RESULTS REVIEW 1QFY18 1JUL 2017 Zensar Technologiesstatic-news.moneycontrol.com/static-mcnews/2017/07/... · 2017. 7. 25. · We maintain our positive view, owing to Zenzar’s Digital/SMAC

RESULTS REVIEW 1QFY18 21 JUL 2017

Zensar Technologies BUY

HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters

Digital drive Zensar delivered decent numbers in 1QFY18. Revenue stood at USD 114.3mn (+3.1%, +2.5% CC), growth was led by IMS’ recovery (+2.5% QoQ) and the full quarter impact of Keystone’s acquisition (USD 4.8mn). Organic growth ex-Keystone stood at -1.3% QoQ, led by pain in manufacturing (-4.9% QoQ) and softness in Professional Access (Oracle ATG). Digital (36.3% of revenue, +8.8% QoQ) remains Zensar’s key strength. Deals’ TCV remains robust at USD 800mn, with more than 50% of the new deal wins in Digital. Zensar’s growth will be below the industry average in FY18E, owing to shifts in clients’ preferences, delay in project ramp-up and issue related to Oracle ATG (Oracle has stopped selling and supporting ATG). Growth will revive in 2HFY18, and EBITDA margin will recover gradually to touch 12.7% in FY18E. We maintain our positive view, owing to Zenzar’s Digital/SMAC capabilities (~75% of the existing clients are engaged Digitally) and robust deal TCV. We build in 7/18% revenue/EPS CAGR over FY17-

19E. Maintain a BUY with a TP of Rs 950 based on 13x FY19 EPS.

Highlights of the quarter BFSI and Retail strong: BFSI (18.8%) and Retail

(28.3%) grew 11.4/10.5% QoQ. Manufacturing(48.7%) fell 4.9%, and will recover in one or twoquarters. IMS growth was led by IMS services(+10.3%), while IMS maintenance declined 9.8%QoQ.

EBITDA margin recovered 234 bps to 10.3%, owingto lower SG&A and higher utilisation offset bycurrency (-120bps). Digital projects are initiallyonsite-heavy, and off-shoring, efficiencies andautomation will lead to gradual margin expansion.

Near-term outlook: Organic growth will revive in2Q, led by Digital, Retail and recovery in IMS.Margins in 2Q will be impacted by a wage hike(120-150bps), but will recover in 2HFY18. The stockis down ~18% in last one year, and has factored innegatives. We see limited downside, CMP offers agood entry point.

Financial Summary (Consolidated) YE March (Rs bn) 1QFY18 1QFY17 YoY (%) 4QFY17 QoQ (%) FY15 FY16 FY17 FY18E FY19E Net Sales 7.38 7.57 (2.5) 7.44 (0.8) 26.56 29.78 30.73 31.64 34.78 EBITDA 0.76 1.05 (27.8) 0.59 28.5 3.92 4.40 3.85 4.02 4.89 APAT 0.47 0.74 (36.4) 0.10 352.9 2.65 3.06 2.31 2.62 3.22 Diluted EPS (Rs) 10.5 16.7 (37.2) 2.3 352.1 59.6 69.3 52.5 59.4 73.0 P/E (x) 13.9 12.0 15.8 14.0 11.4 EV / EBITDA (x) 9.1 7.9 8.7 8.0 6.2 RoE (%) 24.6 24.9 16.7 16.5 17.7 Source: Company, HDFC sec Inst Research

INDUSTRY IT

CMP (as on 21 July 2017) Rs 828

Target Price Rs 950 Nifty 9,915

Sensex 32,029

KEY STOCK DATA

Bloomberg ZENT IN

No. of Shares (mn) 45

MCap (Rs bn) / ($ mn) 37/578

6m avg traded value (Rs mn) 24

STOCK PERFORMANCE (%)

52 Week high / low Rs 1,136/785

3M 6M 12M

Absolute (%) (9.1) (10.0) (18.5)

Relative (%) (18.1) (28.5) (34.1)

SHAREHOLDING PATTERN (%)

