Top 10 Best Web Development Companies In India 2024
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With the start of 2024, the demand for exceptional web development services is at an all-time high and India, known for its thriving IT sector, is standing out as a hub for cutting-edge web development solutions. This round-up aims to introduce the cream of Indian web development companies for 2024. These Companies have demonstrated an unparalleled commitment to excellence, innovation, and customer satisfaction, leading the way in the highly competitive field of web development. Related Articles
November 9, 2023
The process of selecting the top ten web development companies in India involved an extensive analysis considering various factors such as customer feedback, project portfolio, industry reputation, experience, and technological advancements. Each of the selected companies has demonstrated a remarkable ability to meet the diverse needs of its customers, from startups and small businesses to large corporations across different industries. Best web development companies in India have a dedicated team of qualified professionals consisting of high-quality web developers, designers, UX/UI experts, project managers, and analysts. Their combined expertise enables them to create visually appealing, user-friendly, and feature-rich websites that perfectly match clients’ goals. Additionally, these companies understand the importance of staying on top in a rapidly changing digital ecosystem. They are highly conversant with the latest web development technologies, frameworks, and best practices, ensuring their clients receive state-of-the-art solutions that are both functional and scalable. The Indian IT sector is in constant growth, driven by a talented pool of specialists, cost-effective solutions, and a strong focus on innovation. As the demand for web development services continues to grow, the companies featured in this list have become pioneers and are shaping the future of web development not only in India but worldwide. Discover with us the profiles of these outstanding web development companies that have secured a place in the top 10 rankings in 2024. Each company’s unique strengths and achievements are sure to inspire you and provide valuable insight into this area of excellence. in website creation. So, let’s embark on a journey of discovering the best website development partners that India has to offer in the exciting year ahead. Web Development Advantages
Web Development Web development is a key aspect of modern business and its benefits apply to businesses of all sizes and across all industries. In the digital age, a strong online presence is essential to reach a wider audience and remain competitive. Here are some key examples of where web development benefits any business:
1. Global Reach: A well-designed website allows businesses to reach their global audience 24/7. It removes geographical barriers and enables companies to expand their customer base beyond local borders while taking advantage of international markets. 2. Increased Visibility and Branding: An optimized website improves your business’s visibility on search engines and drives organic traffic. It provides an opportunity to showcase the company’s products, services, and values, thereby contributing to better brand building and customer perception. 3. Customer Engagement: Web development allows you to use interactive elements like forms, live chat, and comment sections to engage directly with your customers. This fosters stronger relationships, builds trust, and allows businesses to glean valuable insights from customer feedback. 4. Profitability: Compared to traditional advertising and marketing channels, web development offers a cost-effective way to promote products and services. Businesses can easily update their content, share news and launch targeted online campaigns at a fraction of the cost. 5. E-commerce Opportunities: Web development enables businesses to build online stores and provides customers with a convenient platform to shop from anywhere. This leads to higher sales, better inventory management, and 24/7 availability. 6. Competitive Advantage: In a competitive market, the company excels with a well-organized and user-friendly website. Demonstrate professionalism, inspire trust in prospects, and show commitment to great user experiences. 7. Data Analytics and Insights: Web development includes analytics tools that provide businesses with valuable data on user behavior, website performance, and marketing effectiveness. This data-driven approach enables companies to make informed decisions and optimize their strategies. In summary, web development is an essential tool for any business. It enables businesses to connect with large audiences, strengthen brand exposure and adapt to an ever-changing digital landscape. Employing web development helps businesses stay competitive, drive growth, and thrive in the modern business landscape. 1. Digikull
Digikull is a leading web development company with a reputation for providing cutting-edge, innovative digital solutions. With a focus on empowering businesses through technology, Digikull offers a wide range of website development services tailored to the specific needs of its clients. The company prides itself on its team of highly skilled and experienced programmers, designers, and digital strategists who work together to create bespoke internet solutions. From simple websites to complex web applications, Digikull has a proven track record of delivering projects on time and budget. One of Digikull’s key strengths is its commitment to keeping up with technology. The company constantly researches and adapts to the latest trends and technologies in the web development industry. As a result, the solutions they create are not only visually appealing but also optimized in terms of efficiency and user-friendliness. Customer satisfaction is at the heart of Digikull’s business philosophy. The company places great emphasis on understanding each client’s unique needs and delivering customized solutions that meet their business goals. This approach has given them an impressive portfolio of successful projects across multiple industries. As a leading web development company, Digikull is known for its transparent communication, flexible interaction models, and affordable prices. Their client-centric approach and attention to detail sets them apart from the competition and make them the preferred choice for companies seeking exceptional web development services. 2. Webkul
