Registered Office : Zensar Technologies Limited Zensar Knoewledge Park, Plot No. 4, MIDC Kharadi, Off Nagar Road, Pune 411014, India. Tel: +91 (20) 6607 4000, 27004000 Fax: +91 (20) 6605 7888, CIN: L72200PN1963PLC012621

Date: May 14, 2020

BSE Limited	The National Stock Exchange of India Ltd.
Corporate Service Department,	Exchange Plaza, 03rd floor,
01st Floor, P. J. Towers,	Plot No. C/1, 'G' block,
Dalal Street,	Bandra Kurla Complex, Bandra (E),
Mumbai 400 001	Mumbai 400 051

Fax: (022) 2272 2039/2272 3121	Fax: (022) 26598237/26598238
Scrip ID: ZENSARTECHScrip Code: 504067	Symbol: ZENSARTECHSeries: EQ

Subject: Outcome of the Board Meeting held on May 14, 2020

This is to inform you that the Board of Directors of the Company at its meeting held today, which commenced at 4:15 PM and concluded at 8:32 PM,inter-alia, unanimously approved/took on record the following:

Financial Results:

1. Standalone and Consolidated financial results of the Company for the quarter ended March 31, 2020, subjected to Limited Review.
1. Audited Standalone and Consolidated financial results of the Company for the financial year ended March 31, 2020.

Copy(ies) of the same is enclosed herewith along with Auditor's Reports thereon, as applicable.

The report of the Auditors is with unmodified opinion with respect to the Audited Financial Results (Standalone and Consolidated) of the Company for the year ended March 31, 2020.

Date of the 57 th Annual General Meeting (AGM) of the Company as Thursday, August 6, 2020 and notice thereof containing inter-alia the following:

1. Company's Register of Members and Share Transfer Book shall remain closed for the purpose of AGM, from July 29, 2020 to August 5, 2020 (both days inclusive).
1. Recommendation of re-appointment of Mr. H. V. Goenka (DIN- 00026726), Director of the Company, who retires by rotation, and being eligible, offers himself for reappointment.

Registered Office : Zensar Technologies Limited Zensar Knoewledge Park, Plot No. 4, MIDC Kharadi,

Off Nagar Road, Pune 411014, India. Tel: +91 (20) 6607 4000, 27004000 Fax: +91 (20) 6605 7888, CIN: L72200PN1963PLC012621

Members' approval for appointment of Ms. Radha Rajappa (DIN: 08530439) as a Non-Executive Independent Director, not liable to retire by rotation.

The AGM shall be convened and held as per the directives of relevant authorities, inter-alia, in view of prevailing Covid-19 pandemic.

The Press release and analyst presentation on financial results of the Company for the period ended March 31, 2020, are also attached.

Further, in accordance with the Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/48 dated March 26, 2020 granting relaxation from the provisions of Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and considering the lock-down restrictions, the Company will not be publishing the financial results in the newspaper for this quarter.

This is for your information and dissemination purpose.

For Zensar Technologies Limited

Gaurav Tongia Company Secretary

Encl. As above

ADDITIONAL INFORMATION ON DIRECTORS GETTING APPOINTED/ REAPPOINTED

Sr.	Particulars	Ms. Radha Rajappa	Mr. H. V. Goenka
No		(DIN - 08530439)	(DIN - 00026726)
1.	Reason for change viz. appointment, resignation,removal, death or otherwise;	Appointment asNon-Executive IndependentDirectoroftheCompany.(AppointedasanAdditonal Non-Executive IndependentDirector ofthe Company, bythe BoardofDirectorsontherecommendationoftheNominationandRemuneration Committee, subject toapproval ofMembersoftheCompany)	Re-appointment as Director of the Company, who retiresby rotation, and being eligible, offers himself for reappointment at the ensuing AGM.
2.	Date of appointment	August 6, 2019	NA
	Term of appointment	August 6, 2019 to August 5, 2024	NA
3.	Disclosure of relationships between directors (in case of	None	Mr. H. V. Goenka is father of Mr. Anant Goenka, Non
	appointment of a director)		Executive Non-Independent Director of the Company.
4.	Affirmation		Based on the information available with us none of these Directors are debarred from holding the office of a director
		by virtue of any SEBI order or any other such authority.
5.	Brief profile (In case of appointment)	Given separately hereunder and also available on the website of	the Company.

BRIEF PROFILE(S)

Ms. Radha Rajappa	Mr. H. V. Goenka
Radha Rajappa is an entrepreneurial business leader with more than 29 years ofexperience in IT industry handling diverse roles of creating, nurturing and leadingbusinesses from start and scaling existing businesses. She has successfully built andpassionately led various businesses in Digital Transformation and IT services.	H.V. Goenka is Chairman of RPG Enterprises, one of the largest industrial groups inIndia, active in key business segments like tyres, infrastructure, informationtechnology and other diversified segments having an annual turnover of about US $ 4billion.
She is an ardent believer of building and nurturing high performance teams andexcited about carving business opportunities with leading edge Digital, AI and Cloudtechnologies. Radha loves cultivating and mentoring startups.	Born in December 1957, H.V Goenka is a graduate in Economics and MBA from theInternational Institute of Management Development (IMD), Lausanne, Switzerlandand is now onthe Foundation Board of IMD, Lausanne.
Till recently, she was leading Digital and Services business at Microsoft India. Radhawas a member of the India Leadership team driving the transformation for customersto the Cloud and Digital world.	H.V Goenka, a past President of the Indian Merchants' Chamber, in India, is also amember of the Executive Committee of FICCI and the Chairman of Breach CandyHospital Trust.
She has served for 16 years as a key member of the Executive Leadership team atMindtree. She was responsible for building and leading the Global Digital Business asthe Executive Vice Presidentand established Mindtree as a significant partner forGlobal clients to "Make Digital Real" for their businesses. Led Mindtree's move toIndustry led vertical focus as the leader for Retail, CPG and Manufacturing industry aswell as Travel, Transportationand Hospitality.	He has been the Chairman of the Company since 2001.
Radha has also served in IBM India in various capacities and in diverse rolesencompassing Sales, Marketing and being responsible for various business lines.
She has been on the board of the Company, since August 6, 2019.

S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ZENSAR TECHNOLOGIES LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2020 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2020 s section below), which were subject to limited review by us, both included in the accompanying Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2020 of ZENSAR TECHNOLOGIES LIMITED ), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended .

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2020:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2020

With respect to the Standalone Financial Results for the quarter ended March 31, 2020, based on our review section below nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2020, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Space intentionally left blank

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2020

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 . Our responsibilities under those Standards are further described in paragraph (a) of below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accoun ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Statement

This Statement which includes the Standalone Financial Results is the responsibility of the and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2020 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2020 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

(a) Audit of the Standalone Financial Results for the year ended March 31, 2020

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2020 as a whole is free from material includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error

and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on uture events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to

communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2020

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2020 in accordance with the Standard on Review Engagements ( SRE ) , issued by the ICAI. A review of interim financial information consists and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matters

As stated in Note 10 of the Statement, the figures for the corresponding quarter ended March 31, 2019 are the balancing figures between the annual audited figures for the year then ended and the year to date figures for the 9 months period ended December 31, 2018. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2019. Our report on the Statement is not modified in respect of this matter.
The Statement includes the results for the Quarter ended March 31, 2020 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.

For Deloitte Haskins & Sells LLP

Chartered Accountants -100018)

Hemant M. Joshi Place: Pune Partner Date: May 14, 2020 (Membership No. 38019) UDIN: 20038019AAAADI3225

	Statement of Standalone Results for the Quarter and Year ended March 31, 2020
						(INR Lakhs)
		31-Mar-2020	Quarter Ended31-Dec-2019	31-Mar-2019	31-Mar-2020	Year Ended31-Mar-2019
	Particulars	Refer note 10		Refer note 10
		Unaudited	Unaudited	Unaudited	Audited	Audited

1	Revenue from operations	35,299	32,914	35,269	137,030	137,008
2	Other income (net)	2,853	1,631	3,736	9,093	8,499
3	Total Income	38,152	34,545	39,005	146,123	145,507
4	Expenses
	a. Purchase of traded goods	156	267	160	877	1,209
	b. Employee benefits expense	19,925	19,895	19,972	80,913	78,949
	c. Subcontracting costs	1,245	1,048	1,293	4,361	3,934
	d. Finance costs	798	661	212	2,330	918
	e. Depreciation, amortisation and impairment expense	2,180	2,155	1,096	8,138	4,278
	f. Other expenses	4,357	3,932	6,209	19,094	22,868
	Total expenses	28,661	27,957	28,942	115,713	112,156
5	Profit before tax (3-4)	9,491	6,588	10,063	30,410	33,351
6	Tax expense
	a. Current tax	1,724	1,626	1,935	6,262	8,169
	b. Deferred tax	711	100	(163)	1,044	(618)
7	Net Profit for the period (5-6)	7,056	4,861	8,291	23,104	25,800
8	Other comprehensive income/(loss), net of income tax
	A. Items that will not be reclassified to profit or loss	(571)	90	67	(894)	111
	B. Items that will be reclassified to profit or loss	1	(255)	163	(693)	427
	Total other comprehensive income/(loss), net of incometax	(570)	(165)	230	(1,587)	538
9	Total comprehensive income for the period (7+8)	6,486	4,696	8,521	21,517	26,338
10	Paid-up equity share capital (Face value INR. 2 each)	4,508	4,507	4,504	4,508	4,504