Promoters 48.70

FIs & Local MFs 1.67

FPIs 15.93

Public & Others 33.70 Source : BSE

Amit Chandra [email protected] +91-22-6171-7345

Apurva Prasad [email protected] +91-22-6171-7327

ZENSAR TECHNOLOGIES : RESULTS REVIEW 1QFY18

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Quarterly Consolidated Financials Snapshot Particulars 1QFY18 1QFY17 YoY (%) 4QFY17 QoQ (%) Net Sales US$ mn 114.3 112.9 1.2 110.9 3.1 Net Sales 7.38 7.57 (2.5) 7.44 (0.8) Cost of Revenue 5.33 5.36 (0.4) 5.37 (0.7) SG&A 1.29 1.16 10.7 1.48 (13.0) EBITDA 0.76 1.05 (27.8) 0.59 28.5 Depreciation 0.18 0.11 64.5 0.13 42.5 EBIT 0.58 0.94 (38.6) 0.46 24.6 Interest 0.06 0.02 264.7 0.03 87.9 Exchange Gain/(Loss) 0.12 0.14 (13.3) -0.27 NM Other income 0.07 0.04 65.9 0.03 106.1 PBT 0.71 1.11 (36.1) 0.20 257.1 Tax 0.23 0.36 (37.1) 0.09 152.2 Minority Interest 0.01 0.01 50.0 0.00 125.0 RPAT 0.47 0.74 (36.4) 0.10 352.9 EO Items (Adj For Tax) 0.00 0.00 NM 0.00 NM APAT 0.47 0.74 (36.4) 0.10 352.9 Source: Company, HDFC sec Inst Research Margin Analysis MARGIN ANALYSIS % 1QFY18 1QFY17 YoY (%) 4QFY17 QoQ (%) Employee Expenses % Net Sales 72.3 70.8 152 72.2 10 SG&A Expenses % Net Sales 17.4 15.3 208 19.9 (244) Gross Margin % 27.7 29.2 (152) 27.8 (10) EBITDA Margin (%) 10.3 13.9 (360) 7.9 234 EBIT Margin (%) 7.8 12.4 (460) 6.2 160 Tax Rate (%) 32.1 32.6 (50) 45.5 (1,335) APAT Margin (%) 6.4 9.8 (339) 1.4 499 Source: Company, HDFC sec Inst Research, last quarter financial re-stated as per IndAS

USD revenue growth was fuelled by Keystone’s acquisition (100% Digital company, BFSI and Retail focussed) Softness in organic growth (-1.3% QoQ) is primarily led by low demand for Oracle ATG platform and client pruning activity P.A, which is primarily Oracle ATG, will take another 1-2 quarters to stabilise EBITDA% recovered 234bps QoQ to 10.3% (in-line with our expectation of 10.4%) PAT recovered to Rs 471 mn, led by margin expansion and higher forex gains (Rs 124mn vs forex loss of 265mn in the last quarter). ETR increased to the 31-32% range in FY18-19E


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Service Line Revenue Break-up (Contribution %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Application Management Services (AMS) 73.5 76.5 77.2 76.7 76.2 81.4 81.5 IMS 26.5 23.5 22.8 23.3 23.8 18.6 18.5 Maintenance 8.1 7.7 8.1 6.9 6.7 7.2 6.3 Services 18.4 15.8 14.7 16.4 17.1 11.4 12.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC Sec Inst Research Service Line Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Application Management Services (AMS) (6.9) 0.1 3.1 2.1 0.6 0.8 3.2 IMS 18.2 (14.7) (0.8) 5.1 3.4 (26.2) 2.5 Maintenance (4.7) (9.0) 7.8 (12.8) (1.1) 1.4 (9.8) Services 32.2 (17.2) (5.0) 15.0 5.4 (37.1) 10.3 Total (1.4) (3.8) 2.2 2.7 1.3 (5.6) 3.1 Source: Company, HDFC Sec Inst Research

