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Zensar Technologies - Q2FY21 Company Update - ICICI Securities

Posted On: 2020-10-30 08:32:22


Zensar Technologies (Zensar) reported healthy Q2FY21 results on the profitability front. Dollar revenues increased 0.6% QoQ mainly led by 12.8% QoQ growth in consumer services and 11.5% QoQ growth in banking partially offset by 4.5% QoQ decline in hi tech and 2.9% QoQ decline in manufacturing. EBITDA margins increased 438 bps QoQ to 18.8% mainly led higher utilisation and offshoring. Reported PAT was at Rs. 50 lakh. Adjusting for one-time exceptional item of Rs. 88.7 crore, PAT increased 21.7% QoQ to Rs. 89.2 crore. Order book has also increased by 16.7% QoQ to Rs. 175 crore. Zensar also reduced debt by Rs. 128.9 crore to Rs. 85.6 crore (US$11.5 million).

Valuation & Outlook

The company witnessed healthy traction in order booking. This, coupled with bottoming out of retail vertical, improvement in cloud revenues and ramp up in financial services vertical, will lead to healthy improvement in revenues in the long term. Further, improving margins are expected to boost the bottomline. Hence, we upgrade the stock from HOLD to BUY with a revised target price of Rs. 210 (9x FY23E EPS).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Zensar_CoUpdate_Oct20.pdf

Shares of ZENSAR TECHNOLOGIES LTD. was last trading in BSE at Rs.177.95 as compared to the previous close of Rs. 187. The total number of shares traded during the day was 36228 in over 1634 trades.

The stock hit an intraday high of Rs. 183.7 and intraday low of 176. The net turnover during the day was Rs. 6515953.


Source: Equity Bulls

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