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View All NewsQuess Corp Q1 revenue rises 15.6% with growth led by workforce management business
First quarter revenue grew by 15.6% over the year at India-based staffing provider Quess Corp to INR 46.00 billion (USD 555.9 million).
The company noted total headcount for the workforce management business crossed 404,000, an increase of 15% year-on-year and 5% over the quarter.
| (INR millions) | Q1 2024 | Q1 2023 | Change | Q1 2024 (USD millions) |
| Revenue | 46,002 | 39,793 | 15.6% | 555.9 |
| EBITDA | 1,540 | 1,530 | 0.0% | 18.6 |
| EBITDA Margin | 3.4% | 3.9% | - | - |
| Profit before tax | 621 | 792 | -21.5% | 7.5 |
| Profit for the period | 481 | 677 | -28.9% | 5.8 |
Revenue by segment
| (INR millions) | Q1 2024 | Q1 2023 | Change | Q1 2024 (USD millions) |
| Workforce management | 32,206 | 27,578 | 16.8% | 398.2 |
| Operating asset management | 6,899 | 5,966 | 15.6% | 83.4 |
| Global technology solutions | 5,632 | 5,710 | -1.4% | 68.1 |
| Product led business | 1,263 | 1,174 | 7.6% | 15.2 |
Executive director and group CEO Guruprasad Srinivasan said, “Global technology solutions achieved its highest ever EBIDTA of INR 1 billion (USD 12.1 million) with 11% revenue growth on account of non-voice BPO and HRO services.”
“In the workforce management business, growth was driven by BFSI, Telecom and Manufacturing sectors,” Srinivasan said. “Operating asset management platform delivered 16% revenue growth on the back of healthcare, manufacturing and public utility sectors. In product led business our investment continues in people, technology and marketing activities with significant improvement in candidate engagement metrics for foundit.”
“Overall, despite macroeconomic headwinds, there has been quarterly improvement in revenue and operating profit confirming our all-weather business model,” Srinivasan said.
Quess Corp shares closed yesterday at INR 428.95 (USD 5.18), up 0.37% on the day. The company has a market cap of INR 62.83 billion (USD 759.2 million).