Bengaluru, NFAPost: Quess Corp, leading business services provider, reported a 61% drop in net profit for the fourth quarter ending FY 2023 at Rs 30 crore compared with Rs 77 crore reported for the same period last year.
Net profit for the December 2022 quarter was Rs 86 crore. The company’s revenue rose 17% to Rs 4,440 crore from Rs 3,792 crore in the same period of the previous fiscal. Revenue was down slightly QoQ compared to Rs 4,446 crore reported in Q3FY23.
EBITDA fell 18% to Rs 152 crore against Rs 185 crore in Q4FY22, while the margin fell 145 basis points year-on-year to 3.42%. Subsequently, margins expanded by 16 basis points.
For the full year FY22-23, the company reported a 25% year-on-year increase in revenue to Rs 17,158 crore while EBITDA fell 6% to Rs 586 crore. Net profit was Rs 223 crore, down 11% year-on-year.
Commenting on the results, Quess Corp ED & Group CEO Guruprasad Srinivasan said Quess Corp is pleased to report revenues of ₹17,158 cr, up 25% YoY, backed by a 70k+ headcount increase for the second consecutive year.
“Along with a 25% growth in our business, the consolidated gross debt has reduced by ₹57 cr to ₹531 cr. We have reduced our DSO by 5 days YoY to 57 days and this has resulted in total collections of ₹294 cr, which is 71% of our operating EBITDA,” said Quess Corp ED & Group CEO Guruprasad Srinivasan.
He also said the company closed the year on a strong note and is well-positioned to take advantage of the many organizational initiatives launched over the past 12 months.
“We believe the tailwind from India’s economic growth and the investments that Quess has made in its service lines gives us the opportunity to continue our steady growth in the next financial year,” said Quess Corp ED & Group CEO Guruprasad Srinivasan.
About Quess Corp
Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider – that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.
Quess provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc. Quess has a team of ~511,000 employees, serving ~3000 clients across India, North America, APAC and the Middle East as on Mar 31st, 2023.
