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Prabhudas Lilladher Report
Zensar Technologies Ltd. reported strong revenue beat of $153.2 million, 4.2% QoQ constant currency, up 4.1% QoQ U.S. dollar (our estimate: 2%, consensus: 2%), thereby consistently delivering healthy revenue growth for four consecutive quarters.
It is on-track in management’s aspiration of delivering sustainable, consistent and predictable growth.
Revenue growth momentum is expected to sustain, given strong headcount addition (11% QoQ, 45% YoY) and deal wins (up 32% QoQ, up 66% YoY) in Q4.
However, Zensar Tech's margins are expected to remain under pressure in FY23 due to weak exit margins (flat QoQ, down 474 basis points YoY), very high attrition levels (last twelve months attrition at 27.9%, quarterly attrition down QoQ) and investments for growth.
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