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View All NewsIndia – Quess Corp Q3 revenue rises 31% as profits surge
Quess Corp. (QUESS:NSI), the Bengaluru, India-based staffing provider, reported revenue from operations on Friday improved by 31.2% in its fiscal third quarter ended 31 December 2021.
The company posted revenue from operations of INR 36.85 billion (USD 487.4 million). When compared to the previous quarter, revenue also improved by 14.1%.
The group added that its revenue, profit before tax and EBITDA were all at record-high levels.
| (INR millions) | Q3 2022 | Q3 2021 | % change | Q3 2022 (USD millions) |
| Revenue from operations | 36,850 | 28,080 | 31.2% | 487.4 |
| EBITDA | 1,790 | 1,510 | 18.5% | 23.6 |
| Profit before Tax | 1,140 | 800 | 42.5% | 15.1 |
| Profit for the period | 890 | 460 | 93.4% | 11.7 |
Revenue by segment
| (INR millions) | Q3 2022 | Q3 2021 | % change | Q3 2022 (USD millions) |
| Workforce Management Platform | 24,720 | 18,430 | 34.1% | 326.9 |
| Global Technology Services Platform (including Emerging Business) | 6,360 | 5,360 | 18.6% | 84.1 |
| Operating Asset Management Platform | 5,780 | 4,280 | 35.0% | 76.4 |
Revenue was boosted by General Staffing (31%), IT Staffing (52%) and IFM (Integrated Facility Management Services) (up 30%).
In its Workforce Management segment, General Staffing headcount crossed 270,000. Revenue was up 34% over the year and 15% on the prior quarter. IT Staffing domestic headcount was up by 7% over the quarter.
Within the Global Technology Solutions, CLM (contract lifecycle management) revenue was up 26% over the year. Non-voice CLM grew by 57%. Non-CLM BPO collection business revenue was up 13% YoY. Finance & Accounting business revenue was up 17%. Domestic IT Services was up 70%, largely driven by wins in the Infrastructure Management Services business.
Within Operating Asset Management, IFM (Integrated Facilities Management) revenue increased by 30%.
Quess Corp had also separately announced that it appointed Guruprasad Srinivasan as Executive Director and Group CEO (ED & CEO) with immediate effect. According to reports last week, previous CEO and managing director Suraj Moraje’s exit was likely due to differences in strategy between him and Chairman of the Board, Ajit Isaac.
Srinivasan said, “We are delighted to report our highest ever revenue, EBIDTA & PBT. Q3 saw continued opening of the economy, providing tailwinds to our business. We continue to build upon the growth achieved in previous quarters.”
“While our WFM (workforce management) & GTS (Global Technology Services) platforms continue to outperform, our focus on tech assets have been as resolute as ever. We have successfully raised investments in Monster.com validating the progress made in our digital assets.”
Shares in Quess Corp closed on Friday at INR 641.30 (USD 8.48), down 2.7% on the day. The company has a market cap of INR 89.02 billion (USD 1.17 billion).