11	Other equity excluding Revaluation Reserves as perbalance sheet				152,859	142,579
12	Earnings Per Share (EPS) (Face value INR. 2 each) (notannualised):
	a) Basic	3.13	2.16	3.68	10.26	11.46
	b) Diluted	3.09	2.12	3.62	10.12	11.27

Zensar Technologies Limited Registered Office : Zensar Knowledge Park, Kharadi, Plot # 4 , MIDC, Off Nagar Road, Pune - 411014, India

Statement of Assets & Liabilities

Particulars	As at March31, 2020	As at March31, 2019
Assets
Non-Current Assets
(a) Property, Plant and Equipment	10,487	8,126
(b) Right of use assets	23,122	-
(c) Capital work-in-progress	5	31
(d) Goodwill	8,402	8,402
(e) Other Intangible assets	3,662	3,603
(f) Intangible assets under development	762	629
(g) Financial Assets
i) Investments	1,660	6,318
ii) Other financial assets	2,759	2,979
(h) Income tax assets (net)	2,434	2,422
(i) Deferred tax assets (net)	2,773	3,392
(j) Other non-current assets	882	996
Total - Non-current assets	56,948	36,898
Current Assets
(a) Financial Assets
i) Investments	26,704	4,536
ii) Trade receivables	105,569	87,382
iii) Cash and cash equivalents	3,299	12,462
iv) Bank balances other than in (iii) above	2,703	586
v) Other financial assets	6,330	28,022
(b) Other current assets	6,273	5,016
Total - Current assets	150,878	138,004
Total - Assets	207,826	174,902

(INR Lakhs)

Particulars	As at March31, 2020	As at March31, 2019
Equity And Liabilities
Equity
(a) Equity Share Capital	4,508	4,504
(b) Other Equity
i. Reserves and surplus	153,358	142,385
ii. Other components of equity	(499)	194
Total - Equity	157,367	147,083

Non-Current Liabilities
(a) Financial Liabilities
i) Borrowingsii) Lease liabilities	-	319
(b) Provisions	19,369263	-209
(c) Employee benefit obligations	1,544	1,450

Total - Non-Current Liabilities	21,176	1,978
Current Liabilities
(a) Financial Liabilities
i) Borrowings	-	-
ii) Trade payables	8,053	8,672
iii) Lease Liabilities	5,066	-
iv) Other financial liabilities	9,643	12,528
(b) Employee benefit obligations	3,122	1,410
(c) Other Current Liabilities	1,877	1,777
(d) Income Tax Liabilities (Net)	1,522	1,454
Total - Current Liabilities	29,283	25,841
Total - Equity And Liabilities	207,826	174,902

Notes :

1 The above financial results were reviewed and recommended by the Audit Committee and taken on record by the Board of Directors at their meeting held on May 14, 2020.

2 Standalone Statement of Cash flows is attached in Annexure I.

3 Where financial results are declared for both consolidated and standalone entity, segment information may be presented only in the case of consolidated financial results. Accordingly, segment information has been provided only in the consolidated financial results.

4 Other Income (Net) for the quarter and year ended March 31, 2020 includes net foreign exchange gain of INR 367 lakhs and INR 3,831 lakhs respectively (Corresponding previous period: Other Income(net) of INR (553) lakhs and INR 2,269 lakhs). Other Income (net) for the quarter ended December 31, 2019 includes net foreign exchange gain of INR 1,147 lakhs.
5 During the year ended March 31, 2019, the Company concluded the sale of two subsidiaries and transfer of customer contracts and employee related liability under a Business Transfer Agreement. Gain arising from such transaction of INR 439 lakhs and INR 2,080 lakhs was recognized under Other Income for the quarter ended September 30, 2018 and year ended March 31, 2019 respectively.
6 During the year ended March 31, 2020, the Company issued 22,000 equity shares pursuant to the exercise of stock options by certain employees under the "2002 ESOP" and 210,050 equity shares under "2006 ESOP" stock option plan.
77 The Board of directors in its meeting on January 23, 2020 and March 6, 2020 declared an interim dividend of INR 1.00 and INR 1.80 per equity share respectively.
8 Effective April 1, 2019, the Company adopted Ind AS 116 "Leases", applied to all lease contracts existing on April 1, 2019 using the "Modified Retrospective Approach" and has taken the cumulative adjustment to retained earnings on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted.

The effect of adoption as on transition date has resulted in recognition of Right of use asset of INR 13,263 lakhs and a corresponding lease liability of INR 13,412 lakhs. The cumulative effect of applying the standard resulted in INR 97 lakhs being debited to retained earnings, net of taxes. The effect of this adoption is insignificant on the profit and earnings per share for the quarter and year ended March 31, 2020.

In respect of leases that were classified as finance leases, applying Ind AS 17, an amount of INR 489 lakhs has been reclassified from property, plant and equipment to right-of-use assets. An amount of INR 326 lakhs has been reclassified from other current financial liabilities to lease liability - current and an amount of INR 319 lakhs has been reclassified from borrowings - non-current to lease liability - non-current.

9 The Company has given due consideration of the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables, unbilled revenues, goodwill and intangible assets. In assessing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial statements, has used internal and external sources of information, including credit reports and related information on the expected future performance of the Company. The Company has performed sensitivity analysis on the assumptions used, and based on current estimates, is of the view that the carrying amount of these assets reflect their realisable values.

The Company is actively managing its business to respond to its impact. However, there could be an adverse impact on the business, result of operations, financial position and cash flows ; the company believes that the impact is likely to be mitigated by the diversified nature of the company's clients, including the geographical spread of the company's operations, and its clientele.

The impact of COVID-19 on the Company's financial statements may differ from that estimated as at the date of approval of these financial statements.

10 Figures for the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto the third quarter of the respective financial year.

For and on behalf of the Board

Sandeep Kishore

Annexure I

Zensar Technologies Limited Standalone Statement of Cash Flows

		(INR Lakhs)
	Year Ended	Year Ended
Particulars	31-Mar-20	31-Mar-19
	Audited	Audited
Cash flow from operating activities
Profit before taxation	30,410	33,351
Adjustments for:
Depreciation, amortisation and impairment expense	8,138	4,278
Employee share based payment expense	119	477
Profit on sale of investments (mutual funds)	(1,409)	(2,796)
Changes in fair value of financial assets/liabilities measured at fair value through profit and loss	283	1,796
Loss / (Profit) on Sale of Business/subsidiaries	51	(2,080)
Provision for impairment in the value of investments	-	78
Dividend income	(2,757)	(870)
Interest incomeFinance costs	(262)2,282	(317)875
(Profit)/Loss on sale of tangible assets (net)	(8)	9
Provision for doubtful debts and advances (net)	1,047	1,103
Adjustment on account of contingent consideration	(173)	-
Bad debts written off	-	492
Provisions no longer required and credit balances written back	(10)	(372)
Unrealised exchange (gain) / loss (net)	(588)	1,578
	6,713	4,251
Operating profit before working capital changes	37,123	37,602
Change in operating assets and liabilities
(Increase)/ decrease in other non-current financial assets	6	(860)
(Increase)/ decrease in other non-current assets	538	467
(Increase)/ decrease in trade receivables	(14,458)	(21,197)
(Increase)/ decrease in other current financial assets	18,896	(3,935)
(Increase)/ decrease in other current assets	(1,393)	(1,079)
Increase/ (decrease) in non-current provisions	54	121
Increase/ (decrease) in non-current employee benefit obligations	93	(45)
Increase/ (decrease) in trade payables	(647)	90
Increase/ (decrease) in other current financial liabilitiesIncrease/ (decrease) in current employee benefit obligations	(1,610)337	2,026185
Increase/ (decrease) in other current liabilities	404	96
Cash generated from operations	39,343	13,471
Income taxes paid (net of refunds)	(5,726)	(8,210)
Net cash inflow from operating activities	33,617	5,261

Cash flow from investing activities
Purchase of tangible/intangible assets including capital work in progressPayment of Earnout to Subsidiaries	(6,767)	(3,855)
Acquisition of company	(4,988)-	(3,179)(1,270)
Proceeds from Sale of Business/subsidiaries	902	-
Profit on Sale of Business/subsidiaries	-	1,768
Proceeds from Sale of tangible/intangible assets	8	40
Fixed Deposits placed	(2,434)	(350)
Fixed Deposits redeemed	354	-
Purchase of investments (Mutual Funds)	(121,530)	(79,121)
Sale of investments (Mutual Funds)	105,147	95,202
Sale of Non Convertible Debentures	-	814
Interest income received	272	292
Dividend income receivedNet cash used in investing activities	2,757(26,279)	87011,211

Cash flow from financing activities
Proceeds from issue of equity shares	152	140
Dividend on equity shares and tax thereon	(11,932)	(6,333)
Interest paid	(57)	(75)
Payment of lease liabilities	(4,313)	-
Proceeds from long-term borrowings	-	-
Repayment of long-term borrowingsProceeds from short-term borrowings	-1,376	(290)2,742
Repayment of short-term borrowings	(1,418)	(2,903)
Net cash used in financing activities	(16,192)	(6,719)
Effect of exchange differences on translation of cash and cash equivalents	1	46

Net increase/(decrease) in cash and cash equivalents	(8,853)	9,799
Cash and cash equivalents at the beginning of the year	12,152	2,528
Less: Cash transferred during disposal of business	-	(175)
Cash and cash equivalents at the end of the year	3,299	12,152

S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ZENSAR TECHNOLOGIES LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2020 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2020 s section below), which were subject to limited review by us, both and Year Ended March 31, 2020 of ZENSAR TECHNOLOGIES LIMITED and its subsidiaries (the Parent and its ) being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ( the Listing Regulations ).