Vertical Revenue Break-up (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Manufacturing 51.7 53.7 54.0 51.8 51.8 52.8 48.7 Retail and Consumer Services 21.3 23.8 24.0 25.7 25.2 26.4 28.3 Financial Services 20.1 18.0 18.0 18.1 19.4 17.4 18.8 Emerging 6.9 4.5 4.0 4.5 3.6 3.4 4.2 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC Sec Inst Research Vertical Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Manufacturing (5.1) (0.1) 2.8 (1.5) 1.3 (3.8) (4.9) Retail and Consumer Services (7.7) 7.5 2.9 9.9 (0.5) (1.1) 10.5 Financial Services 3.5 (13.8) 2.1 3.1 8.8 (15.3) 11.4 Emerging 56.8 (37.5) (8.9) 15.6 (18.5) (10.9) 27.3 Total (1.4) (3.8) 2.2 2.7 1.3 (5.6) 3.1 Source: Company, HDFC Sec Inst Research

IMS services recovered in the quarter, while maintenance remained under stress Retail and BFSI led growth primarily owing to Digital engagements with clients Client pruning exercise will continue in the next quarter, and the focus will be on Top-60 higher-margin strategic accounts Sales hiring has been completed in the US, and focus will now be on winning deals


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Onsite: Offshore Revenue Break-up (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Onsite 66.0 63.7 68.8 66.2 66.5 65.5 62.5 Offshore 34.0 36.3 31.2 33.8 33.5 34.5 37.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC Sec Inst Research Onsite: Offshore Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Onsite 3.3 (7.1) 10.4 (1.1) 1.7 (7.0) (1.7) Offshore (9.4) 2.8 (12.2) 11.2 0.5 (2.8) 12.0 Total (1.4) (3.8) 2.2 2.7 1.3 (5.6) 3.1 Source: Company, HDFC Sec Inst Research

Project Type Revenue Break-up (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Fixed Price 54.0 52.9 49.8 49.7 47.2 47.1 47.9 T&M 46.0 47.1 50.2 50.3 52.8 52.9 52.1 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Source: Company, HDFC Sec Inst Research Project Type Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Fixed Price 6.5 (5.8) (3.7) 2.6 (3.9) (5.8) 4.8 T&M (9.3) (1.4) 8.8 2.9 6.4 (5.4) 1.5 Total (1.4) (3.8) 2.2 2.7 1.3 (5.6) 3.1 Source: Company, HDFC Sec Inst Research

Onsite declined owing to softness in manufacturing Digital deals are initially on-site heavy, offshoring leads to margin expansion Bid-to deal-win ratio is healthy at ~30-40%. Clients in the US are willing to spend on Digital Fixed price contracts increased, leading to higher margin in the quarter


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Geographical Revenue Break-up (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 North Americas 76.6 77.7 74.9 75.1 74.4 73.8 74.4 Europe 9.9 10.5 10.5 9.9 12.0 13.8 13.8 Africa 7.5 7.2 8.0 8.6 9.3 9.0 9.5 RoW 6.0 4.7 6.6 6.4 4.3 3.5 2.3 Total 100.0 100.0 100.0 100.0 100.0 100.1 100.0 Source: Company, HDFC Sec Inst Research Geographical Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 North Americas (0.5) (2.4) (1.4) 2.9 0.4 (6.4) 3.9 Europe 0.8 2.0 2.3 (3.1) 22.8 8.5 3.1 Africa (25.6) (8.0) 13.9 10.8 9.4 (8.7) 8.8 RoW 33.6 (25.2) 43.6 0.1 (32.1) (23.2) (32.3) Total (1.4) (3.8) 2.2 2.7 1.3 (5.5) 3.0 Source: Company, HDFC Sec Inst Research

Client-wise Revenue Break-up (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Top 5 clients 35.0 37.6 36.6 38.9 37.5 38.4 34.9 Top 10 clients 43.0 45.9 45.7 48.6 45.0 46.1 43.1 Source: Company, HDFC Sec Inst Research Client-wise Revenue Growth (QoQ, %) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Top 5 clients (6.7) 3.3 (0.6) 9.4 (2.4) (3.4) (6.3) Top 10 clients (9.8) 2.8 1.7 9.3 (6.3) (3.3) (3.6) Source: Company, HDFC Sec Inst Research

