Quess Corp Limited Q3FY23 Earnings Story

Quess Corp is in the business of offering IT services, operating asset management, and workforce management services.

Quess is one of India’s top 3 local BPO businesses and ranks among the top 50 global staffing companies in the globe. The top supplier of facility management services in India is Quess, which is also ranked first in Singapore’s IT staffing market and first in India’s generic staffing market and Information Technology staffing segment.

Financial Results:

Quess Corp Ltd.’s revenue in Q3FY23 rose 21% to ₹ 4,466 crores. Consolidated Profit After Tax came at ₹ 86 crores. In this quarter’s results, the reports suggested that the fall in profits are due to the high level of expenditure.

“Our revenue in quarter three 4% compared to previous quarter and grew 21% on Y-on-Y basis. All these segments posted a decent top line growth. Our EBITDA in Q3 was down by 19% on a Y-on-Y basis to INR145 crores. This decline is due to the following reasons. Product-led business burn of INR30 crores, which is in line with our previous guidance, increase in SG&A cost by INR7 crores, contract renegotiations in IFMS business at the start of this financial year, impacting INR5 crores and investment in US Staffing business of INR3 crores. Our EBITDA in quarter three has grown up 8% on quarter-on-quarter basis, mainly due to growth in GTS and WFM segments.”

Kamalpal Hoda, Chief Financial Officer