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Consolidated Financial Results for the year ended March 31, 2020:

(i) includes the results of the subsidiaries mentioned in the note 3 of the Statement
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2020.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2020

With respect to the Consolidated Financial Results for the quarter ended March 31, 2020, based on our review conducted and procedures performed as stated in ies section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2020, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2020

We conducted our audit in accordance with the Standards on Auditing ( SAs ) specified under Section 143(10) of the Companies Act, 2013 ( the Act ). Our responsibilities under those Standards are further described in paragraph (a) of below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ( ICAI ) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements sufficient and appropriate to provide a basis for our audit opinion.

Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2020, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2020 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Space intentionally left blank

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2020

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2020 as a whole are free from material includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our a cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results, entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2020

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2020 in accordance with the Standard on Review Engagements (SRE) Information Performed by the Independent Auditor and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SA specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The Statement includes the results of the entities as listed under note 3 of the Statement.

Other Matters

As stated in Note 10 of the Statement, the consolidated figures for the corresponding quarter ended March 31, 2019 are the balancing figures between the annual audited figures for the year then ended and the year to date figures for the 9 months period ended December 31, 2018. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2019. Our report on the Statement is not modified in respect of this matter.

The Statement includes the results for the Quarter ended March 31, 2020 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.

For Deloitte Haskins & Sells LLP

Chartered Accountants -100018)

Hemant M. Joshi Place: Pune Partner Date: May 14, 2020 (Membership No. 38019) UDIN: 20038019AAAADJ1033

	Zensar Technologies LimitedRegistered Office : Zensar Knowledge Park, Kharadi, Plot # 4 , MIDC, Off Nagar Road, Pune - 411014, IndiaStatement of Consolidated Results for the Quarter and Year ended March 31, 2020
						(INR Lakhs)
			Quarter Ended			Year Ended
	Particulars	31-Mar-2020	31-Dec-2019	31-Mar-2019	31-Mar-2020	31-Mar-2019
		Refer note 10Unaudited	Unaudited	Refer note 10Unaudited	Audited	Audited

1	Revenue from operations	101,779	102,059	105,741	418,168	396,633
2	Other income (net)	1,611	3,959	2,500	8,842	9,268
3	Total Income	103,390	106,018	108,241	427,010	405,901
4	Expenses
	a. Purchase of traded goods	2,447	5,576	3,330	15,250	11,538
	b. Changes in inventories	1,517	686	1,504	3,089	4,399
	c. Employee benefits expense	56,523	59,635	56,909	234,743	215,258
	d. Subcontracting costs	15,501	16,644	17,003	65,881	66,181
	e. Finance costs	1,718	1,274	1,102	6,051	3,729
	f. Depreciation, amortisation and impairment expense	4,154	4,119	2,512	15,918	8,944
	g. Other expenses	11,629	12,557	14,012	48,499	51,314
	Total expenses	93,489	100,491	96,372	389,431	361,363
5	Profit before tax (3-4)	9,901	5,527	11,869	37,579	44,538
6	Tax expense
	a. Current tax	1,981	1,665	3,737	10,131	14,045
	b. Deferred tax	720	(256)	(187)	288	(1,372)
7	Net Profit for the period (5-6)	7,200	4,118	8,319	27,160	31,865
8	Net Profit/(Loss) attributable to:
	- Owners	6,951	3,953	8,274	26,342	31,359
	- Non-controlling interests	249	165	45	818	506
9	Other comprehensive income/(loss), net of income tax
	A. Items that will not be reclassified to profit or loss	(1,880)	90	(88)	(2,206)	(44)
	B. Items that will be reclassified to profit or loss	1,632	1,977	640	2,382	403
	Total other comprehensive income/(loss), net of income tax	(248)	2,067	552	176	359
10	Total comprehensive income for the period (7+9)	6,952	6,185	8,871	27,336	32,224
11	Total comprehensive income attributable to:
	- Owners	6,943	5,905	8,839	26,668	31,893
	- Non-controlling interests	9	280	32	668	331
12	Paid-up equity share capital (Face value INR 2 each)	4,508	4,507	4,504	4,508	4,504
13	Other equity excluding Revaluation Reserves as per balancesheet				204,491	189,732
14	Earnings Per Share (EPS) (Face value INR 2 each) (notannualised):
	a) Basic	3.08	1.75	3.68	11.69	13.93
	b) Diluted	3.04	1.73	3.62	11.53	13.70

Statement of Assets & Liabilities

		(INR Lakhs)
Particulars	As at March31, 2020	As at March 31,2019
Assets
Non-Current Assets
(a) Property, Plant and Equipment	12,940	10,267
(b) Right of use assets	32,649	-
(c) Capital work-in-progress	180	556
(d) Goodwill	64,658	60,310
(e) Other Intangible assets	22,020	24,411
(f) Intangible assets under development	957	629
(g) Financial Assets
i) Investments	1,142	6,982
ii) Other financial assets	6,798	3,262
(h) Income tax assets (net)	6,064	3,146
(i) Deferred tax assets (net)	4,966	4,468
(j) Other non-current assets	1,419	1,125
Total - Non-current assets	153,793	115,156
Current Assets
(a) Inventories	9,412	9,846
(b) Financial Assets
i) Investments	26,704	4,536
ii) Trade receivables	66,564	87,621
iii) Cash and cash equivalents	48,834	31,689
iv) Bank balances other than in (iii) above	2,823	899
v) Other financial assets	29,762	26,444
(c) Other current assets	21,663	32,781
Total - Current assets	205,762	193,816
Total - Assets	359,555	308,972
Equity And Liabilities
Equity
(a) Equity Share Capital	4,508	4,504
(b) Other Equity
i. Reserves and surplus	201,118	187,430
ii. Other components of equity	3,373	2,302
Equity Attributable to Owners of the Company	208,999	194,236
Non controlling interests	2,370	1,696
Total - Equity	211,369	195,932
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
i) Borrowings	6,537	10,221
ii) Lease liabilities	31,293	-
iii) Other financial liabilities	4,599	6,084
(b) Provisions	263	209
(c) Employee benefit obligations	1,554	1,457
Total - Non-Current Liabilities	44,246	17,971
Current Liabilities
(a) Financial Liabilities
i) Borrowings	22,321	15,560
ii) Trade payables	26,497	30,095
iii) Lease liabilities	10,577	-
iv) Other financial liabilities	22,825	25,351
(b) Employee benefit obligations	8,325	5,692
(c) Other current liabilities	8,485	14,422
(d) Income tax liabilities (net)	4,910	3,949
Total - Current Liabilities	103,940	95,069
Total - Equity And Liabilities	359,555	308,972

Consolidated Segment wise Revenue & Results for the Year ended March 31, 2020

	(INR Lakhs)
			Quarter Ended			Year Ended
	Particulars	31-Mar-2020	31-Dec-2019	31-Mar-2019	31-Mar-2020	31-Mar-2019
		Unaudited	Unaudited	Unaudited	Audited	Audited
1	Segment Revenue
	Application Management Services	85,231	85,740	89,524	351,518	334,692
	Infrastructure Management Services	16,548	16,319	16,217	66,650	61,941
	Revenue From Operations	101,779	102,059	105,741	418,168	396,633
2
	Segment Results (Profit / (Loss) before tax and finance cost)Application Management Services	12,710	6,201	12,410	46,983	46,602
	Infrastructure Management Services	2,081	2,820	515	8,036	3,968
	Total Segment Results	14,791	9,021	12,925	55,019	50,570
	Less: Finance costs	1,718	1,274	1,102	6,051	3,729
	Less: Unallocable expenditure net of unallocable income	3,172	2,220	(46)	11,389	2,303
	Total Profit before Tax	9,901	5,527	11,869	37,579	44,538

	Statement of Segment Assets & Liabilities	31-Mar-2020	31-Dec-2019	31-Mar-2019
		Audited	Unaudited	Audited
1	Segment AssetsTrade Receivables
	Application Management Services	55,212	65,935	72,964
	Infrastructure Management Services	11,352	14,061	14,657
	Total Trade Receivables	66,564	79,996	87,621
	InventoriesApplication Management ServicesInfrastructure Management ServicesTotal Inventories	-9,4129,412	-9,5249,524	-9,8469,846
	Unbilled RevenueApplication Management ServicesInfrastructure Management ServicesTotal Unbilled Revenue	34,3254,57838,903	34,7235,40140,124	31,7535,90637,659
	GoodwillApplication Management ServicesInfrastructure Management ServicesTotal Goodwill	44,32620,33264,658	42,81819,18262,000	41,72818,58260,310
	Unallocable Assets	180,018	166,594	113,536
	TOTAL ASSETS	359,555	358,238	308,972
2	Segment LiabilitiesUnearned Revenue
	Application Management Services	2,041	9,182	5,677
	Infrastructure Management Services	2,440	2,047	3,747
	Total Unearned Revenue	4,481	11,229	9,424
	Unallocable Liabilities	143,704	134,517	103,616
	Total Liabilities	148,186	145,746	113,040

