Zensar Q3 sales rise 8%, profits decline

Pune: The city-based tech and digital services firm Zensar Technologies reported in its Q3 FY23 results that while its consolidated revenues in the quarter grew year-on-year by around 9%, the same also declined sequentially by around 3%, to Rs 1197 crores.

Zensar’s profits, on the other hand, showed a reverse trajectory, with its profits declining in Q3 by around 16% year-on-year, but grew sequentially by around 35%, to around Rs 76 crores. The company said in an analysts’ note that Europe and South Africa are its most lucrative markets, with some decline in its US business both sequentially and annually.

“In Q3FY23, we reported a marked improvement in profitability, with the EBITDA increasing by 270 basis points. Our quarterly revenues are at $145.9M, with a YoY growth of 3.6% in constant currency. In the one month since joining Zensar, I have spent time understanding our fundamentals. With our strong investments in our service lines, our vertical capabilities, and our strong leadership, we are positioned well to drive sustainable and profitable growth,” said Manish Tandon, the new CEO and managing director of Zensar.