While ZENT's revenue performance in FY21 (down 12% YoY in CC terms) was among the weakest in our IT Services coverage due to hit from both COVID19 and restructuring in its top account (over 20% of revenue), it reported an impressive PAT growth (33% YoY), led by 6pp EBITDA margin improvement. The company's low valuation (13x FY23E P/E) is on account of its weak topline performance over the last two years. With a new leadership (Mr. Ajay Bhutoria took over in Jan'21), refreshed strategy (Exhibit 1), and...