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IDBI Capital Report
Despite fears of recession, the global tech spend is expected to grow by 11% in the next year thus providing growth opportunities for the Indian IT firms.
In addition, we do not expect any negative surprises in terms of furloughs despite challenging environment. Hence, we believe Zensar Tech is well poised for registering revenue growth in the medium to long term.
Further, management has undertaken various measures to address the supply side challenges and improve utilisation levels. This coupled with calibrated price hikes, improving utilisation rates and pyramid optimisation will drive margins.
Hence, we have conservatively built in revenue and profit after tax compound annual growth rate of 10% & 38% over FY23E-FY25E respectively.
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