Geographically, US and Europe were strong because of acquisitions and Digital deal wins US will remain the key focus geography, while heavy investments in SG&A are made in the US Top 5/10 accounts revenue was down 6.3/3.6% QoQ, a sequential decline for the third consecutive quarter


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Headcount, Utilisation Data (Nos.) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Total headcount 8,192 8,256 8,238 8,316 8,564 8,524 8,567 Software Professionals 7,377 7,540 7,487 7,550 7,713 7,716 7,848 Sales 134 113 92 82 103 102 91 Support 681 603 659 684 748 706 628 Net additions 142 64 (18) 78 248 (40) 43

Utilisation (%) 82.0 81.0 79.8 80.1 79.5 79.2 83.2 Source: Company, HDFC Sec Inst Research

Key Assumptions Particulars FY15 FY16 FY17 FY18E FY19E Total Volume growth (%) 14.2 10.7 3.6 8.5 6.6 Total Pricing change (%) (1.4) (5.0) (2.6) (2.7) 2.1 Total USD revenue growth (%) 13.6 4.6 0.5 5.5 8.8 USD/INR rate 60.4 65.1 67.1 65.4 66.0 EBITDA margin (%) 14.8 14.8 12.5 12.7 14.1 Source: Company, HDFC Sec Inst Research

Change In Estimates Particulars Earlier estimates Revised estimates % change FY18E Revenue (US$ mn) 486 483 (0.7) Revenue (Rs mn) 31,891 31,643 (0.8) EBITDA (Rs mn) 3,881 4,016 3.5 EBITDA margin (%) 12.2% 12.7% 52 EPS (Rs) 64.3 59.4 (7.6) FY19E Revenue (US$ mn) 522 525 0.6 Revenue (Rs mn) 34,585 34,778 0.6 EBITDA (Rs mn) 4,612 4,889 6.0 EBITDA margin (%) 13.3% 14.1% 72 EPS (Rs) 75.4 73.0 (3.2) Source: Company, HDFC Sec Inst Research

Utilisation increased 400 bps to 83.2%, utilisation target-band for the company is between 80-85%.


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Peer Valuations

Company Mcap (Rs bn)

CMP (Rs) Reco. TP

(Rs) EPS (Rs) P/E (x) RoE (%)

FY17 FY18E FY19E FY17 FY18E FY19E FY17 FY18E FY19E L&T Infotech 131 768 BUY 880 56.9 57.1 67.7 13.5 13.5 11.3 36.9 28.4 28.8 Mphasis 111 578 BUY 680 38.8 40.2 48.8 14.9 14.4 11.8 13.4 13.4 16.7 Mindtree 81 484 NEU 435 24.9 26.4 33.5 19.4 18.4 14.4 16.8 17.6 19.5 L&T Tech 78 770 NEU 805 41.8 44.4 53.8 18.4 17.4 14.3 33.3 27.3 27.2 Hexaware * 72 243 NEU 215 13.8 14.4 16.6 17.6 16.9 14.6 26.5 23.0 23.4 Cyient 60 531 BUY 570 32.9 36.8 43.9 16.1 14.4 12.1 17.4 18.4 19.5 eClerx 52 1,313 SELL 1,225 87.8 79.7 93.9 15.0 16.5 14.0 30.8 24.5 25.5 Persistent 53 657 BUY 700 38.8 39.5 49.8 16.9 16.6 13.2 17.0 15.5 17.0 Zensar 37 828 BUY 950 52.5 59.4 73.0 15.8 14.0 11.4 16.7 16.5 17.7 KPIT Tech 25 126 NEU 125 11.1 11.3 14.5 11.4 11.1 8.7 14.8 13.5 15.5 Sonata 17 162 BUY 207 14.6 16.0 18.8 11.1 10.1 8.6 31.2 30.6 31.7 Source: HDFC sec Inst Research * YE Dec


