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View All NewsQuess Corp Q4 revenue up as full year results hit record high
Indian staffing firm Quess Corp. (QUESS:NSI) reported revenue yesterday after the markets closed of INR 49.10 billion (USD 587.9 million) for the fourth quarter ended 31 March 2024, an increase of 10.5% when compared to the same period last year.
Executive director and group CEO Guruprasad Srinivasan said, “We are delighted to announce our financial results with highest ever revenue and EBIDTA for FY24. Our focus on profitable growth and simplification of operations within platforms has resulted in non-linear increase in EBITDA and profit after tax.”
Headcount was up 11% to 567,000. General Staffing achieved a headcount milestone of 400,000.
| (INR millions) | Q4 2024 | Q4 2023 | Change | Q4 2024 (USD millions) |
| Revenue from operations | 49,097 | 44,402 | 10.5% | 587.9 |
| Other income | 50 | 36 | 38.7% | 0.6 |
| Total income | 49,147 | 44,438 | 10.6% | 588.5 |
| EBITDA | 1,950 | 1,520 | 28.2% | 23.3 |
| Profit before tax | 948 | 483 | 10.6% | 11.3 |
| Profit for the period | 978 | 300 | 226.2% | 11.7 |
Revenue by segment
| (INR millions) | Q4 2024 | Q4 2023 | % change | Q4 2024 (USD millions) |
| Workforce Management Platform | 34,762 | 30,618 | 13.5% | 416.3 |
| Operating Asset Management | 7,103 | 6,842 | 3.8% | 85.0 |
| Global Technology Solutions | 6,044 | 5,710 | 5.8% | 72.4 |
| Product Led Business | 1,186 | 1,230 | -3.6% | 14.2 |
Within Workforce Management, headcount grew by 17% over the year with key driver sectors being the retail & manufacturing sectors.
In the Global Technology Solutions segment, key revenue drivers were BFSI (banking, financial services and insurance), manufacturing and retail segments.
Quess Corp also reported revenue for the full year of INR 191.0 billion (USD 2.3 billion) for the year ended 31 March 2024, up 11.3% over the prior year.
Earlier this year Quess Corp announced a three-way demerger of its businesses. The demerger will ultimately result in three separate listed companies, namely: 1. Quess Corp Ltd: Workforce Management (the remaining company) 2. Digitide Solutions Ltd: BPM solutions, Insurtech and HRO business (the first new company) 3. Bluspring Enterprises Ltd: Facility Management, Industrial Services and Investments (the second company).
The move is unusual in that many large staffing companies are adding services in order to diversify their portfolios rather than separating them into separate companies.
“Our 3-way demerger of Quess Corp announced during the quarter is on track, and we are confident that it will significantly augment the value creation journey going forward,” Guruprasad Srinivasan said.
Quess Corp shares closed today at INR 641.90 (USD 7.69), up 2.25% on the day and 2.53% below its 52-week high of INR 658.55 (USD 7.89), set on 8 May 2024. The company has a market cap of INR 93.23 billion (USD 1.11 billion).