Quess net up 19% yearly in Q1

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Bengaluru, July 26 (IANS) Leading business services provider Quess Corp Ltd on Thursday reported Rs 54 crore net profit for the first quarter of 2018-19, registering 19 per cent increase from Rs 46 crore in the same period year ago.

Sequentially, however, net is 28 per cent down from Rs 76 crore quarter ago.

“Revenue for the quarter (Q1) under review grew 52 per cent annually to Rs 1,968 crore from Rs 1,297 crore in the like period year ago and 4 per cent sequentially from Rs 1,891 crore quarter ago,” said the city-based IT firm in a statement here.

Earnings before interest, tax, depreciation and amortisation (Ebitda) increased 36 per cent yearly to Rs 102 crore from Rs 75 crore but dipped 6 per cent sequentially from Rs 109 crore quarter ago.

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“We had a promising start to the new fiscal with 52 per cent annual revenue growth and 36 per cent Ebitda. Margin was impacted by the seasonality in the newly acquired businesses and due to strategic investments in Monster and DigiCare,” said Quess Chairman Ajit Issac in the statement.

Acquisitions in fiscal 2016-17 led to Rs 16 crore non-operating accounting charge in the first quarter due to the amortisation of Rs 9 crore intangible assets and Rs 7 crore non-controlling interest.

Conneqt Business Solutions expanded operations to Vietnam and the Gulf region, while Terrier Security Services registered an all-time record win of over 4,000 new headcounts.

Post-acquisition Digi Care Services expanded store count 33 per cent, adding 60 new stores bringing the total to 240+ storesAacross the country.

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Hiring increased employee headcount to 272,000 in Q1 from 195,000 year ago, indicating an addition of 77,000 people or 39 per cent ramp up.

The 11-year-old IT firm had a dream debut in the stock market when its initial public offering (IPO) got over-subscribed by a whopping 147 times in June-July 2016, at Rs 310-317 premium for equity share of Rs 10 face value.

The company’s blue-chip scrip gained Rs 35.65 per share to end at Rs 1,131.05 when Thursday’s trading ended on the BSE as against Rs 1,095.40 closing rate on Wednesday and opening price of Rs 1,102.20.

–IANS

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