Notes :

1 The above financial results were reviewed and recommended by the Audit Committee and taken on record by the Board of Directors at their meeting held on May 14, 2020.
2 Consolidated Statement of Cash flows is attached in Annexure I.
3 The consolidated financial results include the results of Zensar Technologies Limited and its subsidiaries viz., Zensar Technologies Inc., Zensar Technologies (UK) Limited, PSI Holding Group Inc., Zensar Technologies IM Inc., Zensar Technologies IM B.V., Zensar (Africa) Holdings Pty Limited, Zensar (South Africa) Pty Limited, Professional Access Limited, Zensar Technologies (Singapore) Pte. Limited, Foolproof Limited, Knit Limited, Foolproof (SG) Pte Limited, Zensar Technologies (Shanghai) Company Limited, Keystone Logic Inc, Zensar Info Technologies (Singapore) Pte Limited, Zensar IT Services Limited, Cynosure Inc, Cynosure Interface Services Private Limited, Cynosure APAC Pty Ltd, Keystone Logic Mexico, S. DE R.L. DE C.V, Keystone Technologies Mexico, S. DE R.L. DE C.V, Indigo Slate Inc, Zensar Technologies GmbH and Zensar Technologies (Canada) Inc.
4 Other Income (Net) for the quarter and year ended March 31,2020 includes net foreign exchange gain of INR 668 lakhs and INR 4,484 lakhs respectively. (Corresponding previous period: Other Income (Net) of INR (194) lakhs and INR 2,899 lakhs). Other Income (net) for the quarter ended December 31, 2019 includes net foreign exchange gain of INR 1,015 lakhs.
5 During the year ended March 31, 2019, the Parent concluded the sale of two subsidiaries and transfer of customer contracts and employee related liability under a Business Transfer Agreement. Gain arising from such transaction INR 1,941 lakhs was recognized under Other Income during the quarter and year ended March 31, 2019.
6 During the year ended March 31, 2020, the Company issued 22,000 equity shares pursuant to the exercise of stock options by certain employees under the "2002 ESOP" and 210,050 equity shares under "2006 ESOP" stock option plan.
7 Results of Zensar Technologies Limited on a stand alone basis are hosted on the Company's website www.zensar.com.

Stand-Alone Financial Information
(INR Lakhs)
	Quarter Ended				Year Ended
Particulars	31-Mar-2020	31-Dec-2019	31-Mar-2019	31-Mar-2020	31-Mar-2019
	Unaudited	Unaudited	Unaudited	Audited	Audited

Revenue from operations	35,299	32,914	35,269	137,030	137,008
Profit before tax	9,491	6,588	10,063	30,410	33,351
Net profit for the period	7,056	4,861	8,291	23,104	25,800

8 The Board of directors in its meeting on January 23, 2020 and March 6, 2020 declared an interim dividend of INR 1.00 and INR 1.80 per equity share respectively.

9 Effective April 1, 2019, the Group adopted Ind AS 116 "Leases", applied to all lease contracts existing on April 1, 2019 using the "Modified Retrospective Approach" and has taken the cumulative adjustment to retained earnings on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019 have not been retrospectively adjusted.

The effect of adoption as on transition date has resulted in recognition of Right of use asset of INR 23,810 lakhs and a corresponding lease liability of INR 24,630 lakhs. The cumulative effect of applying the standard resulted in INR 579 lakhs being debited to retained earnings, net of taxes. The effect of this adoption is insignificant on the profit and earnings per share for the year ended March 31, 2020.

10 Figures for the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto the third quarter of the respective financial year.
11 During the quarter ended December 31, 2019, Company reversed contingent consideration payable on business combinations consummated in previous year amounting to USD 3.6 million [INR 2568 lakhs] based on company's assessment, being no longer payable. This reversal is accounted under other income.

12 The Company has given due consideration of the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables, unbilled revenues, goodwill and intangible assets. In assessing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial statements, has used internal and external sources of information, including credit reports and related information on the expected future performance of the Company. The Company has performed sensitivity analysis on the assumptions used, and based on current estimates, is of the view that the carrying amount of these assets reflect their realisable values.

The impact of COVID-19 on the Company's financial statements may differ from that estimated as at the date of approval of these consolidated financial statements.

For and on behalf of the Board

Sandeep Kishore

Zensar Technologies Limited Consolidated Statement of Cash Flows

		(INR Lakhs)
	Year Ended	Year Ended
Particulars	31-Mar-20	31-Mar-19
	Audited	Audited
Cash flow from operating activities
Profit before taxation	37,579	44,538
Adjustments for:
Depreciation, amortisation and impairment expense	15,918	8,944
Employee share based payment expense	645	1,652
Profit on sale of investments(mutual funds)	(1,409)	(2,796)
Change in fair value of equity instruments	-	(196)
Changes in fair value of financial assets/liabilities measured at fair value through profit and loss	683	2,004
Profit on Sale of Business/subsidiaries	-	(1,941)
Interest income	(512)	(545)
Finance costs	5,167	2,951
(Profit)/Loss on sale of tangible assets (net)	(5)	9
Provision for doubtful debts and advances (net)	(1,749)	2,368
Bad debts written off	4,357	1,174
Provision no longer required and credit balances written back	(2,581)	(2,391)
Unrealised exchange (gain) / loss (net)	(3,175)	(83)
	17,339	11,150
Operating profit before working capital changes	54,918	55,688
Change in operating assets and liabilities
(Increase)/ decrease in other non-current financial assets	(3,528)	(700)

(Increase)/ decrease in other non-current assets	(536)	1,113
(Increase)/ decrease in inventories	434	754
(Increase)/decrease in trade receivables	24,009	(27,566)
(Increase)/decrease in other current financial assets	(3,240)	8,100
(Increase)/ decrease in other current assets	11,128	(25,191)
Increase/(decrease) in other non-current financial liabilities	83	(557)
Increase/(decrease) in non-current provisions	54	121
Increase/(decrease) in non-current employee benefit obligations	97	(39)
Increase/(decrease) in trade payables	(3,262)	11,482
Increase/ (decrease) in other current financial liabilities	(1,705)	4,092
Increase/ (decrease) in current employee benefit obligations	1,259	1,221
Increase/ (decrease) in other current liabilities	(5,956)	948
Cash generated from operations	73,755	29,466
Income taxes paid (net of refunds)	(11,467)	(13,864)
Net cash inflow from operating activities	62,288	15,602
Cash flow from investing activities
Purchase of tangible/intangible assets including capital work in progress	(7,818)	(5,242)
Payment of Earnout to Subsidiaries	(5,970)	(3,179)
Acquisition of Company	-	(34,171)
Profit on Sale of Business/subsidiaries	-	1,768
Proceeds from sale of tangible/intangible assets	9	68
Fixed Deposits placed	(2,554)	(615)
Fixed Deposits redeemed	667	-
Purchase of investments (Mutual Funds)	(121,530)	(79,121)
Sale of investments (Mutual Funds)	105,147	95,202
Sale of Non Convertible Debentures	-	814
Interest income received	522	366
Net cash used in investing activities	(31,527)	(24,110)
Cash flow from financing activities
Proceeds from issue of equity shares	152	140
Dividend on equity shares and tax thereon	(11,974)	(6,333)
Interest paid	(1,184)	(1,339)
Payment of lease liabilities	(1,483)	-
Proceeds from long-term borrowings	-	13,067
Repayment of long-term borrowings	(4,173)	(290)
Proceeds from short-term borrowings	28,237	23,278
Repayment of short-term borrowings	(22,920)	(8,433)
Net cash used in financing activities	(13,345)	20,090
Effect of exchange differences on translation of cash and cash equivalents	39	-
	-	1,530
Increase in Cash and Cash Equivalents on Acquisition
Decrease in Cash and Cash Equivalents on disposal of subsidiaries	-	(288)
Net increase/(decrease) in cash and cash equivalents	17,455	12,824
Cash and cash equivalents at the beginning of the year	31,379	18,555
Cash and cash equivalents at the end of the year	48,834	31,379

Zensar reports 5.8% YoY growth in revenue for FY20 Digital Business growth at 21.9% YoY

Pune, India, May 14, 2020*:* Zensar, a digital solutions and technology services company that specialises in partnering with global organisations on their digital transformation journey, announced its audited consolidated financial results for Quarter ending March 31, 2020, of the fiscal year 2019- 2020.

Financial Highlights:

In Q4FY20 the Company reported revenue of $140.6MN. For the year FY20 Revenue grew by 5.8% in USD terms to $589.5MN, Core Business grew by 6.8% YoY.
In Q4FY20, the Company reported a PAT of $9.6MN, a sequential growth of 72.9%. For FY20, the PAT declined by 18.7% at $37.8MN
EBITDA grew by 100.2% sequentially and declined by 0.2% YoY in Q4FY20
In Q4FY20, the Company reported a Gross Margin of $40.6MN, a sequential growth of 20.0%. For FY20, the Gross Margin was at $163.9MN which is an increase of 0.8% since last year

Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar Technologies,said, "In FY20 we focused on improving our business operational metrics. One of the key highlights include an increase in the number of our $5MN per annum customer accounts which grew by 5 YoY, underlining that our new age digital, data and cloud offerings are helping our clients transform their business. Our digital business continues its consistent growth at 23.0% YoY in constant currency terms in FY20."