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Income Statement (Consolidated) YE March (Rs bn) FY15 FY16 FY17 FY18E FY19E Net Revenues (US $mn) 435 455 457 483 525 Growth (%) 13.6 4.6 0.5 5.5 8.8 Net Revenues (Rs mn) 26.56 29.78 30.73 31.64 34.78 Growth (%) 14.7 12.1 3.2 3.0 9.9 Personnel expenses 18.49 20.37 21.74 22.12 23.89 SG&A 4.15 5.01 5.13 5.50 6.00 EBITDA 3.92 4.40 3.85 4.02 4.89 EBITDA Margin (%) 14.8 14.8 12.5 12.7 14.1 EBITDA Growth (%) 15.5 12.3 (12.5) 4.2 21.8 Depreciation 0.42 0.46 0.46 0.68 0.72 EBIT 3.51 3.95 3.39 3.33 4.17 Other Income (Including EO Items) 0.26 0.45 0.14 0.68 0.69 Interest 0.11 0.11 0.09 0.11 0.08 PBT 3.66 4.29 3.44 3.91 4.77 Tax (Incl Deferred) 1.01 1.17 1.06 1.22 1.48 Minority Interest 0.00 0.03 0.04 0.04 0.04 RPAT 2.65 3.09 2.34 2.65 3.26 EO (Loss) / Profit (Net Of Tax) 0.00 0.00 0.00 0.00 0.00 APAT 2.65 3.06 2.31 2.62 3.22 APAT Growth (%) 11.4 15.8 (24.7) 13.4 23.1 Adjusted EPS (Rs) 59.6 69.3 52.5 59.4 73.0 EPS Growth (%) 11.4 16.2 (24.2) 13.2 22.8

Source: Company, HDFC sec Inst Research

Balance Sheet (Consolidated) YE March (Rs bn) FY15 FY16 FY17 FY18E FY19E SOURCES OF FUNDS Share Capital - Equity 0.44 0.45 0.45 0.45 0.45 Reserves 11.13 12.18 14.31 16.34 18.83 Total Shareholders’ Funds 11.57 12.63 14.76 16.79 19.28 Minority Interest 0.01 0.04 0.07 0.11 0.15 Total Debt 1.74 1.48 1.32 1.32 1.32 Net Deferred Taxes -0.14 -0.22 -0.17 -0.17 -0.17 Long Term Provisions & Others 0.41 0.49 0.74 0.80 0.88 TOTAL SOURCES OF FUNDS 13.58 14.42 16.72 18.85 21.45 APPLICATION OF FUNDS Net Block 5.47 3.84 4.51 4.46 4.43 CWIP 0.01 0.00 0.01 0.01 0.01 Investments 0.01 0.38 1.11 1.11 1.11 LT Loans & Advances 0.47 0.37 0.44 0.49 0.54 Total Non-current Assets 5.96 4.59 6.07 6.07 6.09 Inventories 1.23 1.26 1.13 1.27 1.39 Debtors 4.54 5.40 5.33 5.64 6.19 Other Current Assets 2.57 3.35 3.61 3.80 4.17 Cash & Equivalents 2.90 3.85 4.76 6.19 8.10 Total Current Assets 11.24 13.86 14.82 16.89 19.86 Creditors 1.30 1.66 1.75 1.74 1.88 Other Current Liabilities & Provns 2.31 2.37 2.41 2.37 2.61 Total Current Liabilities 3.62 4.03 4.16 4.11 4.49 Net Current Assets 7.62 9.83 10.66 12.78 15.36 TOTAL APPLICATION OF FUNDS 13.58 14.42 16.72 18.85 21.45 Source: Company, HDFC sec Inst Research


