Shares of Zensar Technologies Ltd. gained on rising third-quarter earnings.
The company's net profit rose 34.68% quarter-on-quarter to Rs 76.5 crore during the September-December quarter, it said in an exchange filing. Its revenue, however, fell 3% to Rs 1,197.6 crore from the previous quarter of the ongoing financial year.
The board of directors of the company also appointed Manish Tandon as managing director and chief executive officer for five years, effective Jan. 23. Anant Vardhan Goenka relinquished the post of interim managing director, and has been appointed as non-executive vice chairman.
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Zensar Technologies Q3 FY23 (Consolidated, QoQ)
Revenues down 3% at Rs 1,197.6 crore
Ebitda up 51.6% at Rs 85.2 crore
Ebitda margin at 7.11% vs 4.55%
Net profit up 34.68% at Rs 76.5 crore
Shares gained 4.81% to Rs 232.05 apiece as of 10:55 a.m., while the benchmark Nifty 50 gained 0.19%. The total traded volume so far in the day stood at 23.5 times its 30-day average.
Out of the 15 analysts tracking the company, 11 maintain a 'buy', three recommend a 'hold', and one suggests 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 17.7%.
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