Adding further, he said, "The current COVID-19 related situation has further reinforced our customercentric values, as we partner with our customers to remain a key part of their operational and strategic roadmap. Our global workforce is our priority and we continue to support them in all possible ways to remain healthy, safe, connected and productive."

Navneet Khandelwal, Chief Financial Officer, Zensar Technologies said, "In FY20, we put focused efforts to improve our cash management. All the initiatives resulted in an increase of our operating cash flow by 299.2% on a YoY basis in INR terms. It stood at 229.3% of our PAT in FY20."

"Additionally, our rigour on collections helped us to improve our DSO from 102 days to 87 days. Our cost optimization measures have resulted in an increase in the EBITDA on a sequential basis by 100.2% and our Gross Margin improved sequentially by 20.0% ." he further added.

Significant Wins in FY20:

Oracle consulting and implementation for a leading international standards organization
Application development and integration for a leading financial services group in South Africa
Guidewire implementation for a US based property & casualty auto insurance carrier
Mandate for digital workplace for a US based large manufacturer of lighting and lighting based products
Infrastructure mandate for an American manufacturer of lighting solutions
Digital solutions for a leading Insurance company in South Africa

Digital transformation mandate for a large US-based Hi-tech global company
Application and development work for a large US-based Hi-tech global company
Application and maintenance services for a large South Africa based financial services group company
Cloud and infrastructure services mandate for a US Hi-tech Mfg. company
Digital Transformation for Sanlam, a leading insurer from South Africa
Application and development mandate for a large US based hi-tech global company
Application, integration and support for a leading financial services group in South Africa
A multi-million-dollar deal for the digital transformation for a UK based conglomerate having diverse interests
Infrastructure Management for a leading South Africa based administration and technology provider to financial companies
Guidewire support for one of UK's fastest growing general insurance providers
Digital warehouse mandate and automated testing for a global sports company
Application Support & Enhancement and Application Development and Integration for an independent provider of private healthcare in UK
Deliver next-gen retail innovation for Aptos, a recognized market leader in retail technology solutions
Cloud and Infrastructure managed services support for a leading vision care company based in the US
Application and development mandate for a large US based hi-tech global company
Testing mandate for a leading financial services group in South Africa
Enterprise applications mandate for Vyaire Medical, US

Corporate Excellence Q4FY20:

Zensar has been mentioned in in Avasant' s Internet of Things Services RadarView 2020 report
Zensar Recognized in ISG Provider Lens™ Digital Business Solutions and Service Partners U.K. 2019-20
Zensar Recognized as an Innovator in Avasant' s Hybrid Enterprise Cloud Services RadarView™
Zensar Recognized as a Leader in the ISG Provider Lens™ 'Digital Workplace of the Future' Report
Zensar Recognized in ISG Provider Lens™ Digital Business Solutions and Service Partners U.S. 2019-20
Zensar mentioned as an Innovator in Avasant Radarview Applied AI and Advanced Analytics Services RadarView TM 2020
Zensar is named as Leader for Managed Services Workplace Support in Digital Workplace of the Future - ISG Provider Lens™ Quadrant Report 2019-20
Zensar has been mentioned in Everest Group's 2020 PEAK Matrix® Service Provider of the Year awards Top 10 Challengers
Zensar Recognized as a Disruptor in Avasant' s Intelligent Automation Services RadarView 2019-2020 Report
Niche Player in the 2020 Gartner Magic Quadrant for Managed Workplace Services, North America

Awards and Recognitions Snapshot-FY20:

Zensar's 'Women in Workplace' case study wins at the UN Global Compact's 3rd Best Innovative Practices Awards
Zensar Recognized for Excellence in Leveraging HR Technology and Excellence in HR Analytics at the annual SHRM HR Excellence Awards 2019
Zensar wins recognition in the category of 'Best Leadership Development Program' and 'Best OD Intervention' at the L&D World Summit 2019
Zensar wins 2019 Future of Learning & Development "Best Learning Strategy of the Year" Award
Zensar awarded Automation Anywhere's 2019 'Growth Partner of the Year for South Africa'
Zensar featured in 2019 Working Mother & AVTAR 100 Best Companies for Women in India list
Zensar is a finalist in 3 categories at the ISG Paragon Awards™
Zensar receives the ISG Special Award at the ISG Paragon Awards™ Americas
Zensar participates in the 'Women in the Workplace 2019' report by McKinsey and LeanIn.Org
Zensar recognized at the SHRM HR Excellence Awards 2019 for Excellence in Leveraging HR Technology and Excellence in HR Analytics
Foolproof, a Zensar company wins the BIMA award

About Zensar (www.zensar.com)

Zensar is a leading digital solutions and technology services company that specialises in partnering with global organisations across industries on their digital transformation journey. A technology partner of choice, backed by strong track record of innovation; credible investment in digital solutions; and assertion of commitment to a client's success, Zensar' s comprehensive range of digital and technology services and solutions enables its customers to achieve new thresholds of business performance. Zensar, with its experience in delivering excellence and superior client satisfaction through myriad technology solutions, is uniquely positioned to help clients surpass challenges around running their existing business most efficiently and to help in their legacy transformation and plan for business expansion and growth through innovative digital solutions,

Follow Zensar via:

Zensar Blog:http://www.zensar.com/blogs Twitter:https://twitter.com/Zensar LinkedIn: https://www.linkedin.com/company/zensar-technologies Facebook: https://www.facebook.com/Zensar

About RPG Enterprises

RPG Enterprises, established in 1979, is one of India's fastest growing business groups with a turnover of US$ 4 Billion. The group has diverse business interests in the areas of Infrastructure, Tyres, Pharma, IT and Specialty as well as in emerging innovation led technology businesses.

For any queries please feel to reach out:

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorised use of our intellectual property and general economic conditions affecting our industry. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Zensar reports 5.8% YoY growth in revenue for FY20 Digital Business growth at 21.9% YoY

Financial Highlights:

In Q4FY20 the Company reported revenue of $140.6MN. For the year FY20 Revenue grew by 5.8% in USD terms to $589.5MN, Core Business grew by 6.8% YoY.
In Q4FY20, the Company reported a PAT of $9.6MN, a sequential growth of 72.9%. For FY20, the PAT declined by 18.7% at $37.8MN
EBITDA grew by 100.2% sequentially and declined by 0.2% YoY in Q4FY20
In Q4FY20, the Company reported a Gross Margin of $40.6MN, a sequential growth of 20.0%. For FY20, the Gross Margin was at $163.9MN which is an increase of 0.8% since last year

Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar Technologies, said, "In FY20 we focused on improving our business operational metrics. One of the key highlights include an increase in the number of our $5MN per annum customer accounts which grew by 5 YoY, underlining that our new age digital, data and cloud offerings are helping our clients transform their business. Our digital business continues its consistent growth at 23.0% YoY in constant currency terms in FY20."

Significant Wins in FY20:

Oracle consulting and implementation for a leading international standards organization
Application development and integration for a leading financial services group in South Africa
Guidewire implementation for a US based property & casualty auto insurance carrier
Mandate for digital workplace for a US based large manufacturer of lighting and lighting-based products
Infrastructure mandate for an American manufacturer of lighting solutions
Digital solutions for a leading Insurance company in South Africa
Digital transformation mandate for a large US-based Hi-tech global company
Application and development work for a large US-based Hi-tech global company
Application and maintenance services for a large South Africa based financial services group company

Cloud and infrastructure services mandate for a US Hi-tech Mfg. company
Digital Transformation for Sanlam, a leading insurer from South Africa
Application and development mandate for a large US based hi-tech global company
Application, integration and support for a leading financial services group in South Africa
A multi-million-dollar deal for the digital transformation for a UK based conglomerate having diverse interests
Infrastructure Management for a leading South Africa based administration and technology provider to financial companies
Guidewire support for one of UK's fastest growing general insurance providers
Digital warehouse mandate and automated testing for a global sports company
Application Support & Enhancement and Application Development and Integration for an independent provider of private healthcare in UK
Deliver next-gen retail innovation for Aptos, a recognized market leader in retail technology solutions
Cloud and Infrastructure managed services support for a leading vision care company based in the US
Application and development mandate for a large US based hi-tech global company
Testing mandate for a leading financial services group in South Africa
Enterprise applications mandate for Vyaire Medical, US

Corporate Excellence Q4FY20:

Zensar has been mentioned in in Avasant' s Internet of Things Services RadarView 2020 report
Zensar Recognized in ISG Provider Lens™ Digital Business Solutions and Service Partners U.K. 2019-20
Zensar Recognized as an Innovator in Avasant' s Hybrid Enterprise Cloud Services RadarView™
Zensar Recognized as a Leader in the ISG Provider Lens™ 'Digital Workplace of the Future' Report
Zensar Recognized in ISG Provider Lens™ Digital Business Solutions and Service Partners U.S. 2019-20
Zensar mentioned as an Innovator in Avasant Radarview Applied AI and Advanced Analytics Services RadarView TM 2020
Zensar is named as Leader for Managed Services Workplace Support in Digital Workplace of the Future - ISG Provider Lens™ Quadrant Report 2019-20
Zensar has been mentioned in Everest Group's 2020 PEAK Matrix® Service Provider of the Year awards Top 10 Challengers
Zensar Recognized as a Disruptor in Avasant' s Intelligent Automation Services RadarView 2019-2020 Report
Niche Player in the 2020 Gartner Magic Quadrant for Managed Workplace Services, North America