Webkul is a pioneering web development company that has made significant contributions to the e-commerce ecosystem. Webkul specializes in the development of plugins, extensions, and modules and has become the number-one choice for companies looking for feature-rich and scalable e-commerce solutions. One of the main features of Webkul is the wide range of products designed for various e-commerce platforms including Magento, Shopify, WooCommerce, and others. Their team of dedicated developers can tailor these solutions to each company’s unique needs. What sets Webkul apart is its commitment to continuous innovation. The company regularly updates its products with the latest e-commerce trends in mind, ensuring its customers always have access to the latest features. This adaptability and responsiveness have earned them a loyal customer base worldwide. The success of Webkul is due to its customer-centric approach. They prioritize customer feedback and incorporate valuable insights into the development process. This user-centric strategy has led to the development of robust and easy-to-use e-commerce solutions that are taking online businesses to new heights. In addition to e-commerce expertise, Webkul also offers website development services for other industries. From web applications to mobile application development, they have proven their versatility by offering top-notch solutions. 3. Zensar Technologies
Zensar Technologies is a major player in the web development industry with a global presence and a rich tradition of technological excellence. As a leading provider of IT software and solutions, Zensar offers a comprehensive range of website development services for companies of all sizes. The company has a diverse team of talented professionals who have extensive knowledge of various web development technologies and frameworks. Their experience ranges from front-end development including HTML, CSS, and JavaScript to back-end technologies like PHP, Node.js, and Java. Zensar’s approach to website development is based on understanding the unique needs of each client. By combining industry best practices with tailor-made solutions, they enable companies to achieve their digital goals effectively and efficiently. With a strong focus on innovation and new technologies, Zensar remains at the forefront of the web development industry. They harness the power of artificial intelligence, machine learning, and data analytics to build intelligent, data-driven web solutions that deliver measurable results. The company’s commitment to quality and customer satisfaction has resulted in numerous awards and long-term partnerships. Zensar’s ability to adapt to changing market trends and provide outstanding website development solutions makes it the best choice for companies looking for a reliable and scalable technology partner. 4. Mindteck
Mindteck is a leading global technology company that has carved a niche for itself in the competitive world of web development. With a strong focus on innovation and customer-centric solutions, Mindteck has earned its reputation as a reliable partner for businesses seeking cutting-edge web development services. At Mindteck, their team of skilled developers possesses a deep understanding of the latest trends and technologies in web development. Whether it’s crafting responsive websites, developing robust e-commerce platforms, or creating dynamic web applications, Mindteck delivers tailor-made solutions that cater to the unique needs of each client. The company’s commitment to quality and adherence to industry best practices have earned them accolades from clients across various domains. Their agile development methodology ensures that projects are completed efficiently, on time, and within budget, making them a preferred choice for businesses of all sizes. 5. Mphasis
Mphasis is a globally recognized name in the realm of web development, providing transformative solutions to help businesses thrive in the digital landscape. With a focus on driving growth and enhancing user experiences, Mphasis empowers its clients to stay ahead of the competition. As a leading web development company, Mphasis boasts a team of experts who excel in creating visually stunning and functionally superior websites. Their web development services encompass everything from front-end design to back-end development, ensuring a seamless user journey and optimal performance. Mphasis leverages cutting-edge technologies like Artificial Intelligence, Machine Learning, and Blockchain to develop futuristic web solutions that address the evolving needs of businesses. Their customer-centric approach and passion for innovation have earned them a reputation for delivering exceptional results across diverse industries. 6. IBM
When it comes to web development, IBM stands tall as a pioneer in the industry. With decades of experience and a strong global presence, IBM has consistently delivered transformative web solutions that drive business growth. IBM’s web development services cater to organizations of all scales, ranging from startups to enterprises. They provide end-to-end solutions, covering every aspect of the web development process – from ideation and design to development and maintenance. With a vast pool of talented developers and access to cutting-edge tools and technologies, IBM has successfully executed numerous complex projects across diverse sectors. Their focus on innovation and commitment to security makes them a trusted partner for businesses seeking robust and scalable web solutions. IBM’s reputation as a leader in the web development industry is reinforced by its track record of delivering exceptional results for clients globally. Their emphasis on data-driven insights and personalized customer experiences ensures that businesses stay relevant and competitive in today’s fast-paced digital world. 7. TCS
