E.

Zensar Tech's margins improved from 14.8% in FY16 to 18.1% in FY21 due to higher offshoring and lower employee costs. The improvement in margin trajectory is expected to continue.

The company has seen healthy client addition in Q2 FY22. Client mining and new logo additions are expected to scale up revenues further.

Click on the attachment to read the full report:

ICICI Direct Zensar Tech Company Update.pdf

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