Awards and Recognitions Snapshot-FY20:

Zensar's 'Women in Workplace' case study wins at the UN Global Compact's 3rd Best Innovative Practices Awards
Zensar Recognized for Excellence in Leveraging HR Technology and Excellence in HR Analytics at the annual SHRM HR Excellence Awards 2019
Zensar wins recognition in the category of 'Best Leadership Development Program' and 'Best OD Intervention' at the L&D World Summit 2019
Zensar wins 2019 Future of Learning & Development "Best Learning Strategy of the Year" Award
Zensar awarded Automation Anywhere's 2019 'Growth Partner of the Year for South Africa'
Zensar featured in 2019 Working Mother & AVTAR 100 Best Companies for Women in India list
Zensar is a finalist in 3 categories at the ISG Paragon Awards™
Zensar receives the ISG Special Award at the ISG Paragon Awards™ Americas
Zensar participates in the 'Women in the Workplace 2019' report by McKinsey and LeanIn.Org
Zensar recognized at the SHRM HR Excellence Awards 2019 for Excellence in Leveraging HR Technology and Excellence in HR Analytics
Foolproof, a Zensar company wins the BIMA award

Q4 FY 20 Revenue and profitability snapshot

	Q4 FY20			Growth				FY 20
Particulars			Q-o-Q		Y-o-Y
	USD Mn	INR Cr	USD	INR	CC	USD	INR	CC	USD Mn	INR Cr
Revenue	140.6	1017.8	(1.9%)	(0.3%)	(1.5%)	(5.4%)	(2.8%)	(4.2%)	589.5	4176.8
EBITDA	19.6	141.6	100.2%	103.5%		(0.2%)	2.6%		72.4	512.8
EBIT	13.8	100.1	247.0%	252.7%		(13.7%)	(11.4%)		50.0	353.6
PAT	9.6	69.5	72.9%	75.8%		(22.2%)	(20.1%)		37.8	267.6

Note: All numbers are as per the Ind-AS reporting standard

Q4 FY20 Revenue Growth in Constant Currency

		Q4 FY20
Particulars	Segments	QoQ
Consolidated	For the Company	-1.5%
	US	-1.7%
Geography	Europe	-6.2%
	Africa	7.0%
	Digital and Application Services, DAS	-1.7%
	Digital Services	4.2%
	Core Application Services	-9.4%
	Cloud and Infrastructure Services, CIS	-0.5%
Services	Cloud, Digital Led next gen CIS	3.7%
	Core Infrastructure Services	-8.6%
	Third Party Maintenance	4.2%
	Total Digital Services	4.1%
	Hitech and Manufacturing	-3.3%
	Hitech	-0.7%
	Mfg.	-11.1%
	Retail and Consumer Services	6.0%
Industry	Financial Services	-0.9%
	Insurance	-3.9%
	Banking	6.1%
	Emerging	-10.4%

Performance Highlights

TOP CLIENTS

Income Statement (USD Mn)

	Q4 FY 19	FY19	Q3 FY 20	Q4 FY20	FY 20
Operating revenue	148.7	557.2	143.3	140.6	589.5
Sequential Growth	4.9%		-5.9%	-1.9%
Year-Over-Year Growth	21.3%	19.5%	1.1%	-5.4%	5.8%
Cost of revenue	105.7	394.6	109.5	100.0	425.6
Gross profit	43.0	162.6	33.8	40.6	163.9
Gross profit % of revenue	28.9%	29.2%	23.6%	28.9%	27.8%
Sequential Growth	10.1%		-23.7%	20.0%
Year-Over-Year Growth	19.8%	18.6%	-13.3%	-5.5%	0.8%
Sales and marketing expenses	10.1	37.7	9.5	9.0	38.3
General and administration expenses	14.0	54.5	14.6	12.1	53.2
Operating expenses	24.1	92.2	24.1	21.0	91.5
% of revenue	16.2%	16.5%	16.8%	15.0%	15.5%
Other operating income	0.7	2.3	-	-	0.0
Earnings before interest, tax, depreciation and	19.6	72.7	9.8	19.6	72.4
amortization (EBITDA)EBITDA % of revenue	13.2%	13.0%	6.8%	13.9%	12.3%
Sequential Growth	20.6%		-54.1%	100.2%
Year-Over-Year Growth	34.8%	30.8%	-39.8%	-0.2%	-0.4%
Depreciation and amortisation	3.6	12.8	5.8	5.7	22.4
Earnings before interest and tax (EBIT)	16.0	59.9	4.0	13.8	50.0
EBIT % of revenue		10.8%	2.8%

	10.8%			9.8%	8.5%
Sequential GrowthYear-Over-Year Growth	23.7%29.5%	31.8%	-74.8%-69.2%	247.0%-13.7%	-16.6%

Interest	1.6	5.3	1.8	2.4	8.5
Exchange Gain/(Loss)Other income	-0.33.5	4.37.1	1.44.1	0.91.3	6.46.1

Profit before tax	17.7	66.0	7.8	13.7	53.9
% of revenue	11.9%	11.9%	5.4%	9.7%	9.1%
Sequential GrowthYear-Over-Year Growth	53.8%16.6%	26.3%	-52.7%-32.6%	76.2%-22.7%	-18.4%
Provision for taxation	5.3	18.8	2.0	3.7	14.9
	12.4	47.2	5.8	9.9	39.0
Profit after tax (before minority interest)% of revenue	8.3%	8.5%	4.0%	7.1%	6.6%
Minority interest	0.1	0.7	0.2	0.3	1.2
Profit after tax	12.3	46.5	5.6	9.6	37.8
Profit after tax % of revenue	8.3%	8.3%	3.9%	6.8%	6.4%
Sequential Growth	51.7%		-51.0%	72.9%

Income Statement (INR Mn)

Income Statement (INR Mn)	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20
Operating revenue	10,476	38,988	10,206	10,178	41,768
Sequential Growth	2.5%		-4.8%	-0.3%
Year-Over-Year Growth	32.9%	29.7%	-0.1%	-2.8%	7.1%
Cost of revenue	7,449	27,626	7,796	7,240	30,159
Gross profit	3,027	11,362	2,410	2,938	11,608
Gross profit % of revenue	28.9%	29.1%	23.6%	28.9%	27.8%
Sequential Growth	7.7%		-22.8%	21.9%
Year-Over-Year Growth	31.2%	28.6%	-14.3%	-2.9%	2.2%
Sales and marketing expenses	713	2,639	675	649	2,715
General and administration expenses	985	3,806	1,039	873	3,767
Operating expenses	1,697	6,445	1,714	1,522	6,482
% of revenue	16.2%	16.5%	16.8%	15.0%	15.5%
Other operating income	51	162	-	-	2
Earnings before interest, tax, depreciation andamortization (EBITDA)	1,381	5,079	696	1,416	5,128
EBITDA % of revenue	13.2%	13.0%	6.8%	13.9%	12.3%
Sequential Growth	17.9%		-53.6%	103.5%
Year-Over-Year Growth	51.2%	41.8%	-40.6%	2.6%	1.0%
Depreciation and amortisation	251	894	412	415	1,592
Earnings before interest and tax (EBIT)	1,130	4,184	284	1001	3,536
EBIT % of revenue	10.8%	10.7%	2.8%	9.8%	8.5%
Sequential Growth	21.0%		-74.5%	252.7%
Year-Over-Year Growth	45.8%	42.7%	-69.6%	-11.4%	-15.5%
Interest	110	373	127	172	605
Exchange Gain/(Loss)	-18	291	102	67	448
Other income	246	502	295	94	435
Profit before tax	1,247	4,604	553	990	3,815
% of revenue	11.9%	11.8%	5.4%	9.7%	9.1%
Sequential Growth	50.3%		-52.2%	79.1%
Year-Over-Year Growth	30.7%	36.6%	-33.4%	-20.6%	-17.1%
Provision for taxation	373	1,310	141	270	1,057
Profit after tax (before minority interest)	874	3,294	412	720	2,757
% of revenue	8.3%	8.4%	4.0%	7.1%	6.6%
Minority interest	4	51	16	25	82
Profit after tax	869	3,243	395	695	2,676
Profit after tax % of revenue	8.3%	8.3%	3.9%	6.8%	6.4%
Sequential Growth	48.3%		-50.5%	75.8%
Year-Over-Year Growth	32.0%	40.6%	-32.6%	-20.1%	-17.5%

Other Metrics:

Other Metrics	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20

Revenue By Service Offering
Digital & Application Services (DAS)	84.9%	84.4%	84.0%	83.8%	84.0%
Digital Services	41.5%	40.3%	47.5%	50.2%	45.7%
Core Application Services	43.4%	44.1%	36.5%	33.6%	38.3%
Cloud and Infrastructure Services (CIS)	15.1%	15.6%	16.0%	16.2%	16.0%
Cloud, Digital Led next gen CIS	5.4%	5.1%	6.6%	7.0%	6.6%
Core Infrastructure Services	5.5%	5.6%	5.6%	5.2%	5.3%
Third Party Maintenance	4.2%	4.9%	3.8%	4.0%	4.0%
Total	100%	100%	100%	100%	100%
Total Digital Services	46.9%	45.4%	54.1%	57.2%	52.4%