Tata Consultancy Services (TCS) is a renowned global IT and consulting company known for providing excellent website development services. With decades of experience and a large number of clients, TCS has built an excellent reputation in the web development industry. The company has a team of highly skilled programmers, designers, and technical experts who are well-versed in the latest technologies and frameworks. TCS offers a comprehensive package of website development solutions tailored to the needs of different clients. Whether you are building responsive websites, dynamic web applications, or e-commerce platform development, TCS delivers excellence on every project. Their commitment to innovation and updating with the latest trends ensures customers receive modern, secure, and efficient internet solutions. When it comes to web development, TCS emphasizes the importance of user experience (UX) and user interface (UI) design. Their design-centric approach ensures websites and apps are not only visually appealing but also offer intuitive navigation and smooth functionality. In addition, TCS places great emphasis on responsive website design to ensure websites are accessible on different devices and screen sizes. Overall, TCS distinguishes itself as a leading web development company through the continuous delivery of outstanding solutions, extensive experience, and a strong global presence. Companies looking for reliable, scalable, and innovative web development services should consider TCS as the best solution. 8. Infosys
Infosys, a leading global IT services provider, is synonymous with excellence in web development. With a client base spanning diverse industries, Infosys has a proven track record of delivering bespoke web solutions tailored to specific business requirements. At Infosys, web development is approached with a focus on leveraging emerging technologies and frameworks. From front-end development using HTML5, CSS3, and JavaScript libraries to back-end programming with Python, Ruby, and Java, the company ensures robust and efficient web applications. One of Infosys’s key strengths lies in its dedication to understanding the unique challenges faced by each client. Their team of skilled developers and consultants collaborates closely with businesses to grasp their objectives and provide strategic insights. This customer-centric approach has earned Infosys a reputation for delivering scalable and future-ready web solutions. Infosys also emphasizes the significance of user-centric design in web development. By prioritizing UX/UI, they create engaging and user-friendly interfaces that enhance the overall online experience. Furthermore, Infosys adheres to best practices in web security, ensuring that their developed websites and applications are robust and safeguarded against potential cyber threats. Overall, Infosys stands tall as a reliable and innovative web development partner. With a commitment to excellence and a holistic approach to web solutions, they continue to empower businesses across the globe with cutting-edge digital experiences. 9. Wipro
Wipro, a leading IT company, has solidified its position as a leading player in the website development market. With a comprehensive service portfolio, Wipro serves a diverse range of customers, from start-ups to large companies. Wipro’s web development expertise covers a variety of areas including e-commerce, content management systems (CMS), enterprise web applications, and more. Their team of experienced developers specializes in using popular technologies like PHP, ASP.NET, and Node.js to create robust and scalable web solutions. The company’s approach to web development is built on a solid foundation of collaboration and transparency. Wipro maintains constant communication with customers throughout the development process, keeping them informed of progress and using feedback effectively. This customer-centric approach fosters strong relationships and leads to successful project outcomes. Wipro also emphasizes the adoption of modern development practices such as Agile and DevOps.With these methods, they ensure faster development cycles and faster time to market for web applications. Additionally, Wipro’s focus on continuous testing and quality assurance ensures that the end product meets the highest standards of performance and safety. In summary, Wipro’s reputation as a leading website development company rests on its ability to deliver comprehensive solutions that meet clients’ business goals. With a customer-centric approach and a commitment to innovation, Wipro remains the preferred choice for businesses seeking reliable and comprehensive website development services. 10. Embee
Embee is a renowned web development company that has earned the trust of its customers through its customized solutions and commitment to excellence. As a customer-centric company, Embee understands the importance of developing web applications in line with the customer’s specific needs and goals. Embee’s experienced development team has experience in a variety of programming languages and frameworks. From PHP and Ruby on Rails to Angular and React, they have the technical expertise to deliver quality web solutions across a variety of industries. What sets Embee apart is its commitment to providing customized web development services. They work closely with customers and take the time to understand their business processes and pain points. This meticulous approach enables Embee to build web applications that streamline operations and deliver measurable business outcomes. In addition, Embee is engaged in the development of Internet solutions, with a focus on user experience and design aesthetics. Their UX/UI designers create visually pleasing interfaces with smooth navigation and provide end users with a smooth and pleasing web experience. Embee also values data security and privacy. They follow industry best practices to protect developed web applications from potential vulnerabilities and ensure compliance with applicable regulations. In summary, Embee is a trusted partner for companies looking for non-standard website development solutions. With a commitment to customer satisfaction, technical expertise, and a design-led approach, Embee continues to make a positive impact in the web development space.

