Quess Corp. (QUESS:NSI), a Bengaluru, India-based staffing provider, reported revenue yesterday after the markets closed of INR 44.40 billion (USD 537.6 million) for the fourth quarter ended 31 March 2023, an increase of 17.1% when compared to the same period last year.

Revenue growth was driven by growth across all segments including Workforce Management segment which increased by 15.8% over the year as well as Global Technology Services (19.7%), Operating Asset Management (18.5%), and the Product Led Business (30.8%).

The group also noted headcount was up 17% to 511,000.

Reported EBITDA was down 17.8% over the year due to investments in the Product Led business.

Quess Corp also reported revenue for the full year of INR 171.58 billion (USD 2.07 billion), up 25% over the previous year.

Executive Director & Group CEO Mr. Guruprasad Srinivasan said, “We are pleased to report revenues of INR 171.58 billion (USD 2.07 billion), up 25% YoY, backed by a 70k+ headcount increase for the second consecutive year.”

We have closed the year on a strong note and are 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,” Srinivasan said.

Quess Corp shares closed at INR 391.20 (USD 4.74), down 1.40% on the day and 15.89% above the 52 week low of INR 337.55 (USD 4.09) set on 28 March 2023. The company has a market cap of INR 58.81 billion (USD 712.15 million).