Zensar (ZENT)'s 3QFY22 performance of 4.7% QoQ CC revenue growth and a 14.3% EBITDA margin was encouraging, although expectations were modest for the furlough-hit 3Q. The company delivered a decent deal TCV of USD125m, 0.8x book-to-bill, indicating continued strength in the deal pipeline from a combination of small- and medium-sized deals. ZENT's good 3QFY22 performance in a seasonally weak quarter reinforces our view that its new sales-led strategy should help the company return to the high-teen organic growth path in FY23E. We estimate USD revenue...