Quess Corp Reports 8% Revenue Surge in Q3, PAT Up 162% YoY, Declares ₹4 Dividend

5 Feb 2024 , 10:34 AM

Quess Corp reported a notable 8% increase in revenue to ₹4,842 crore in Q3 of FY23 compared to ₹4,466 crore in the same period last year.

Despite a one-off exceptional expense, the company’s profit after tax (PAT) declined by 24.7% to ₹64 crore from ₹85 crore. However, adjusted PAT saw a significant rise of 162% to ₹84 crore.

Quess Corp’s headcount grew by 10.5% to 5,57,000 in Q3, up from 5,04,000 in the previous fiscal’s corresponding quarter.

EBITDA surged by 24% to ₹181 crore in the quarter compared to ₹145 crore in the previous quarter. The company’s Board approved an interim dividend of ₹4 per share for FY24.

CEO Guruprasad Srinivasan attributed the 24% YoY EBITDA growth to consistent non-linear growth in the Global Technology Solutions platform, a focus on profitable growth in the Operating Asset Management platform, and a significant reduction of 50% in foundit’s burn rate.

Quess Corp successfully implemented the amalgamation of its fully owned subsidiaries Conneqt Business Solutions Limited, MFX Infotech Private Limited, and Greenpiece Landscape India Private Limited during the quarter after receiving NCLT approval.

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