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Zensar Tech gains 11% on growth in FY24Q4 revenues, net profit
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The company’s profit after tax (PAT) increased 7% to ₹173.3 crore during the quarter under review from ₹161.7 crore in the preceding quarter, Zensar said in a filing to the stock exchanges on Thursday.
Shares of Zensar Technologies Ltd surged 11% on Friday, April 26, after the company reported growth in net profit, revenue and a strong order book for the three-month period ended March 2024.
The company’s profit after tax (PAT) increased 7% to ₹173.3 crore during the quarter under review from ₹161.7 crore in the preceding quarter, Zensar said in a filing to the stock exchanges on Thursday.
Revenue increased 2.1% quarter-on-quarter (QoQ) to ₹1,229.7 crore in the January-March quarter of FY 2023-24 from ₹1,204.1 crore in the December quarter.
The revenue in dollar terms increased 2.5% to $148.1 million in the March quarter from $144.5 million in the December quarter.
The company’s EBITDA (earnings before interest, taxes, depreciation and amortisation) decreased to 16.5% in the fourth quarter ended March 31, 2024, from 17.2% in the preceding quarter.
Zensar Technologies also informed the bourses that its CFO Sachin Zute has resigned from the company citing personal reasons. The resignation will be effective from May 3.
The company reported a healthy growth in order book in Q4FY24. It had an order book of $181.5 million in the March quarter, higher than $174.9 million from the year-ago period and $167.5 million in the December quarter.
The company’s headcount exhibited a fluctuating pattern from Q4FY23 to Q4FY24. It began with a notable drop of 282 employees in Q4FY23, followed by a minor decline of 23 in Q1FY24. This trend continued with a significant decrease of 210 in Q2FY24, with a slight improvement of 105 fewer employees in Q3FY24. However, there was a notable reversal in Q4FY24 with an increase of 124 employees.
Concurrently, the attrition rate saw a consistent decline from 19.8% in Q4FY23 to 10.9% in Q4FY24, indicating an improvement in employee retention over the quarters.
The company’s business segments also reported QoQ growth. Hitech vertical saw a 0.70% increase, manufacturing and construction increased by 2.3%, BFSI grew by 2%, health and life sciences increased significantly by 3.5%.
Shares of Zensar Technologies were trading 10.35% higher at ₹634.75 apiece on the BSE around 10.45 am.
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