Zensar Q2 PAT Rs 70.63 cr- PAT more than doubles on yoy basis

RPG groups IT business arm Zensar Technologies reported net profit of Rs 70.63 crore for the second quarter ended September 31, 2013 more than double from Rs 60.94 crore in the corresponding quarter last fiscal. Revenue for the quarter grew 10% at Rs 589.7 crore from Rs 537.3 crore on a year-on-year basis.
The company saw its other income for the quarter go up by 41% at Rs 11.9 crore as compared to Rs 8.43 crore on a year-on-year basis and Rs 4.57 crore sequentially (as compared to trailing quarter). Zensar also had a forex gain of Rs 14.45 crore during the quarter. “With industry leading sequential growth of 5.8% in constant currency terms in our key markets of USA, Europe and Africa, our services business continues to be robust,” said Ganesh Natarajan, Vice Chairman and CEO. During the quarter the company added 12 clients and saw traction of its investment in emerging markets. “All three industry segments of Zensar - Manufacturing, Retail and BFSI are showing significant account expansion and new logo acquisition in key markets.
We have embarked upon a new growth plan in emerging markets with a combination of existing and new services. The signing of five deals of over $5 million in this financial year is a validation of our new business development strategy,” said Nitin Parab, Chief Executive, Enterprise Transformation Services (ETS). Vivek Gupta, Chief Executive, Global IM Services, said "With renewed emphasis on winning more of the higher profitability maintenance and services contracts, we are aiming to develop an IM Business in excess of $33 million quarterly business by the end of the year".