Quess Corp's profit up y-o-y by 226%

10 May 2024 , 09:52 AM

Quess Corp reported an 11% increase in revenue to ₹4,910 Crore in Q4 of FY 2023-24, compared to ₹4,440 Crore in the same quarter last year. Profit after tax (PAT) surged by 226% to ₹98 Crore from ₹30 Crore in the corresponding indicating a recovery from the previous quarter’s decline, when PAT fell to ₹64 Crore from ₹85 Crore due to a one-off exceptional expense.

The company’s headcount grew by 11% to 5,67,000 in Q4, up from 5,12,000 in the corresponding quarter of the previous fiscal. Earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a robust growth of 28%, reaching ₹195 Crore compared to ₹152 Crore in Q4 of FY23.

The board recommended a final dividend of ₹6 per share, resulting in the highest-ever dividend payout of ₹10 per share for FY24. An interim dividend of ₹4 per share was approved in the last quarter.

Guruprasad Srinivasan, CEO of Quess Corp, expressed satisfaction with the company’s financial performance, highlighting the highest-ever revenue and EBITDA for FY24. He attributed the growth to a focus on profitable expansion and operational simplification.

Srinivasan mentioned significant margin expansion in the GTS and OAM platforms, driven by operational leverage and efficiency improvements. The WFM platform witnessed robust headcount growth, particularly in the Manufacturing and Retail sectors, thanks to the vertical focus strategy.

The three-way demerger of Quess Corp announced during the quarter is progressing as planned. Quess Corp Ltd, Digitide Solutions Ltd, and Bluspring Enterprises Ltd will handle workforce management, business process management, and insurtech, and facility management, industrial services, and investments, respectively.

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