Quess Corp Q2 Results: Profit Surges Nearly 50% On Deferred Tax Credit

Quess Corp. Ltd.’s earnings jumped nearly 50% in the July-September quarter on account of a deferred tax credit, while revenue met analysts' estimates.

• Revenue of workforce management increased 3% QoQ to Rs 3,315 crore.

• Revenue of global technology services rose 4% QoQ to Rs 584 crore.

• Revenue of operating asset management grew 2% QoQ to Rs 705 crore.

• Revenue of product-led business rose 13% QoQ to Rs 143 crore.

In the workforce management vertical, the biggest revenue generator, the total headcount reached 4,30,000—a 6% increase over the previous three months—led by manufacturing, financial services and retail sectors.

On the product side, Foundit—formerly known as Monster.com—grew 20% sequentially.

Quess Corp. has approved the purchase of 4.5% stake in Vedang Cellular Services from erstwhile promoter Ashish Kapoor, for a total consideration of Rs 6.05 crore. Its stake now stands increased to 96.97%.

The company has also approved acquisition of an additional 46.09% stake in unit Stellarslog Technovation for Rs 6.8 crore, increasing its overall stake to 100%. 

On Monday, shares of Quess Corp. rose 1.02% to Rs 427.20 apiece on the BSE, even as the benchmark Sensex ended the day 0.92% higher at 64,958.69 points. The quarterly results were declared after market hours.