Zensar Tech hits 52-week high on March quarter results

FIIs and DIIs have been steadily cutting their stake in the technology company’s stock while retail investors have been lapping up the stock since June 2020

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Shares of Zensar Technologies climbed 10 percent on May 12 with heavy volumes and hit the 52-week high of Rs 341 reacting to the company’s March quarter numbers.

At 2.21 pm, the stock was quoting at Rs 328.65, up Rs 18.75, or 6.05 percent. From a low of Rs 202.90 in December 2022, the stock has soared to Rs 341 this year. It has gained 300 percent in the past three years.

The stock was trading with volumes of 429,220 shares, compared to its five-day average of 98,201 shares, an increase of 337 percent.

Foreign institutional investors and domestic institutional investors have been steadily cutting stakes in the technology company, while retail investors have been lapping up the stock since June 2020.

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For the March quarter, the company on May 11 reported a 56 percent quarter-on-quarter jump in consolidated net profit to Rs 119.2 crore. Its revenue came in at $147.5 million, a sequential growth of 1.1 percent and 0.4 percent in constant currency.

Manish Tandon, CEO and Managing Director, Zensar Technologies, said, “In Q4FY23, we continued to make significant progress toward improving profitability, with EBITDA increasing by 320 basis points to 14.5 percent”.

The company’s order book for Q4 of FY23 stood at $174.9 million, a growth of 34 percent over the last quarter, it said in the exchange filing.

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