India is among the few economies that stood tall after the global
 financial crisis mainly due to the countrys favourable population
 demographics, greater domestic consumption, and inherent resilience.
 Indias GDP is expected to grow more than 8 per cent between 2011 and
 2015 and the IT market is expected to outpace the same. Increasingly
 customers are looking at India more and more as a strategic partner in
 specific business areas to drive productivity gains and business
 outcomes.  Domain expertise, process excellence, the ability to
 leverage technology and greater scalability are becoming key
 differentiators for countries as well as companies to compete and win
 in the outsourcing business.
 
 Since 2009, as a result of an altered demand landscape, the IT sector
 had begun to transform itself by actively diversifying beyond core
 offerings and markets through new business and pricing models. The
 industry began specializing in end- to-end service offerings with
 deeper penetration across verticals, transforming process delivery
 through re-engineering and enabling technology. Innovation through
 research and development and inclusive growth by developing targeted
 solutions for the domestic Indian market has also become important for
 the sector. I am glad that Zensar has been quick to spot
 
 these opportunities and build a strategy and structure that will
 support its new growth ambitions.
 
 With the increase in technology spending and the changing pattern of
 outsourcing contracts, I am confident that Zensar will be able to
 secure larger deals focused on emerging verticals and geographies.  In
 the emerging markets of Asia Pacific, India and Rest of World regions
 the outsourcing focus was not only on cost, but also value and on the
 scale of transformation that could be achieved by working with Zensar.
 The investment made to create intellectual property in the organisation
 and bringing in non- linearity is also expected to be a key driver for
 growth. The ultimate test for transformation through innovation for
 Zensar today is to create a sustained impact on client revenues through
 a model that can identify new growth engines and usage of technical and
 domain capabilities. This calls for development of products, tools,
 technologies and processes that can be used for multiple clients, and
 the organisation is well poised to capitalize on this as the next wave
 of growth.
 
 Sincerely 
 Harsh Goenka
 
 
 CEOs Note
 
 This has been a good year for Zensar. We have met and exceeded our
 goals in all areas - revenues from existing clients, addition of new
 clients and addition and retention of manpower. The crowning glory in
 the last quarter was the acquisition of PSI Holdings Inc with their
 flagship company Akibia now adding tremendous capability to our
 Infrastructure Management business worldwide.
 
 We have moved to a new business model with five vertical domain
 business units for Manufacturing, Retail, Insurance, Banking and
 Connected Services, supported by Strategic Services units for
 Consulting, Business Services, Infrastructure Management, Application
 Development and Maintenance, Testing and Enterprise Technologies and
 Applications. This move gives us a sharp focus on customer domains and
 enables us to provide end-to- end services to them.
 
 Zensars success in the last decade has been the focus on Innovation
 and the outcomes have been rewarding for all stakeholders that Harvard
 Business School is now developing a new case study focused on this
 area. Our global delivery platform where centres in India, China, the
 USA and UK collaborate to give a seamless experience to the client has
 been one differentiator for Zensar to attract and enable new clients.
 
 In an environment where margins are under some pressure, we will
 continue to look at incremental innovations in our business model, key
 customer-centric processes and talent management as well as
 architectural innovations to capitalise on the Cloud phenomenon.
 
 Our R&D team members are working at the leading edge of new
 technologies and methodologies and each vertical domain unit is looking
 at opportunities to build intellectual property. The success of our
 template based approach in SAP has led both SAP India and US
 recognising our capabilities and offering higher levels of partnership.
 A new talent management thrust will see us developing stronger
 entrepreneurial and leadership skills in all geographies and verticals
 and build a stronger organisation.
 
 Zensars pillars of strength continue to be the quality and loyalty of
 our customers, innovation and the quality of teams. Our management team
 has held together over the years and continues to stay committed to
 growth, profitability and shareholder value
 
 Sincerely
 Ganesh Natarajan