Top 10 Best Web Development Companies In India 2024

Top 10 Best Cognotech Companies In India 2024

New Delhi: Zensar Technologies Ltd has nearly 100 proofs-of-concept (PoCs) projects centred around generative artificial intelligence (AI). However, chief executive Manish Tandon cautioned that the AI field is at risk of being overly focused on demonstrations and prototypes rather than addressing practical challenges and limitations of the technology. “Generative AI is leading to billable PoCs and not multi-year projects. Today, generative AI is suffering from what we call a ‘demo disease’. But it’s important to understand that just because a demo works doesn’t mean that a technology is scalable as well. Clients are also realizing the limitations of what generative AI can and cannot do. To be clear, the revenue inflow from generative AI is not in the millions, at least not yet. But, the number of PoCs is close to 100 for us," Tandon said. As an early example of a concept, one offering by Zensar is a generative AI-powered engineering assistant based on Microsoft’s Azure AI cloud platform to help software developers write code. However, Tandon said there are legal concerns around the validity of these tools and conflicts and infringements they may raise. “While we explore internal usage of generative AI, legal issues around the field are still unresolved. In our industry, we work for hire—the intellectual property (IP) for what we create belongs to our clients. With tools like Copilot, it’s not very clear as to whom the IP of the created code lies. We’re therefore being very cautious, and we’ve limited the use of these tools to only a bunch of researchers at our labs until legal issues are resolved amicably," he said. Zensar reported a stable but conservative September quarter, in line with the entire information technology (IT) services industry. He expressed caution around what the immediate future holds for the sector and how the slowdown may play out. “In the first half of this year, we earned more than we earned in the entire last year. But it’s a tough market out there, and we’re a part of it too," he said. “We’ve expanded our addressable market space, because of which there has been a drop in traditionally strong verticals such as hi-tech and manufacturing. But, other verticals have seen significant growth, which is a positive sign in this tough period," he added. You may be interested in
“More than billing of previous deals, discretionary spending has declined significantly. During the pandemic, and when the (US Federal Reserve) interest rates were close to 0%, the propensity to take up high-risk digital projects was very high, which was benefitting us. Decision cycles are taking longer, and budgets are constrained everywhere we go. We’re already seeing companies continuing to declare retrenchment—as a result, the cautionary approach is not just about billing large deals or staffing," he further added. Zensar, the top executive said, is also likely to consolidate its overall headcount—which declined in the September quarter. This could be a part of “balancing the demand and supply," Tandon said. ZENSAR TECHNOLOGIES

Generative AI not yet leading to multi-year projects: Zensar CEO

Generative AI not yet leading to multi-year projects: Zensar CEO-Business Journal
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New Delhi: Zensar Technologies Ltd has practically 100 proofs-of-concept (PoCs) initiatives centred round generative synthetic intelligence (AI). However, chief government Manish Tandon cautioned that the AI subject is liable to being overly targeted on demonstrations and prototypes somewhat than addressing sensible challenges and limitations of the expertise. “Generative AI is leading to billable PoCs and not multi-year initiatives. Today, generative AI is affected by what we name a ‘demo disease’. But it’s necessary to perceive that simply because a demo works doesn’t imply {that a} expertise is scalable as effectively. Clients are additionally realizing the restrictions of what generative AI can and can’t do. To be clear, the income influx from generative AI is not within the hundreds of thousands, at the very least not yet. But, the variety of PoCs is shut to 100 for us,” Tandon mentioned. As an early instance of an idea, one providing by Zensar is a generative AI-powered engineering assistant primarily based on Microsoft’s Azure AI cloud platform to assist software program builders write code. However, Tandon mentioned there are authorized considerations across the validity of those instruments and conflicts and infringements they could increase. “While we discover inside utilization of generative AI, authorized points across the subject are nonetheless unresolved. In our business, we work for rent—the mental property (IP) for what we create belongs to our purchasers. With instruments like Copilot, it’s not very clear as to whom the IP of the created code lies. We’re subsequently being very cautious, and we’ve restricted using these instruments to solely a bunch of researchers at our labs till authorized points are resolved amicably,” he said. Zensar reported a stable but conservative September quarter, in line with the entire information technology (IT) services industry. He expressed caution around what the immediate future holds for the sector and how the slowdown may play out. “In the first half of this year, we earned more than we earned in the entire last year. But it’s a tough market out there, and we’re a part of it too,” he mentioned. “We’ve expanded our addressable market area, due to which there was a drop in historically robust verticals resembling hi-tech and manufacturing. But, different verticals have seen vital development, which is a optimistic signal on this powerful interval,” he added. “More than billing of earlier offers, discretionary spending has declined considerably. During the pandemic, and when the (US Federal Reserve) rates of interest had been shut to 0%, the propensity to take up high-risk digital initiatives was very excessive, which was benefitting us. Decision cycles are taking longer, and budgets are constrained in every single place we go. We’re already seeing corporations persevering with to declare retrenchment—consequently, the cautionary method is not nearly billing massive offers or staffing,” he further added. Zensar, the top executive said, is also likely to consolidate its overall headcount—which declined in the September quarter. This could be a part of “balancing the demand and supply,” Tandon mentioned. “Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here! Catch all of the Technology News and Updates on Live Mint.

