Quess Corp Q3 consolidated net profit falls 27% to Rs 64 crore

Business services provider Quess Corp has reported a 27.23 per cent decline in consolidated net profit at Rs 63.88 crore during the quarter ending December 2023.

The company's net profit stood at Rs 87.79 crore during the corresponding quarter of last fiscal, Quess Corp said in a regulatory filing on Friday.

Last year's third quarter PAT (profit after tax) included a one-time exceptional gain of Rs 53.5 crore due to the company's divestment in digital risk and compliance services company Simpliance.

Revenue from operations of the company witnessed a growth of 8 per cent during the quarter under review at Rs 4,841.83 crore compared to Rs 4,465.55 crore in the same period of last year.

"We are pleased to announce a robust EBITDA growth of 24 per cent YoY, helping us reach an EBITDA of Rs 181 crore. This achievement is attributed to the consistent non-linear growth in our Global Technology Solutions platform, a focus on profitable growth in the Operating Asset Management platform, and a significant reduction of 50 per cent in the burn rate of foundit," Quess Corp ED and Group CEO Guruprasad Srinivasan said.

As part of its corporate structure simplification process for business lines, the company has implemented the amalgamation of fully-owned subsidiaries Conneqt Business Solutions, MFX Infotech and Greenpiece Landscape India, post NCLT approval during the quarter, he said."

In our Workforce Management platform, the successful addition of 13,000 in headcount is due to our vertical focus strategy, which has yielded results in the manufacturing and BFSI (banking, financial services and insurance) sectors that now collectively contribute over 45 per cent of our business," he added.

Shares of the company closed at Rs 493.80 on the BSE on Friday, down 2.52 per cent from previous close.