Revenue By Industry
Manufacturing	51.4%	51.4%	54.8%	54.0%	53.6%
Hi Tech	39.7%	39.0%	41.3%	41.8%	40.7%
Mfg	11.8%	12.4%	13.4%	12.2%	12.9%
Retail and Consumer Services	20.5%	20.7%	13.4%	14.5%	15.4%
Financial Services	23.9%	24.7%	28.9%	29.0%	27.7%
Insurance	17.8%	18.8%	20.3%	19.7%	19.7%
Banking	6.1%	5.9%	8.7%	9.3%	8.1%
Emerging	4.2%	3.2%	2.8%	2.6%	3.3%
Total	100%	100%	100%	100%	100%

Revenue By Geographical Segment
US	76.9%	76.5%	74.2%	74.3%	74.7%
Europe	15.1%	14.6%	15.6%	14.9%	15.2%
Africa	8.1%	8.9%	10.2%	10.8%	10.1%
Total	100%	100%	100%	100%	100%

Revenue By Project Type
Fixed Price	54.3%	53.3%	57.5%	59.4%	57.8%
Time & Materials	45.7%	46.7%	42.5%	40.6%	42.2%
Total	100%	100%	100%	100%	100%

Other Metrics	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20

Constant Currency

Operating revenue (Constant Currency mn)	148.2	561.1	142.5	141.1	594.7
Sequential Growth	4.5%	20.3%	-6.4%	-1.5%	6.7%
Year-Over-Year Growth	24.3%	20.3%	0.8%	-4.2%	6.7%
Constant Currency Growth By Service Offering (QoQ %)
Digital & Application Services (DAS)	6.8%	22.4%	-8.1%	-1.7%	6.4%
Digital Services	7.7%	35.2%	0.5%	4.2%	21.1%
Core Application Services	5.9%	12.7%	-17.3%	-9.4%	-7.1%

Cloud and Infrastructure Services (CIS)	-6.6%	10.2%	3.6%	-0.5%	8.7%
Cloud, Digital Led next gen CIS	6.9%	77.8%	4.7%	3.7%	37.5%
Core Infrastructure Services	-18.5%	-6.9%	18.3%	-8.6%	1.4%
Third Party Maintenance	-2.8%	-7.3%	-13.5%	4.2%	-13.0%

Total Digital Services	7.7%	38.9%	1.0%	4.1%	23.0%

Constant Currency Growth By Industry (QoQ %)
Manufacturing	7.0%	17.2%	-3.5%	-3.3%	10.9%
Hi Tech	5.9%	25.2%	-3.5%	-0.7%	10.6%
Mfg	10.3%	-0.1%	-3.2%	-11.1%	11.6%
Retail and Consumer Services	8.0%	-1.9%	-21.5%	6.0%	-20.3%
Financial Services	-1.7%	38.7%	-4.8%	-0.9%	21.9%
Insurance	-1.9%	48.7%	-8.7%	-3.9%	13.2%
Banking	-1.2%	11.3%	6.0%	6.1%	49.6%
Emerging	15.2%	254.7%	0.0%	-10.4%	10.3%

Constant Currency Growth By Geography (QoQ %)
US	4.6%	21.5%	-5.9%	-1.7%	2.9%
Europe	7.5%	22.4%	-7.1%	-6.2%	13.7%
Africa	-2.0%	9.5%	-9.0%	7.0%	28.0%

Other Metrics	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20
	Q3 FY 19	FY 18	Q2 FY 19		Q3 FY 19
Client Data
Number of million dollar Clients (LTM Revenue)
1 Million dollar +	90	90	92	87	87
5 Million dollar +	19	19	24	24	24
10 Million dollar +	9	9	10	10	10
20 Million dollar +	2	2	2	2	2
Revenue from top clients
Revenue- top 5 clients	37.0%	36.5%	39.6%	38.0%	37.2%
Revenue- top 10 clients	47.9%	45.6%	49.3%	47.0%	47.7%
Revenue- top 20 clients	59.3%	56.3%	63.6%	60.4%	61.3%
Repeat business %	83.9%	83.3%	84.2%	80.3%	80.3%
Number of active clients	285	285	308	283	283

Onsite: Offshore
Revenue mixOnsite	67.4%	66.5%	67.6%	64.3%	66.6%
Offshore	32.6%	33.5%	32.4%	35.7%	33.4%
Total	100%	100%	100%	100%	100%

Utilization
Utilization (excluding Trainees)	83.4%	83.4%	81.0%	83.5%	83.5%
Employee data
Headcount
Technical - Onsite	2,412	2,412	2,368	2,318	2,318
Technical - Offshore	6,188	6,188	6,474	6,119	6,119
Technical - BPO / Others	275	275	197	186	186
Marketing	76	76	90	88	88
Support (including trainees)	7979,748	7979,748	8229,951	8139,524	8139,524
Total
Gross employees added during the period	1,014	3,689	608	463	3327
% of women employees	28.5%	28.5%	30.6%	30.3%	30.3%
Attrition
Attrition	16.3%	16.3%	16.0%	16.3%	16.3%

Other Metrics	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20

Exchange Rates
Rupee Dollar Rate
Period Closing Rate	69.2	69.2	71.4	75.7	75.7
Period Average Rate	70.5	69.9	71.2	72.4	70.9

Rupee Euro Rate
Period Closing Rate	77.7	77.7	80.1	82.8	82.8
Period Average Rate	80.0	80.9	78.7	79.9	78.8

Rupee GBP Rate
Period Closing Rate	90.5	90.5	94.2	93.5	93.5
Period Average Rate	91.7	91.8	91.6	93.0	90.2
Rupee ZAR Rate
Period Closing Rate	4.8	4.8	5.1	4.2	4.2
Period Average Rate	5.0	5.1	4.8	4.7	4.8

Revenue By Currency
Dollar	72.6%	73.8%	68.7%	67.5%	69.0%
Euro	0.9%	5.3%	1.7%	1.5%	1.5%
GBP	17.0%	13.0%	16.7%	16.8%	16.9%
ZAR	7.7%	7.1%	9.8%	10.4%	9.7%
Others	1.8%	0.9%	3.2%	3.8%	3.0%
Total	100.0%	100.0%	100.0%	100.0%	100.0%
Effective Tax Rate	29.9%	28.5%	25.5%	27.3%	27.7%

Accounts receivables (in days)
Billed	69	69	57	54	54
Unbilled	33	33	36	33	33
Total	102	102	93	87	87

Summary of Cash and Cash Equivalents
Cash and Cash Equivalents (USD mn)
Cash on handBalances with Banks:	0.0	0.0	0.0	0.0	0.0
In current accounts	42.6	42.6	67.0	62.1	62.1
Deposit with original maturity of less than three months	4.2	4.2	5.0	5.8	5.8

Other Bank Balances:
Unpaid dividend accounts	0.3	0.3	0.3	0.4	0.4

Total	47.1	47.1	72.4	68.3	68.3

Investment in Mutual Funds	13.3	13.3	19.6	35.3	35.3

Other Metrics	Q4 FY 19	FY 19	Q3 FY 20	Q4 FY 20	FY 20

Summary of Debt
Debt (USD mn)
Short-term debt	23.0	23.0	23.5	29.5	29.5
Long-term debt	20.0	20.0	21.8	14.3	14.3
Total	43.0	43.0	45.3	43.8	43.8

Outstanding Hedges
USD
Value	115.2	115.2	133.5	122.6	122.6
Avg. Rate/ INR	72.0	72.0	72.5	73.8	73.8

GBP
Value	15.8	15.8	14.6	19.8	19.8
Avg. Rate/ INR	94.2	94.2	92.2	93.1	93.1

ZAR
Value	100.8	100.8	351.9	286.7	286.7
Avg. Rate/ INR	5.1	5.1	4.9	4.6	4.6

Summary of Capex
Capex (USD Mn)	1.5	6.9	2.2	2.3	11.0

Earning Per Share (INR/share)
Basic	3.7	13.9	1.8	3.1	11.7
Diluted	3.6	13.7	1.7	3.0	11.5

Shareholding
Public Shareholding	51.1%	51.1%	51.0%	50.8%	50.8%
Promoter Shareholding	48.9%	48.9%	49.0%	49.2%	49.2%
Total	100%	100%	100%	100%	100%

About Zensar (www.zensar.com)

Follow Zensar via:

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About RPG Enterprises

For any queries please feel to reach out:

PR Contacts (Global) Aradhana Prabhu Public Relations Zensar Technologies [email protected]

Safe Harbor

Certain statements in this release concerning our future prospects are forward-looking statements which involve a number of underlying identified / non identified risks and uncertainties that could cause actual results to differ materially. This release and other statements – written and oral – that we periodically make contain forward-looking statements that set out anticipated results based on the management's plans and assumptions. However the same are subject to risks and uncertainties, including but not limited to, our ability to manage growth; fluctuations in earnings /exchange rates; intense competition in IT services including factors affecting cost advantage; wage increases; ability to attract and retain highly skilled professionals; time and cost overruns on fixed price, fixed-time frame or other contracts; client concentration; restrictions on immigration; our ability to manage international operations; reduced demand for technology in our service offerings; disruptions in telecommunication networks; our ability to successfully complete and integrate acquisitions; liability for damages on our service contracts; withdrawal of governmental fiscal incentives; economic downturn in India, and/or around the world, political instability, legal restrictions on raising capital or acquiring companies; and unauthorized use of intellectual property and general economic conditions affecting the industry.

