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Zensar's Q3FY22 revenues register 19.8% YoY growth
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Zensar Technologies

Zensar's Q3FY22 revenues register 19.8% YoY growth

Press Release | 24 Jan 2022

Pune, India, January 24, 2022Zensar Technologies, a leading experience engineering and technology solutions company, announced its consolidated financial results for its third quarter ending December 31, 2021, of the fiscal year 2021-2022.

Financial Highlights

  • In Q3FY22, the company reported revenue of $147.1Mn, a quarterly YoY growth of 19.8%

  • PAT stood at $12.1Mn or 8.2% of revenues, a quarterly YoY decline of 270 bps

  • The company reported net cash of $168Mn in Q3FY22

  • On a quarterly YoY basis, the US region reported growth of 20.8%, the Europe region reported growth of 23.7%, and the South Africa region reported growth of 8.3%

  • From a vertical perspective, the Banking vertical posted a quarterly YoY growth of 76.5%, while the Insurance vertical posted a quarterly YoY growth of 8.9%. The Consumer Services vertical posted a quarterly YoY growth of 26%, and the Hi-Tech and Manufacturing vertical reported a quarterly YoY growth of 7.1%

Ajay S. Bhutoria, CEO and Managing Director, Zensar Technologies, said, "Our revenue growth of 19.8% quarterly YoY reinforces the value our clients place on our services. Our efforts in the Banking vertical are bearing fruit with a 76.5% quarterly YoY growth. Similarly, our Consumer Services business grew by 26% YoY during the same quarter. These outcomes are the result of initiatives launched in the first half of the year and include the integration of M3bi into our overall strategy.”

Adding further, he said, "To meet increasing demand, we have stepped up investments in strengthening our talent pool by expanding lateral hiring and hiring from campuses, as well as by upskilling our existing workforce. As always, the safety and well-being of our associates continue to be a top priority as we continue to work largely from home in all locations.”

Navneet Khandelwal, Chief Financial Officer, Zensar Technologies, said, “Increased operational efficiency has resulted in improved working capital by reducing our DSO in Q3FY22 to 78 days, down from 82 days in Q2. Our new offerings across all regions continue to bear positive results. Our US region reported robust growth of 20.8% quarterly YoY and 4.4% sequential QoQ, while Europe posted quarterly YoY growth of 23.7% and sequential QoQ 6.1%. Meanwhile, Africa posted 8.3% quarterly YoY growth. We continue to streamline operational metrics and fresher intake on margins. Additionally, the Board of Directors of Zensar Technologies Ltd at its meeting held on January 24, 2022, has recommended payment of Interim Dividend at the rate of Rs. 1.5 per Equity Share for the financial year 2021-22.”

*Numbers presented above are adjusted to exclude TPM business performance and exceptional items unless otherwise mentioned.

Significant wins in Q3FY22

  • Application development services mandate for a large US technology company

  • Enterprise applications services for a large US not-for-profit

  • Advanced engineering services for an international financial institution based in the UK

  • Application and experience services offering for a South Africa-based financial services organization

  • Applications services for a UK-based food catering company

  • Experience services for a Singapore-based multinational real estate company

  • Multiple mandates, including experience services, application development, and advanced engineering for a leading manufacturer of specialty chemicals in the UK

  • Enterprise applications for a leading multinational retail brand in South Africa

  • Experience services for a leading US home furnishings company

  • Experience services for a leading UK hospitality group

  • Marketing services for a global technology company

  • Enterprise application mandate for a leading US aesthetic treatment devices maker

Corporate excellence snapshot in Q3FY22

  • Zensar has been mentioned as Innovator in Avasant Digital Workplace Services 2021 RadarView™

  • Zensar has been mentioned as Disruptor in Avasant Oracle Cloud ERP Services 2021-2022 RadarView™

  • Zensar has been mentioned as Major Contender in Everest Group’s Insurance Platforms IT Services PEAK Matrix® Assessment 2022

Awards and recognitions in Q3FY22

  • Foolproof, a Zensar company and One Shot Immersive won the ‘Most Effective Use of AR and VR’ category at The Drum Awards for the Digital Industries 2021


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