Quess Corp Achieves Strong Q3 Performance with Rs 87.79 Crore Net Profit
Quess Corp, a key player in the business services sector, has reported a commendable performance in the third quarter, securing a net profit of Rs 87.79 crore. It is essential to note that this quarter’s robust financial standing doesn’t include the one-time exceptional gain of Rs 53.5 crore from the divestment in Simpliance, a digital risk, and compliance services company, as seen in last year’s figures.
The company’s revenue from operations witnessed a noteworthy 8% growth during this quarter, reaching Rs 4,841.83 crore compared to the previous year’s Rs 4,465.55 crore. Quess Corp’s Executive Director and Group CEO, Guruprasad Srinivasan, expressed satisfaction with the remarkable 24% YoY growth in EBITDA, reaching Rs 181 crore. This success is attributed to the consistent non-linear growth in the Global Technology Solutions platform, a focus on profitable growth in the Operating Asset Management platform, and a significant 50% reduction in the burn rate of foundit.
Strategic Corporate Simplification and Vertical Focus Strategy Yield Positive Results
As part of Quess Corp’s ongoing corporate structure simplification, the company implemented the amalgamation of fully-owned subsidiaries – Conneqt Business Solutions, MFX Infotech, and Greenpiece Landscape India – post NCLT approval during this quarter.
Srinivasan emphasized the positive impact of the vertical focus strategy in the Workforce Management platform, leading to the successful addition of 13,000 in headcount. This strategy yielded significant results in the manufacturing and BFSI sectors, which collectively contribute over 45% to Quess Corp’s business.
Despite a 2.52% decline in shares, closing at Rs 493.80 on the BSE, Quess Corp’s overall performance signals resilience and strategic success in navigating the dynamic business landscape.