Zensar Technologies (ZENT) reported its best quarterly revenues – at US$153.2mn, up 4.1% QoQ USD, beating our estimate of 3%. In CC terms, revenues grew 4.2% QoQ and 28.5% YoY. FY22 growth was 15.3% YoY. Though inorganic growth was not called out separately, management stated that at the time of acquisition, M3bi had a quarterly revenue run-rate of US$7.5mn so it translates into organic growth of 11% YoY in FY22.