{"id":28888,"date":"2024-02-12T14:07:27","date_gmt":"2024-02-12T08:37:27","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=28888"},"modified":"2024-03-04T11:47:36","modified_gmt":"2024-03-04T06:17:36","slug":"alpha-zensar-technologies-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-zensar-technologies-ltd-equity-research-desk\/28888","title":{"rendered":"Alpha | Zensar Technologies Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112-1024x512.png\" alt=\"\" class=\"wp-image-28889\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/2112.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Zensar Technologies Ltd \u2013 Enabling Enterprise Velocity<\/span><\/strong><\/p>\n\n\n\n<p>Headquartered in Pune, Zensar Technologies Ltd. is a leading technology solutions company. Zensar stands out as a premier technology services provider with a distinguished engineering pedigree. The company is focused on industry verticals, such as Hi-tech &amp; Manufacturing, Consumer services, and Banking, Financial Services and Insurance (BFSI). The company has majority of its revenue coming from North America, followed by UK\/Europe and South Africa. With 10,500+ workforce across 30+ global location (as on 31 March 2023), it is a part of USD 4.4 billion RPG Group. Founded by legendary industrialist Dr. R. P. Goenka, RPG Group is a global diversified business group with operations in the areas of Information Technology, Infrastructure, Tyres, Pharmaceuticals, Energy and Agribusiness. &nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-1-1.png\"><img loading=\"lazy\" width=\"598\" height=\"414\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-1-1.png\" alt=\"\" class=\"wp-image-28900\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-1-1.png 598w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-1-1-300x208.png 300w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/strong><\/p>\n\n\n\n<p>The company offers majorly 5 key services:<\/p>\n\n\n\n<p>Experience services: Experience design, Experience engineering, Brand, content and creative<\/p>\n\n\n\n<p>Advance engineering services: Cloud strategy and operating model, Digital engineering, Cloud transformation and operations<\/p>\n\n\n\n<p>Data engineering and analytics: AI and ML services, Automation, Visualisation and analytics, Data engineering<\/p>\n\n\n\n<p>Application services: Application management, Quality engineering, Oracle services, Salesforce services, SAP services<\/p>\n\n\n\n<p>Foundation services: Digital operations, Digital workspace, Digital security, Digital experience management, Digital infrastructure<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/SHP.png\"><img loading=\"lazy\" width=\"655\" height=\"242\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/SHP.png\" alt=\"\" class=\"wp-image-28902\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/SHP.png 655w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/SHP-300x111.png 300w\" sizes=\"(max-width: 655px) 100vw, 655px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of 31 March 2023, the company had 14 Subsidiaries.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-4848-crores.png\"><img loading=\"lazy\" width=\"675\" height=\"467\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-4848-crores.png\" alt=\"\" class=\"wp-image-28892\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-4848-crores.png 675w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Revenue-Breakup-FY23-_-Total-Revenue-FY23-Rs.-4848-crores-300x208.png 300w\" sizes=\"(max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Key Rationale<\/span><\/strong><\/p>\n\n\n\n<ul><li><strong>Significant wins <\/strong>&#8211; During Q3FY24, the company provided service to a connectivity platform provider, through Data Engineering and Analytics to integrate IoT in their cloud-based product aligned to IoT Security Architecture. It provided Integrated Advance Engineering Service solutions to tackle Security loopholes for one of the USA\u2019s smart cities by reducing cost and advancing their existing technology to give better business uptime. The company also delivered end to end product engineering on microservice architecture for one of the largest payment corporations. Additionally, it provided digital foundational service to migrate and upgrade Global E-business instance on AWS cloud for one of the largest vacation ownership companies.<\/li><\/ul>\n\n\n\n<ul><li><strong>Segment performance <\/strong>\u2013 Banking, Financial Services and Insurance (BFSI) grew 12.6% YoY, Manufacturing and Consumer Services grew by 5.5%. While the company had good volume growth across many of the service lines, revenue was impacted by seasonal headwinds. Hi-tech segment marked a decline in revenue by 9.6%. A reduction in revenue by 14% was experienced in Healthcare and Life Sciences segment as well.&nbsp; Region-wise, Europe and South-Africa generated 12% and 18% increase in year-over-year revenue, however in the US region revenue fell by 4.2%.<\/li><\/ul>\n\n\n\n<ul><li><strong>Q3FY24 <\/strong>&#8211; Company recorded revenue of Rs.1,204 crores, a marginal growth of 1% compared to the Rs.1,198 crores of Q3FY23, revenue being taken down by the continued pressure in &nbsp;hi-tech vertical and higher furloughs. EBITDA increased from Rs.135 crores of Q3FY23 to Rs.208 crores in Q3FY24, a growth of 54%. Profit surged to Rs.162 crores, an increase of 113% compared to the same period in the previous year. The margins were hindered by weak performance of hi-tech segment. Order booking was $167.5 million which was about $37 million more than the same quarter last year.<\/li><\/ul>\n\n\n\n<ul><li><strong>Financial performance <\/strong>&#8211; The company has generated revenue and PAT CAGR of 9% and 6% over the period of 5 years (FY18-23). Average 5-year ROE &amp; ROCE is around 14% and 19% for FY18-23 period. The company has robust capital structure with a debt-to-equity ratio of 0.07.