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Aug 3, 20233 min read

Quess Corp Q1FY24 Revenue up by 16% YoY at ₹ 4,600 crores and Headcount grows by 12% YoY to 525k


Quess Corp, India’s leading business services provider announced its Q1FY24 financial results today.

Q1FY24 Highlights   

  1. Revenue of ₹4,600 cr up 16% YoY and 4% QoQ

  2. EBITDA at₹154 cr with GTS crossing milestone Quarterly EBITDA of ₹ 100 cr

  3. PAT at₹48 cr

  4. Net cash position has improved to ₹49 cr in Q1FY24compared to Q1 FY23

Segmental Results are as follows:

Q1FY24 Platform highlights

  1. Workforce Management :

  2. Total headcount for the vertical crossed 404k, an increase of 15% YoY and 5% QoQ

  3. Growth sectors include manufacturing, telecom and BFSI

  4. PAPM (Per Associate Per Month) gross margin remains stable in the range of₹ 670-700

  5. Global Technology Solutions:

  6. Achieved quarterly EBITDA of ₹100cr with 21% growth YoY

  7. Allsec CLM: Revenue up 27% YoY driven by 29% increase in revenues from international CLM business

  8. Non-Voice BPO: Achieved revenue growth of 31% YOY, driven by 33% growth in collection business

  9. Platform based services: Pay slips processed per quarter up 12% YoY

  10. Operating Asset Management:

  11. Revenue up 16% YoY, growth from Healthcare, Telecom and Industrials

  12. Revenue realization per employee up by 10% YoY

  13. Food business gross margin increased by 35% YoY

  14. Telecom: Revenue up 46%YoY; EBIDTA up 57% YoY

  15. Product Led Business:

  16. Foundit: Candidate engagement metrics have shown significant improvement in the last quarter with job postings up 56% QoQ and New registrations up 42% QoQ

Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are pleased to report revenues of ₹4,600 cr, up 16% YoY backed by 15k+ headcount totaling up to an overall headcount of 525k. 35% of the associates who joined us in Q1 entered formal workforce for the first time. We acquired 183 new customers, setting us up for growth over the next few quarters.

GTS achieved its highest ever EBIDTA of ₹100 cr with 11% revenue growth on account of non-voice BPO and HRO services. In the WFM business, growth was driven by BFSI, Telecom and Manufacturing sectors. OAM 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.”

About Quess Corp

Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider – that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.

Quess provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc. Quess has a team of ~525,000 employees, serving ~3000 plus clients across India, North America, APAC and the Middle East as on June 30th, 2023.

For further details on Quess Corp Ltd., please visit: http://www.quesscorp.com

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