Generative AI not yet leading to multi-year projects: Zensar CEO-Business Journal

Zensar Technologies : Earnings Call Transcript Q2 FY24
October 23, 2023 at 06:07 am EDT
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Conference Call"
MR. SACHIN ZUTE - CHIEF FINANCIAL OFFICER
MR. VIVEK RANJAN - CHRO
FINANCIAL SERVICES LIMITED
Technologies Limited, hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need assistance
during the conference call, please signal an operator by pressing "*" then "0" on your touch-tone
phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pritesh Thakkar from Motilal Oswal Financial Services
Limited. Over to you, sir. Pritesh Thakkar:
On behalf of Motilal Oswal, I welcome you all to Zensar Tech's Q2 FY24 Earnings Call. We
have Mr. Manish Tandon - CEO and Managing Director of Zensar Tech; Mr. Sachin Zute -
Chief Financial Officer; and a few other members of the senior management team. Before I hand over the call to Manish, I would like to highlight that the safe harbor statement of
the second side of the earnings presentation is assumed to be read and understood. Over to you,
sir. Hello, good morning, good afternoon, and good evening to everyone. Thank you for taking the
time to join us today to discuss Zensar's Financial Results for the second Quarter of the Financial
Year 2024. Sachin Zute - Chief Financial Officer, and Mr. Vivek Ranjan - CHRO. Our Q2 performance shows continued strength and demand for our service lines, particularly
around Experience Services, Advanced Engineering, Data Engineering and Analytics. Q2
revenue crossed $150 million, a sequential quarter-on-quarter growth of 0.6%. Our PAT
registered a sequential quarter-on-quarter growth of 130 basis points and year-over-year growth
of 940 basis points. Earnings per share saw a growth of 11.3% quarter on quarter. Let me walk you through the high-level performance of our geographies and verticals for this
quarter:
service line diversification and new wins across long-standing and new clients. We saw a decline in the US region due to project closures in a few key customers. On the vertical front, I would also like to take this opportunity to update that we will start
tracking Healthcare & Life Sciences as a separate vertical. In the last four quarters, we have
identified certain key strength areas, Healthcare being one of them. We see a long-term potential
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October 17, 2023
and we have realigned our verticals to that effect. Apart from this, we have also realigned our other verticals in line with our leadership structure. Coming to the sequential Q-o-Q constant currency growth for the verticals:
Our services revenue in Banking & Financial Services grew by 3.0%, Manufacturing &
Consumer Services grew by 6.7%, while Hitech declined by 8.3%, and Healthcare & Life
Sciences saw a decline of 1.7%. I am pleased to share that for the second Quarter, our last-twelve-months attrition declined to
13.1%, a sequential improvement of 280 basis points. This quarter, we gave salary increases which was better than the industry average and has been
very well received by our associates across all levels. With that, I will now invite Sachin Zute - our Chief Financial Officer, to provide an update on
critical financial data. Sachin Zute:
Good day everyone and thank you for joining the call today. In addition to Manish talking about
business, I will take you through some of the key financial metrics for the quarter ending
September 2023.
reflecting a growth of 0.6% sequentially in reported terms and 0.2% in constant currency terms. Gross margin for the quarter stood at 31.8%, a decrease of 180 basis points quarter on quarter. The decline was primarily due to a wage hike impact of 190 basis points, reversal of one-time
benefit of 80 basis points, which was mentioned in the last Quarter's Earnings Call. It was
partially offset by the exchange gain of 30 basis points and utilization benefits of 50 basis points. SG&A has improved by 170 basis points. Wage hike had an impact of 30 basis points on SG&A,
which was compensated by a reduction in discretionary spends. Further, during the quarter, we
had finalized our annual management bonus of FY23, which had a one-time positive impact of
160 basis points on SG&A. Normalized SG&A has remained flat quarter-on-quarter basis. EBITDA for the quarter was at 18.6%, lower by 10 basis points against last quarter. Net of one-
timer, EBITDA would have been close to 17%. After Q2 of last fiscal, we have consistently
improved our EBITDA margins. This was a result of rigorous efforts driven across the
organization, which involved several tracks including improving commercials, focus on services
revenue, optimization of subcon, improving utilization, control on attrition, and reducing talent
acquisition cost resulting in a Y-o-Y improvement of approximately 10 percentage points on
EBITDA. These measures have enabled us to make investments into focused areas of business. Our objective continues to maintain margins at mid-teens trajectory for the financial year despite current demand softness. LTM attrition levels have shown continuous improvement over the quarter and stood at 13.1% for Q2 FY24. DSO for the quarter stood at 79 days. For the quarter ended, cash and cash equivalents including investments stood at $227.1 million,
$6.7 million decrease from last quarter. Quarter-on-quarter decline is due to advanced tax payment, dividend payout, and annual bonus payout of FY23 in Q2 FY24. Order book was 194.8 million for the current quarter. This also includes some spillover from the previous quarter and certain renewals which closed earlier in this quarter itself. Effective tax rate for the quarter is 22.7%, an improvement of 300 basis points quarter on quarter. ETR improved due to credits received at foreign locations during the quarter, part of which are expected to continue for the balance of the year. Total amount of outstanding hedges as on September 30,2023 was equivalent to $289.1 million against $246.7 million in Q1 FY24. On the ESG front, as of Q2 FY24, we have taken specific initiatives to increase green energy component and reduce energy consumption to achieve our goal to reduce Green House Gas emission by 11% compared to FY23. We have achieved approximately 25% green energy component in our energy mix globally. We continue our journey on water positivity with water