Zensar Q1 net profit up 40% to Rs 101 crore; revenue down 1.2% to Rs 936.8 crore

Stocks

The company’s Hi-Tech services segment grew sequentially by 13.5 percent, while banking vertical posted a sequential growth of 5.2 percent.

PTI

July 26, 2021 / 10:42 PM IST

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Zensar Technologies on Monday posted a 38.9 percent rise in net profit to Rs 101 crore for the June 2021 quarter.

It had reported a net profit of Rs 72.7 crore in the year-ago period, Zensar Technologies said in a statement.

Operating revenue fell 1.2 percent to Rs 936.8 crore in the reported quarter from Rs 948.5 crore in the corresponding period of the previous financial year, it added.

In dollar terms, net profit grew 43.4 percent to USD 13.8 million, while operating revenue was up 1.6 percent year-on-year to USD 127.2 million.

“Driven by strong business and operational focus, we saw our revenue increase sequentially quarter-on-quarter by 5.8 percent in Q1 FY22, and our PAT by 10.9 percent. This growth is underpinned by healthy performance in our key verticals of HiTech/ Manufacturing and Financial Services, and momentum in our US and South Africa regions,” Zensar Technologies Chief Executive Officer and MD Ajay S Bhutoria said.

He added that with the company’s strategic growth areas clearly defined, it continues to strengthen its go-to-market along stated focus areas.

“In line with this, we completed the acquisition of M3bi, which augments and strengthens our advanced engineering and data analytics capabilities…We continue to work closely with our clients during this pandemic to deepen our expertise and strengthen our offerings,” he said.

Bhutoria noted that Zensar stepped up its initiatives to enhance the skills of its associates and ready them for transformative projects with its clients.

“Q1FY22 has seen growth in PAT at 43.4 percent year-on-year. Our continued focus on cash generation has resulted in our cash position further strengthening to USD 183.2 million in Q1 FY22…We have concluded the acquisition of M3bi in July, and their revenues will be included in our performance from Q2 onwards,” Zensar Technologies Chief Financial Officer Navneet Khandelwal said.

The company’s Hi-Tech services segment grew sequentially by 13.5 percent, while banking vertical posted a sequential growth of 5.2 percent.

The company’s US region business reported sequential growth of 6.7 percent, while the South Africa region reported a q-o-q growth of 9.5┬ápercent.

Zensar’s headcount as of June 30, 2021 stood at 9,512 people.