In addition to the foregoing, global pandemic like COVID-19 may pose an unforeseen, unprecedented, unascertainable and constantly evolving risk(s), inter-alia, to us, our customers, delivery models, vendors, partners, employees, general global operations and may also impact the success of companies in which we have made strategic investments, demand for Company's offerings and the onshoreoffshore-nearshore delivery model.

The results of these assumptions made relying on available internal and external information are the basis for determining the carrying values of certain assets and liabilities. Since the factors underlying these assumptions are subject to change over time, the estimates on which they are based, are also subject to change accordingly. These forward-looking statements represent only the Company's current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Overview

Zensar Technologies records $589.5Mn in FY20 ($140.6 Mn Q4FY20)

• Part of $3 B RPG Group

• Portfolio Company of the $40 B APAX Group • Among 5 global tech companies to be listed on a major global stock exchange (BSE) for 55+ years

• 57.2% Digital Revenue, (15.4% YoY Growth)

FY20 Snapshot

Zensar prioritized associate first COVID response with

100%

Work from Home

Key Business Highlights

	Core Business
Digital Services grew 15.4% YoY & 3.7% QoQ US$, making a total of57.2% of the revenue by Q4 FY20. Full year growth in FY20 was21.9%		AllthreeregionsgrewinFY20vis-à-visFY19,USby3.3%andEuropeby10.4%
Cloud & infrastructure Services grew 8.0% in FY20vis-à-vis FY19.Next Gen Cloud grew 3.6% QoQ & 22.5% YoY		Financialservicesdeclinedmarginallyby1.8%QoQbutgrew14.6%YoYand18.6%inFY20vis-à-visFY19;Bankinggrowing5.1%QoQ43.9%YoYandInsurancegrew4.6%YoY
Africa region registered 3.9% QoQ, 26.9% YoY and 19.3% in FY20vis-à-vis FY19. SA is now 10% of total revenue		Retailverticalrecoveredwith5.8%QoQgrowth,mostlyonaccountofone-timersrecoveryfromQ3
Wins, Pipeline Quality, and Large Deals		Other Key Highlights
Pipeline stands at 1B+ USD Despite initial COVID impact of 400M		Gross cash position improved by 43.2M USD and DSO reduced
on account of pro-active cloud and cost take out propositions		from 102 to 87 days in FY20 vis-à-vis FY19
Strong order booking of 110M USD in Q4FY20 (mostly Jan +Feb) withimpressive new wins in existing and new accounts, despite COVID impact		The number of 5Mn+ pa clients stands at 24, up by 5 YoY,increased by 7 over the last 3 years

FY20: Analyst Coverage & Recognition

Zensar's COVID-19 Response – Nerve Center

Focus on cash collections & conservation. Credit lines tracked closely. Each Cost Line item reviewed and actioned to optimize cost

Use of in-house digital platform to track wellness and set-up swift Emergency Response. Virtual company wide Leadership address on strategy, business growth and COVID-19 Response

Closely monitoring business impact on account of project cancellation / ramp-down / delays and track on repurposing / redeployment

Zensar's Strong Bets in the post COVID world

	Digital Foundation with full stack Cloud &Security		Cost TakeoutCost Restructuring through ITO –throughVendor consolidationConsolidation
Cloud andSecurity	Cloud Development& MigrationCybersecurity	Managed ServicesDigital operations	FlexiblePlatform ledWFAnywhereAutomatedModel + Sharedservice delivery$335BservicesIntegrated approach across Product
$260Band WorkplaceMarket Opportunity			engineering, Applications, Infrastructureand Business operations	MarketOpportunity
AI led Digital transformation solutions & services –$215BFocused on core industry verticalsMarket			$185BHelping clients create impact byaugmenting their HR systems &Market Opportunityprocesseswith native platform that
Opportunity	➢Digital Supply Chain➢Field services, Digital contact centerand digital marketing➢Enterprise DigitalDigital commerce➢Touchless solution stacksTransformation		transforms employee experienceCrafting digital events thatbreaks the confines of eventEverywherehalls, offering attendees a rich,Eventsin-person experience fromwherever they are	ImmersiveExperiences

Zensar Business Update

3 Years Key Financials incl. FY20

DSO

ROCE %

Q4 FY20 : Key Financials

Q4 FY20 : Revenue Walk

Q4 FY20 : EBIDTA Walk

Q4 FY20 : Vertical Split

Q4 FY20 : Overall Digital Growth, 15.4% YoY

Overall Digital is now 57.2% of the Revenue with 87.8% from App. & Digital services and 12.2% from the Cloud & Infra Services

Digital increased by 15.4% YoY led by 22.5% YoY

growth in Cloud, Digital led next gen CIS and

14.4% YoY growth in Application Digital Services

Digital services increased by 3.7% QoQ basis while the legacy business witnessed a decline

Million+ Dollar Clients, per annum
	FY 19	FY20
20 Mn Dollar+	2	2
10 Mn Dollar+	9	10
5 Mn Dollar+	19	24
1 Mn Dollar+	90	87
Revenue Mix
	FY 19	FY20
Top 5 Clients	36.5%	37.2%
Top 10 Clients	45.6%	47.7%
Top 20 Clients	56.3%	61.3%

Community Service

➢ As a part of Zensar and RPG foundation's CSR initiative, food distribution camps were organized in Pune for migrant laborers and daily wage earners in partnership with the Wagholi Gram Panchayat
➢ Zensar distributed 32000+ meals to such targeted communities
➢ Launched a voluntary initiative for associates to contribute one day salary for COVID-19 relief work in country. Zensar contributes an equal amount for the cause.

Analyst Presentation for the quarter ending March 31, 2020

RPG Group Overview

RPG Group: Key Financials

Market Cap

Group CEAT KEC ZENSAR

Note:

1. ROCE is calculated by taking EBIT*(1-ETR) divided by Capital Employed
1. ROE is calculated by taking PAT divided by Net-worth

AI assistant

Zensar Technologies Ltd. — Earnings Release 2020

61559_rns_2020-05-14_73a181a7-6616-4e0a-bbfe-0c2299a9b36c.pdf

Financial Results:

Date of the 57 th Annual General Meeting (AGM) of the Company as Thursday, August 6, 2020 and notice thereof containing inter-alia the following:

For Zensar Technologies Limited

ADDITIONAL INFORMATION ON DIRECTORS GETTING APPOINTED/ REAPPOINTED

BRIEF PROFILE(S)

S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ZENSAR TECHNOLOGIES LIMITED

Opinion and Conclusion

(a) Opinion on Annual Financial Results

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2020

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2020

Statement

(a) Audit of the Standalone Financial Results for the year ended March 31, 2020

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2020

Other Matters

For Deloitte Haskins & Sells LLP

Zensar Technologies Limited Registered Office : Zensar Knowledge Park, Kharadi, Plot # 4 , MIDC, Off Nagar Road, Pune - 411014, India

Statement of Assets & Liabilities

Notes :

Zensar Technologies Limited Standalone Statement of Cash Flows

S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF ZENSAR TECHNOLOGIES LIMITED

Opinion and Conclusion

(a) Opinion on Annual Consolidated Financial Results

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2020

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2020

Statement

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2020

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2020

Other Matters

For Deloitte Haskins & Sells LLP

Consolidated Segment wise Revenue & Results for the Year ended March 31, 2020

Zensar Technologies Limited Consolidated Statement of Cash Flows

Zensar reports 5.8% YoY growth in revenue for FY20 Digital Business growth at 21.9% YoY

Financial Highlights:

Significant Wins in FY20:

Corporate Excellence Q4FY20:

Awards and Recognitions Snapshot-FY20:

About Zensar (www.zensar.com)

Follow Zensar via:

About RPG Enterprises

For any queries please feel to reach out:

Safe Harbor

Zensar reports 5.8% YoY growth in revenue for FY20 Digital Business growth at 21.9% YoY

Financial Highlights:

Significant Wins in FY20:

Corporate Excellence Q4FY20:

Awards and Recognitions Snapshot-FY20:

Q4 FY20 Revenue Growth in Constant Currency

Income Statement (USD Mn)

Income Statement (INR Mn)

Other Metrics:

About Zensar (www.zensar.com)

Follow Zensar via:

About RPG Enterprises

For any queries please feel to reach out:

Safe Harbor

Safe Harbor

Company Overview

Key Business Highlights

FY20: Analyst Coverage & Recognition

Zensar's COVID-19 Response – Nerve Center

Zensar's Strong Bets in the post COVID world

Zensar Business Update

3 Years Key Financials incl. FY20

Q4 FY20 : Key Financials

Q4 FY20 : Revenue Walk

Q4 FY20 : EBIDTA Walk

Q4 FY20 : Vertical Split

Q4 FY20 : Overall Digital Growth, 15.4% YoY

Community Service

RPG Group: Key Financials

More from Zensar Technologies Ltd.

Zensar Technologies Ltd. Earnings Release 2020