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Cash Flow Statement (Consolidated) YE March (Rs bn) FY15 FY16 FY17 FY18E FY19E Reported PBT 3.66 4.29 3.44 3.91 4.77 Non-operating & EO items -0.37 0.00 -0.12 -0.29 -0.35 Interest expenses 0.11 0.11 0.09 0.11 0.08 Depreciation 0.42 0.45 0.46 0.68 0.72 Working Capital Change 0.38 -1.22 0.27 -0.68 -0.65 Tax Paid -0.99 -1.05 -1.06 -1.22 -1.48 OPERATING CASH FLOW ( a ) 3.20 2.59 3.08 2.50 3.10 Capex -2.45 -0.42 -1.15 -0.63 -0.70 Free cash flow (FCF) 0.75 2.16 1.94 1.87 2.40 Investments 0.00 0.01 -0.73 0.00 0.00 Non-operating Income 0.05 0.05 -0.27 0.29 0.35 INVESTING CASH FLOW ( b ) -2.40 -0.37 -2.14 -0.34 -0.34 Debt Issuance/(Repaid) -0.27 -0.27 -0.16 0.00 0.00 Interest Expenses -0.12 -0.11 -0.09 -0.11 -0.08 FCFE 0.36 1.79 1.69 1.76 2.32 Share Capital Issuance 0.06 0.04 0.00 0.00 0.00 Dividend -0.54 -0.97 -0.63 -0.62 -0.76 FINANCING CASH FLOW ( c ) -0.87 -1.30 -0.87 -0.73 -0.85 NET CASH FLOW (a+b+c) -0.07 0.92 0.07 1.43 1.91 EO Items, Others 0.04 0.03 0.84 0.00 0.00 Closing Cash & Equivalents 2.90 3.85 4.76 6.19 8.10


Key Ratios (Consolidated) FY15 FY16 FY17 FY18E FY19E PROFITABILITY (%) GPM 30.4 31.6 29.2 30.1 31.3 EBITDA Margin 14.8 14.8 12.5 12.7 14.1 APAT Margin 10.0 10.3 7.5 8.3 9.3 RoE 24.6 24.9 16.7 16.5 17.7 RoIC (or Core RoCE) 20.9 22.4 18.1 16.5 19.6 RoCE 17.2 17.6 12.0 12.3 13.4 EFFICIENCY Tax Rate (%) 27.7 27.3 30.9 31.2 31.0 Fixed Asset Turnover (x) 3.2 4.2 3.8 3.6 3.7 Debtors (days) 63 66 63 65 65 Payables (days) 21 24 24 23 23 Cash Conversion Cycle (days) 42 43 40 42 42 Debt/EBITDA (x) 0.4 0.3 0.3 0.3 0.3 Net D/E (x) (0.1) (0.2) (0.2) (0.3) (0.4) Interest Coverage (x) 35 41 44 38 58 PER SHARE DATA (Rs) EPS 59.6 69.3 52.5 59.4 73.0 CEPS 68.9 79.5 62.9 74.7 89.2 Dividend 11 14 14 14 17 Book Value 261 283 331 376 432 VALUATION P/E(x) 13.9 12.0 15.8 14.0 11.4 P/BV(x) 3.2 2.9 2.5 2.2 1.9 EV/EBITDA(x) 9.1 7.9 8.7 8.0 6.2 EV/Revenues(x) 1.4 1.2 1.1 1.0 0.9 OCF/EV (%) 9.0 7.5 9.2 7.8 10.2 FCF/EV(%) 2.1 6.2 5.8 5.8 7.9 FCFE/MktCap (%) 1.0 4.8 4.6 4.8 6.3 Dividend Yield (%) 1.3 1.7 1.7 1.7 2.1



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Rating Definitions BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Date CMP Reco Target 8-Jul-16 1,057 BUY 1,250

25-Jul-16 991 BUY 1,180 6-Oct-16 1,004 BUY 1,214

19-Oct-16 999 BUY 1,195 9-Jan-17 936 BUY 1,185

27-Jan-17 916 BUY 1,210 11-Apr-17 925 BUY 1,209 27-Apr-17 839 BUY 1,023 22-Jul-17 828 BUY 950

700

800

900

1,000

1,100

1,200

1,300

1,400

Jul-1

6

Aug-

16

Sep-

16

Oct

-16

Nov-

16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Zensar TP

RECOMMENDATION HISTORY


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RESULTS REVIEW 1QFY18 1JUL 2017 Zensar Technologiesstatic-news.moneycontrol.com/static-mcnews/2017/07/... · 2017. 7. 25. · We maintain our positive view, owing to Zenzar’s Digital/SMAC