generation exceeding water consumption at our Pune campus. With that, I now invite Vijayasimha - our Chief Operating Officer, to provide updates on business operations. Vijayasimha Alilughatta: Greetings everybody. Manish has provided insights about our business and Sachin has shared details about the key financial metrics. I will share details about our operational efficacy, service line performance, and capability enrichment initiatives. We are continuing our journey on operational excellence and making good progress on key imperatives like pyramid optimization, managing utilization in an optimal range, and calibrated usage of subcontractors while managing our onsite mix. Disciplined execution on these parameters enabled us to minimize the impact of wage increase on cost of delivery. Enhanced fulfillment rigor enabled us to minimize the impact of volatile demands due to macroeconomic situation. This rigor enabled us to improve our utilization by 60 basis points. Page 4 of 15
This quarter, we saw good growth in many of our Service lines. On a quarter-on-quarter basis in reported terms, our Advanced Engineering Service line registered a growth of 7.8%, Experience Services grew by 3.1%, Application Services and Enterprise Application Services grew by 0.2%, while Foundation Services remained flat. Data Engineering and Analytics saw a decline. Our key Service lines continue to scale up well, making up to 34.0% of our total revenues. We are continuing to deliver value to clients via our "Experience-Engineering-Engagement" continuum of service offerings. As part of this, we have developed multiple assets that can help our clients navigate the complex AI ecosystem. These assets help our clients identify the right set of use cases and technology solutions to achieve competitive differentiation. We are accelerating our Talent Transformation journey to increase the depth and breadth of subject matter expertise of our employees on emerging technologies as well as appropriate business domains. With that, I now hand it back to Manish. Manish Tandon:There are signs of continued softness due to the difficult macroeconomic environment impacting customer technology spend decisions. We are carefully watching the demand environment and continue to stay close to our clients so as to respond to their needs and accordingly adapt our investment plans. Over the last 4 quarters, our thrust on client centricity, execution excellence, and employee- centric policies have yielded positive results. Continued focus on execution of strategy through accelerated go-to-market partnerships and sales rigor with the goal of investing in long-term growth remains our top priority. With that, we can open the lines for questions. Moderator:We will now begin the question & answer session. The first question is from the line of Mr. Nitin Padmanabhan from Investec. Nitin Padmanabhan: I had a couple of questions on the deal wins. I think on the face of it, the deal wins look strong at 1.3x book to bill. Normally I would assume that this would lead to a strong Q4, but I think you made a few qualifications there saying there is a spillover and the renewals. Could you give some color there? And assuming a strong Q4 with these deals flowing through into Q4 revenue, is that a wrong assumption? Just wanted your thoughts on how to think about this. Sachin Zute:Nitin, as I said that $194.8 million order book which we reported has spillover from Q1. There are certain deals which got spilled over from Q1 to Q2, and there are a couple of deals which we were expecting to sign in Q3 got signed in Q2 itself. So, the normalized run rate could be very close to what we reported last quarter. It will be better than the last quarter. As far as Q4 is
Page 5 of 15
October 17, 2023
concerned, Nitin, I think it's too early for us to give you any flavor given the circumstances which we are dealing with, and as Manish specifically called out, the demand environment continues to be challenging, and I think we will be only able to comment on that as we move forward. Nitin Padmanabhan: So, here's the challenge. The broad thought process was that margins will improve - we have done extremely well on margins - and growth should be tail-ended. And at least on the face of it, it looks like based on the deal wins that it could be. What are the concerns that you have? I did notice that Hitech is down sharply and maybe Q3 is soft because of furloughs. So, I just wanted your thoughts on how to think about this. Do you think that these deal wins will not convert to revenue or there are possibilities of delayed convert to revenue? Manish Tandon:The way we report the order book, the deal wins will convert and the entire $194.8 million is going to convert to revenues. The question is that you are filling the bucket from one end, but we don't know what will be the leakage of revenues due to furloughs and due to lower number of working days and so on and so forth in the quarter. You can be assured that if we are showing 194.8, 1. it's a very precise number and 2. we will get those numbers. Nitin Padmanabhan: Lastly, before I exit the floor, what are the areas of worry from a vertical standpoint at this point in time? And when do you think Hitech can potentially bottom out? Manish Tandon:I think if you look at our performance overall, except for Hitech as a vertical, we have done very well actually. We have done well in Africa. We have done well in the UK and Europe. We have done well in financial services. We have done well in consumer services. Our Experience services business is growing. Horizontals, we are seeing growth, pretty much everywhere. Except for Hitech as a vertical, the growth has been very very promising across the board. But when will Hitech recover? I think that's a trillion dollar question, not even a billion dollar question because as you know, today 70% of the capital spend in the US economy is on technology and technology related products. And as we are seeing elevated interest rates and quantitative tightening, I personally feel that unless we see a dampening of interest rates and a dampening of quantitative tightening, I don't think it will be easy for the Hitech as a vertical turnaround. Moderator:
