India-based staffing provider Quess Corp reported revenue on Wednesday after markets closed for the second quarter ended 30 September 2022. Revenue grew by 32% to INR 42.73 billion (USD 528.7 million).

Q2 revenue was driven by General Staffing (up 36%), Comtel (up 48%) and ConneQt (up 24%).

EBITDA was down by 12%.

Revenue by segment

The Workforce Management segment includes General Staffing across Retail, BFSI, Telecom, Industrial, etc. and includes mostly grey-collared talent and IT Staffing. The Global Technology Solutions segment includes CLM, Non-Voice BPO, and Platform-based services. Product Led Business includes Monster India, QJobs, WorQ, and DASH. Operating Asset Management includes IFM and Terrier Security.

Executive Director & Group CEO Guruprasad Srinivasan said, “We are happy to announce that we have crossed the 500k headcount milestone driven by the highest ever headcount addition of 33.7k in the quarter. All our large businesses have continued to demonstrate high growth, with our consolidated revenues going up by 32% YoY and 7% on a Q-on-Q (quarter-on-quarter) basis. However, sluggish hiring in IT sector has impacted our higher margin businesses of IT staffing and Selection.”

“We have taken the initial steps towards building our staffing presence in USA. While this investment may have some margin impact in the short term, we strongly believe that this investment will open up new growth avenues and improve margin profile of the business. Buoyed by record headcount addition, we are now focused on improving our margins,” Srinivasan said.

Quess Corp shares closed yesterday at INR 492.90 (USD 6.10), down 9.8% on the day. The company has a market cap of INR 72.00 billion (USD 890.85 million).