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India – Quess Corp posts 23.4% revenue growth with strong improvement in General Staffing

15 November 2021

India-based staffing provider Quess Corp reported revenue on Friday for the second quarter ended 30 September 2021. Revenue grew by 23.4% to INR 32.27 billion (USD 433.44 million).

Revenue growth was driven by General Staffing.

Profit after tax slipped by 17%.

(INR millions) Q2 2022 Q2 2021 Change Q2 2022 (USD millions)
Revenue 32,278 26,150 23.4% 433.4
Total income 32,352 26,393 22.5% 434.4
EBITDA 1,570 1,400 12.1% 21.1
Profit After Tax 412 500 -17.4% 5.5

Revenue by segment

(INR millions) Q2 2022 Q2 2021 Change Q2 2020 (USD millions)
Workforce Management 21,429 16,861 27.1% 287.7
Operating Asset Management 4,898 4,267 14.7% 65.7
Global Technology Solutions 5,950 5,021 18.5% 79.8

The Workforce Management segment includes General Staffing across Retail, BFSI, Telecom, Industrial, etc. and includes mostly grey-collared talent. General Staffing was up 23% over the year. General Staffing crossed 250,000 headcount, the highest ever in Indian staffing history, according to the firm.

The Global Technology Solutions segment includes Emerging Business which is comprised of Monster India, Qjobs and Digicare.

The company added that Monster India sales were up 65% over the year.

Managing director and Group CEO Suraj Moraje said, “We are enthused by the business’

strong growth, especially in our Workforce Management and Global Technology Solutions platforms. We are also very excited by the performance of our Monster and QJobs businesses. These results are a testament to our strong focus on execution and transformational business improvements over the past quarters.”

“We are optimistic about the business outlook, as we continue to deepen our capabilities in sales, technology-led hiring & delivery, operational efficiencies, and cash generation,” Moraje added.

Shares in Quess Corp closed at INR 932.35 (USD 12.52), down 0.75% on the day and 5.81% below its 52-week high of INR 989.90 (USD 13.29), set on 17 September 2021. The company has a market cap of INR 138.82 billion (USD 1.86 billion).