The next question is from the line of Sandeep Shah from Equirus Security. Sandeep Shah:Sir, I just wanted to know within the Hitech vertical, is it a pain within one top client or these are pains beyond some of the other top clients within Hitech? And the way I look at it is these clients are a pain point for Zensar in terms of suppressing growth on a year-over-year basis. So, we can have 2 solutions. One is to open more purchasing windows in these accounts or actually accelerate the growth in the other segments outside these accounts. Which path we are looking for in terms of diversifying and minimizing this risk which suppresses the growth of Zensar year after year? Page 6 of 15
is the gap here which is there and what exactly is this? Sachin Zute:
The gap is due to the one-time reversal of management bonuses for FY23, which the decision
was taken during the current quarter and reversal of that has come in the current quarter's P&L. As you all know that FY23 was not a very good year for us as a company and we have very high
performance driven criteria on the basis of which management of the company gets its bonuses,
given the performance, we have seen the one-time positive impact of 160 basis points on the
margin. If you take that out, the normalized margin would be close to 17%. Page 7 of 15
The next question is from NGN Puranik from Enam Asset Management. NGN Puranik:I have a question. You talked about capability building and pyramid rationalization, and these are the best leverage available for an IT services company. If you can elaborate on what all you are doing on the vertical and horizontal capability building at the individual level and at the company level. Vijayasimha Alilughatta: On the capability building front, we have basically 2 dimensions. One is deepening the technology capabilities of our associates around the 5 Service lines that are associated with Advanced Engineering practices, which is nothing but cloud-native capabilities. We are also significantly increasing the capability of our associates around the Experience Services as well as Oracle, SAP, sales force kind of a thing. Outside of that, we see a strong market for AI and Generative AI. As we speak, we have embarked on the journey of upskilling our people across the Generative AI spectrum. That is completely fully in force. And finally, given our growth potential, we see that we also need to basically have our people sharpen their domain skills because techno-functional skills are what is going to be the need of hour to deliver value to our clients. So, we are sharpening the domain skills as well. And of course, the other things associated with leadership training, project management training, and things like that. We have a very structured capability enrichment program with individualized learning paths for each of our associates, and that is beginning to yield results. Some more work to be done. NGN Puranik:Can you summarize in terms of the capability building which you use for client operations. What are the key services you are building the capability? Is it how big is the focus on analytics? You talked about customer experience and engagement and others, but in terms of analytics, how big is the focus? Manish Tandon:No, I think there's a huge amount of focus, Mr. Puranik, on Experience Services which includes both the research, design, UI, and customer experience. We have a very compelling practice on Data Engineering and Analytics already. By the way, we have integrated the generative AI capability with our Data Engineering and Analytics capabilities because we believe that without data, there is no artificial intelligence. It can only be artificial dumbness. So, we have combined the two and we believe that all these newer Service lines are going to be big growth areas for us. And we are actually seeing those in the results. NGN Puranik:How many projects you have done using analytics with generative AI? Manish Tandon:Nobody has done any projects, and if they claim that they have done projects, it may be a single digit number, but we have done close to 100 proofs of concept for our clients. And not every proof of concept translates into real projects because the technology is still fairly nascent no matter what people tell you; it is fairly nascent. It is not really ready for prime time on the enterprise, especially on the customer side. NGN Puranik:So, it can be both productive and predictive? Page 8 of 15
Pritesh Thakkar:
I was asking on the client buckets. What is driving growth for the Beyond Top 20 clients? Because, it reported 9.5% Q-on-Q growth while your top 20 accounts declined by 4.9% Q-on-
Q.
Sachin Zute:
Pritesh, if you look at when Manish joined, at that point of time, he clearly called out that we are
going to start a new organization within our sales team which will focus on the net new business
for the company. For the last 2 quarters, there have been a lot of hiring which is happening over
there, and gradually we definitely think that that engine will start picking up and will help us
grow outside the top 20 clients for the company. Page 9 of 15
you would have formed GTM strategy, and leadership was inducted. If you can share some
strategic high-level pointers of what your thought process is, that will be helpful. The second
part is on BFSI. In times like these where expenses from banks are struggling actually, your
growth has remained robust. What are those parameters or what are those things that you are
doing differently? If you can just highlight what are the key differentiators there. Manish Tandon:
First of all, on Healthcare & Life Sciences I will reiterate. I think without even calling it a
vertical, we have had a good presence in Life Sciences and Medtech overall and a couple of
Healthcare accounts. We believe that adding domain capabilities to this mix and offering a
broader range of our services to the Healthcare & Life Sciences sector will yield richer dividends
than if it was hidden in the emerging area. We will start by enhancing our domain capabilities
in this area and marrying our offerings with the domain capabilities and taking them to the
market. That is broadly the incubation strategy, at least for the first 2 or 3 quarters. BFSI, we are doing quite well. Two reasons; one is, in BFSI, especially on the insurance side,
we have specialized in certain packages and we have both the technical depth and the domain
capabilities to go deeper into these areas. And once we have entered this, we have expanded
using our other offerings. That has worked well in overall BFSI for us. Page 10 of 15

