Quess Corp Reports Strong Q2 Performance with 79% PAT Growth

Quess Corp, a business services provider, has announced robust financial results for the second quarter of the fiscal year 2023-24, showcasing a notable 79% year-on-year increase in profit after tax (PAT) to Rs 70.95 crore. Let’s delve into the key highlights of Quess Corp’s performance and the factors contributing to its success.

Impressive Financial Metrics

The company’s total revenue witnessed a significant 11% growth, reaching Rs 4,748 crore compared to Rs 4,273 crore in the corresponding period last fiscal. This growth trajectory underscores Quess Corp’s strong operational capabilities and strategic initiatives.

Operational Efficiencies and Margin Improvement

Guruprasad Srinivasan, Group CEO of Quess Corp, attributed the impressive growth to focused efforts in enhancing automation across platforms, fostering operational efficiencies, and prioritizing high-margin businesses. Notably, the higher-margin platforms, GTS (Global Technology Solutions) and OAM (Operating Asset Management), have contributed substantially to the company’s profitability surge, demonstrating consistent improvement in margins.

Subsidiary Performance and Growth Prospects

Quess Corp’s listed subsidiary, AllSec Technologies, achieved a significant milestone by surpassing a market capitalization of Rs 1,000 crore. Srinivasan highlighted AllSec’s remarkable CAGR of 23% since its initial investment in 2019, reflecting the subsidiary’s strong growth trajectory and value creation.

Optimistic Outlook and Consolidation Efforts

The company remains optimistic about its future growth prospects, citing positive outcomes from its consolidation efforts. Quess Corp’s strategic initiatives are aimed at realizing non-linear profit growth through its resilient and adaptable business model, positioning the company for sustained success.

Strong Performance in First Half of FY 2023-24

For the first half of the financial year, Quess Corp reported a PAT of Rs 119 crore, marking a notable 10% increase compared to the same period last year. The company’s revenue for the April-September period surged by 13% to Rs 9,349 crore, reflecting a robust business performance across key segments.

Market Response

Following the impressive financial results, shares of Quess Corp exhibited positive momentum, trading at Rs 439.25 apiece, marking a 2.82% increase over the previous close on the Bombay Stock Exchange (BSE).

In conclusion, Quess Corp’s strong financial performance, focus on operational efficiencies, and strategic initiatives position the company for sustained growth and value creation, reaffirming its market position and investor confidence.