Quess Corp. (QUESS:NSI), a Bengaluru, India-based staffing provider, reported revenue yesterday after the markets closed of INR 30.0 billion (USD 411.1 million) for the fourth quarter ended 31 March 2021, flat when compared to the same period last year.

Fourth-quarter EBITDA was down 78% year-on-year. This includes a provision of INR 1.19 billion (USD 16.3 million) towards legacy government business. Lockdown-related losses in Q4 2021 from Training and Skill Development and Food businesses amounted to INR 200 million (USD 2.7 million) against the previous year. Adjusted for this, EBITDA would be up 5%, year-on-year.

Managing director and group CEO Suraj Moraje said, “In a year that has been challenging indeed, Quess has been at the forefront of society’s war against COVID, even while emerging as an operationally fitter, financially stronger, and more technology-intense organisation. On the back of this, it has

been a pleasure to reward our shareholders with our first ever dividend payout in line with our new dividend policy. We will continue to innovate our offerings and put our best foot forward, while remaining committed to our twin goals of 20% ROE (return on equity) by FY 2023 and 20% year-on-year OCF CAGR (operating cash flow compound annual growth rate).

Quess Corp operates in three segments: Workforce Management Platform, Operating Asset Management Platform, and Global Technology Solutions (previously known as Tech Services).

Its Workforce Management Platform includes General Staffing, IT Staffing, Training and Skill Development business.

The group said its General Staffing headcount is almost back to pre-Covid levels of 240,000 in H2 2021 against 203,000 in H1 2021. Domestic IT Staffing saw EBITDA grow 54% in FY 2021. Training and Skill Development was break even in Q4 2021 although operating at 50% due to lockdown restrictions.

Quess Corp added that Monster India, part of its emerging business, saw stronger sales and better product performance.

Quess Corp also announced yesterday that it approved a merger of its subsidiaries. The merger includes Greenpiece Landscapes India and MFX lnfotech and is subject to the approval of shareholders and other regulatory authorities.

Shares in Quess Corp last traded at INR 706.70 (USD 9.67), down 1.31% on the day and 12.46% below its 52-week high of INR 807.30 (USD 11.05), set on 25 February 2021. The company has a market cap of INR 105.75 billion (USD 1.44 billion).