Zensar Technologies : Earnings Call Transcript Q2 FY24

Newgen (NSE: NEWGEN) is a low-code end-to-end automation platform. It offers a range of solutions such as business process management, customer communication management, digital process automation, workflow management, and more. It serves industries such as financial institutions, insurance firms, healthcare payers, and more. It was founded in 1992 and is based in New Delhi, India.

Newgen

Zensar Technologies , a leading experience , engineering , and technology solutions company , announced an alliance with Newgen Software , a leading provider of low code digital transformation platform , NewgenONE .

Zensar Technologies : and Newgen form an alliance to explore Rapid Enterprise-wide Automation

FRISS provides trust automation for property and casualty (P&C) insurers. It offers products such as underwriting insights, risk assessment at underwriting, fraud detection at claims, compliance screening, and investigations at SIU. The company was founded in 2006 and is based in Mason, Ohio.

FRISS

The partnership will enable the clients of Zensar Technologies to access the latest market-ready AI , a host of data sources and customer service directly via the FRISS platform .

Zensar Technologies joins forces with FRISS to digitize risk assessment

Invoice Cloud is a company that specializes in digital billing and payment solutions, operating within the financial technology sector. The company offers a software-as-a-service (SaaS) platform that simplifies the billing and payment process, providing customers with multiple payment options and encouraging self-service. This service primarily caters to industries such as utilities, local government, insurance, and consumer finance. It was founded in 2009 and is based in Braintree, Massachusetts.

Invoice Cloud

This partnership brings together the user-friendly SaaS platform of InvoiceCloud and Zensar 's global strategic consulting , enterprise delivery , and implementation services designed to create compelling value for both companies and their mutual clients .

InvoiceCloud Announces Strategic Partnership with Zensar

Claimatic is a company that focuses on insurance claims automation in the insurance industry. The company offers a patented solution that provides fast and accurate claims triage and assignment, improving outcomes for insurers and customers. This service primarily caters to the insurance industry. It is based in San Antonio, Texas.

Claimatic

Ernst & Young

Secondary Market - II

Zensar Technologies is a technology solutions company focused on experience, engineering, and engagement. The company offers a range of services including experience design, advanced engineering, data engineering and analytics, foundation services, and application services. Zensar primarily serves the hi-tech engineering, banking and financial services, insurance, manufacturing, and consumer services sectors. It was founded in 1991 and is based in Pune, India.

Name	Work History	Title	Status
Ajay Bhandari	Ernst & Young	Executive Vice President	Current
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Zensar Technologies

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Zensar Technologies Management Team

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