Quess Corp Q3FY24 EBIDTA up by 24% YoY to ₹181 crores, Headcount up by 11% YoY to 557k

Q3FY24 EBIDTA up by 24% YoY to ₹181 crores, Headcount up by 11% YoY to 557k

Mumbai, India, February 04th 2024: Quess Corp, India’s leading business services provider announced its Q3FY24 financial results today.

Q3FY24 Highlights         

Ø  Revenue at ₹4,842 cr up by 8% YoY and 2% QoQ

Ø  EBITDA at ₹181 cr up by 24% YoY and 11% QoQ 

Ø  Adjusted PAT* at 84 cr up by 162% YoY and 15% QoQ

Ø  Board has approved an interim dividend of ₹4 per share for FY24

Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are pleased to announce a robust EBITDA growth of 24% YoY, helping us reach an EBITDA of 181Crs. 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% in the burn rate of foundit.

As part of our corporate structure simplification process for business lines, we have successfully implemented the amalgamation of our fully owned subsidiaries Conneqt Business Solutions Limited, MFX Infotech Private Limited and Greenpiece Landscape India Private Limited, post NCLT approval during the quarter.

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 sectors now collectively contribute over 45% of our business.

Our employees are our most valuable asset, and their well-being is always our top priority. I am delighted to announce that Quess has been certified as a 'Great Place to Work' for the 5th consecutive year.”

Q3FY24 Platform highlights

Ø  Global Technology Solutions (GTS): 

§  Employee Experience Management (EXM) has strengthened its position as a market leader by processing 4 million pay slips, achieving 4% QoQ growth

§  Customer Experience Management (CXM) continues with 21% YoY growth, driven by 30 % YoY Q3 growth in the International Business

§  Non-Voice BPM business grew by a 22% YoY and 2% QoQ; Collection business up by 25% YoY and 6% QoQ.

Ø  Operating Asset Management (OAM):

§  Food business saw a gross margin improvement of 18% QoQ, attributed to improved operational efficiencies and the mobilization of contracts secured during H1’24

§  Telecom active infrastructure achieved its best-ever performance in Q3, driven by the rollout of 5G technology.

Ø  Workforce Management (WFM):

§  Total gross headcount for the vertical reached 444k, an increase of 17% YoY and 3% QoQ 

§  Growth sectors includes Manufacturing and BFSI

§  87 new customer contracts added during the quarter.

Ø  Product Led Business (PLB):

§  Launched foundit 2.0- Disruptive AI driven recruitment product for limited customers

§  Reduction of 50% in the burn rate of foundit

§  Sales growth seen in foundit: 9% YoY and 5% QoQ.

Profitable growth in each platform, with margin improvement and operational consolidation are the key themes for the coming quarters.

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