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Quess records revenue growth of 4% and EBITDA growth of 8% (on QoQ basis)

Financial Highlights 

  1. Q3 FY23 revenue up 4% QoQ driven by General Staffing (up 6%), Quess Singapore (up 8%) IFMS (up 6%) and Conneqt (up 5%)

  2. EBITDA for Q3 FY23 is up 8% QoQ to ₹145cr from ₹135cr. EBITDA margin has improved by 10bps with reductions in SG&A

  3. QoQ PAT up by 116% from ₹40cr to ₹86cr

  4. EPS up 110% on a QOQ and 6% on a YOY basis

  5. On YOY basis EBITDA for Q3 has dropped by 19% from ₹179cr to ₹145cr primarily due to an additional spend of ₹30cr in Q3 FY23 in Monster/foundit.

  6. GTS achieves its highest ever EBITDA

  7. Simpliance: Completed the divestment with an investment gain of ₹53.5cr ➢ Paid an interim dividend of ₹8/share for FY23.

The key consolidated financial parameters are:

Q3FY23 Business highlights

  1. Workforce Management:

  2. Total headcount crossed 379k, an increase of 25% YoY, with an addition of 109 new logos

  3. General Staffing Revenues are up 24% YoY and up by 6% QoQ

  4. IT staffing: Operating efficiencies and SG&A cost reduction (200 bps QoQ) led to 8% QoQ improvement in EBITDA

  5. Quess Singapore continues to witness strong demand with Revenue and EBITDA up by 8% and 16%, QoQ respectively

  6. Global Technology Solutions:

  7. Platform posted its highest Revenue of ₹ 561cr, a growth of 20% YoY and 6% QoQ

  8. Associate Headcount for platform crossed 50k milestone

  9. Non-CLM BPO: Vertical grew by 29% YoY, led by 37% YoY growth in the Collections business

  10. Operating Asset Management:

  11. Integrated Facility Management: Revenue is up 23% YoY, Food business Revenue grew by 47% YoY

  12. Security Services: Revenue is up by 13% YoY and 5% QoQ, headcount crosses 22K

  13. Product Led Business:

  14. Monster: Now rebranded as ‘Foundit’ to reflect our vision of transforming from Job Board to a complete Talent Platform

  15. Monster sales crossed a ₹40cr milestone

  16. Sales and Revenue up by 40% and 23% YoY respectively

  17. Candidate traffic and engagement continues to be strong with 6-month active candidate base almost touching 18 million for the first time

Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are pleased to report revenues of ₹ 4,466cr with a QoQ growth of 4%. Our EBITDA grew by 8% QoQ with sales growth, operating efficiencies and SG&A cost reductions being its key drivers. GTS posted its highest ever EBITDA of ₹ 90cr in a challenging environment, once again substantiating the strength of all-weather business model. We are making good progress with our internal plans of cost reduction and the overall growth of our profitability.”

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 ~505,000 employees, serving ~3000 clients across India, North America, APAC and the Middle East as on Dec 31st, 2022.


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