Zensar Q3 results: Net profit more than doubles to Rs 99 cr


Zensar Technologies on Thursday said its net profit has more than doubled to Rs 98.7 crore for the December 2020 quarter.

It had posted a net profit of Rs 38.3 crore in the year-ago period, Zensar Technologies said in a statement.

Its revenue, however, declined 7.7 per cent to Rs 906.5 crore in the reported quarter from Rs 981.9 crore in the year-ago period, it added.

These numbers are adjusted to exclude TPM (total productive maintenance) business performance and adjusted for exceptional items, it said.

In dollar terms, the net profit more than doubled to USD 13.4 million, while revenue declined 10.9 per cent to USD 122.8 million in the reported quarter as against the year-ago period.

“Our PAT has increased 13.3 per cent quarter-on-quarter in dollar terms underscoring our focus on world-class execution and operational excellence.

“Some of the softness in our US hi-tech and insurance business has been offset by healthy growth in the EU and South Africa as well as our consumer services business,” Zensar Technologies CEO and Managing Director Ajay S Bhutoria said.

He added that while the company remains alert of current and future headwinds, it is excited with performance of its digital business.

Digital revenues accounted for 65 per cent of the quarter’s revenue.

Bhutoria noted that digital foundation services has benefited from the company’s consistent investment and has grown by 6 per cent on year-on-year basis.

“Our strategic focus on improving our cash management position has shown significant results in this quarter as we are now in a strong cash position, our highest-ever,” Zensar Technologies Chief Financial Officer Navneet Khandelwal said.

READ  M&S Set for First Ever FTSE Relegation

He added that the firm has become a zero-debt company, which enables it to pivot initiatives on sustainable business growth.

He added that the net profit has increased, both on sequential (over 12 per cent rise) and y-o-y basis.

The company’s total headcount stood at 8,809, while attrition was at 12.9 per cent.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here