Quess Corp, India’s leading business services provider, announced its financial results for the second quarter ended 30th September 2020 today.
Quess revenue growth was flat year-on-year at Rs 2,615 crore. The 9 percent quarter-on-quarter growth is largely from General Staffing, Conneqt, and Qdigi.
Quess’s EBITDA increased 8 percent quarter-on-quarter and fell 14 percent to Rs 140 crore. The year-year-year decrease was on account of continued lockdown-related impact on IFM food services and Excelus training and skill development businesses.
Quess said profit increased 37 percent quarter-on-quarter and decreased 25 percent year-on-year to Rs 50 crore. The year-on-year drop in profit was due to higher ETR, offset by 30 percent PBT growth.
Quess won 195 new customers during the quarter.
Quess completed the sale of Dependo for a consideration of Rs 10 crore, making Rs 8 crore from the sale.
Quess will reduce the number of entities from 46 to 31.
Quess CEO Suraj Moraje said: “With our accelerated investments in technology, our group will emerge even stronger from the current pandemic. We continue to work hard towards our 20 percent ROE and 20 percent OCF CAGR targets.”
Quess has a team of over 324,910 employees across India, North America, South America, South East Asia and the Middle East across platforms such as Workforce Management, Operating Asset Management and Technology Services. Quess serves over 2,860 clients worldwide. Established in 2007, Quess is headquartered in Bengaluru, India and has a market cap of approx. Rs 6,086cr as of September 30th, 2020.