Shares of Quess Corp. hit an over-two-year high on Tuesday after its first-quarter profit beat analysts' estimates.
The business service provider's net profit grew 14% on the year to Rs 112 crore in the quarter ended June, according to an exchange filing. The net profit was 35.43% higher than the Bloomberg survey's forecast of Rs 82.7 crore for the period.
Quess Corp.'s top line saw marginal growth and was largely consistent with estimates. Its revenue rose 1.9% annually to Rs 5,003 crore, against Rs 5,005 crore estimated by the Bloomberg survey.
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However, the operating profit fell 5.2% on the year to Rs 115 crore from Rs 121 crore, missing estimates.
Shares of Quess Corp. rose 5.27% to Rs 752.60, the highest level since Feb. 3, 2022. It pared gains to trade 2.11% higher at Rs 730 as of 11:14 a.m., compared to 0.39% advance in the NSE Nifty 50.
The stock gained 70.11% in last 12 months and 39.76% on year to date basis. Total traded volume so far in the day stood at 9.6 times its 30-day average. The relative strength index was at 77.52, which implied the stock is overbought.
Out of seven analysts tracking the company, five maintain a 'buy' rating, one recommend a 'hold' and one suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.5%.
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