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-8.png\"><img loading=\"lazy\" width=\"603\" height=\"285\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-8.png\" alt=\"\" class=\"wp-image-28903\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-8.png 603w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-8-300x142.png 300w\" sizes=\"(max-width: 603px) 100vw, 603px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Margins.png\"><img loading=\"lazy\" width=\"596\" height=\"171\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Margins.png\" alt=\"\" class=\"wp-image-28904\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Margins.png 596w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Margins-300x86.png 300w\" sizes=\"(max-width: 596px) 100vw, 596px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry<\/span><\/strong><\/p>\n\n\n\n<p>The IT &amp; BPM sector has become one of the most significant growth catalysts for the Indian economy, contributing significantly to the country\u2019s GDP and public welfare. The sector is consistently strengthening its digital capabilities by adopting deep tech technologies and focusing on deploying emerging technology solutions such as AI, Cybersecurity, and IoT. India&#8217;s IT industry is likely to hit the US$ 350 billion mark by 2026 and contribute 10% towards the country&#8217;s gross domestic product (GDP), India\u2019s IT and business services market is projected to reach US$ 19.93 billion by 2025. The Indian software product industry is expected to reach US$ 100 billion by 2025. Data annotation market is expected to reach US$ 7 billion by 2030 due to accelerated domestic demand for AI. India is also amongst the fastest growing Fintech markets in the world. Indian FinTech industry\u2019s market size is $50 Bn in 2021 and is estimated at ~$150 Bn by 2025.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/strong><\/p>\n\n\n\n<p>In the Union Budget 2023-24, the allocation for IT and telecom sector stood at Rs. 97,579.05 crore (US$ 11.8 billion). Cabinet approved PLI Scheme \u2013 2.0 for IT Hardware with a budgetary outlay of Rs. 17,000 crore (US$ 2.06 billion). Up to 100% FDI is allowed in Data processing, Software development and Computer consultancy services; Software supply services; Business and management consultancy services, Market research services, technical testing and Analysis services, under automatic route.<\/p>\n\n\n\n<p><strong>Competitors:<\/strong> Newgen Software Technologies Ltd, Cyient Ltd etc.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Peer Analysis<\/span><\/strong><\/p>\n\n\n\n<p>While comparing with the peers, Zensar is trading at a cheaper price to earnings ratio with an overall healthy performance metrics.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers.png\"><img loading=\"lazy\" width=\"1024\" height=\"145\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers-1024x145.png\" alt=\"\" class=\"wp-image-28905\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers-1024x145.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers-768x109.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/Peers.png 1198w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/strong><\/p>\n\n\n\n<p>The company\u2019s management has expressed confidence on the growth of most of its verticals except for the hi-tech segment. The overall headwinds impacting the Hi-Tech industry and the extended furloughs impacted the performance of the company\u2019s Hi-Tech segment as well. The company has M&amp;A plans laid out, significantly for the Healthcare vertical. It has also started to see traction in the gen AI space as well. &nbsp;It has started exploring the med-tech and life science segments that have a broader scope for innovations compared to the payer segment, which is highly saturated.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7-1024x712.png\" alt=\"\" class=\"wp-image-28898\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/02\/image-7.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/strong><\/p>\n\n\n\n<p>Zensar Technologies Ltd is in growth momentum in most of it\u2019s key verticals barring hi-tech segment. We expect the impact of furloughs to reduce and hi-tech segment to recover in the mid to long term. We recommend a BUY rating in the stock with the target price (TP) of Rs. 675, 29x FY25E EPS.<\/p>\n\n\n\n<p><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/strong><\/p>\n\n\n\n<ul><li><strong>Forex Risk<\/strong> \u2013 The company has significant operations in foreign markets and hence is exposed to forex risk. Any unforeseen movement in the forex market can adversely affect the company.<\/li><li><strong>Uncertain demand environment <\/strong>\u2013 Due to recession threat in major economies, the global environment and economic conditions in key markets might weaken, derailing the company growth.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Zensar Technologies Ltd \u2013 Enabling Enterprise Velocity Headquartered in Pune, Zensar Technologies Ltd. is a leading technology solutions company. Zensar stands out as a premier technology services provider with a distinguished engineering pedigree. The company is focused on industry verticals, such as Hi-tech &amp; Manufacturing, Consumer services, and Banking, Financial Services and Insurance (BFSI). The [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":28889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[746,897,892,522,870,1025],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alpha | Zensar Technologies Ltd. - Equity Research Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-zensar-technologies-ltd-equity-research-desk\/28888\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alpha | Zensar Technologies Ltd. - Equity Research Desk\" \/>\n<meta property=\"og:description\" content=\"Zensar Technologies Ltd \u2013 Enabling Enterprise Velocity Headquartered in Pune, Zensar Technologies Ltd. is a leading technology solutions company. 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