Mumbai, India, November 07, 2023: Quess Corp, India’s leading business services provider announced its Q2 and H1 FY24 financial results today.
Q2FY24Highlights
Revenue at ₹4,748cr up by 11% YoY and 3% QoQ
EBITDA at ₹164cr up by 21% YoY and 6% QoQ
PAT at ₹71cr up by 79% YoY and 47% QoQ
H1FY24 Highlights
Revenue of ₹9,349cr up by 13% YoY
EBITDA at ₹317cr up by 10% YoY
PAT at ₹119cr up by 10% YoY
Net cash at ₹138 crores, increased by ₹56 cr from March’23, H1’24 OCF to EBITDA at 62%
Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are delighted to report robust revenues of ₹4,748 cr, up by 11% YoY and a PAT of 71 cr, up by 79% YoY. This growth is due to focused efforts over the last few quarters in developing greater automation in our platforms building operational efficiencies and focusing on high-margin businesses.
Our higher margin platforms, GTS and OAM have delivered a consistent increase in profitability along with improvement in margins over the last few quarters.Our wholly-owned subsidiary AllSec has surpassed a market cap of 1,000+cr with a CAGR of 23% from our initial investment in 2019. WFM platform continues to deliver steady growth despite global headwinds from IT sector. In product-led business, our investment in people, technology, and marketing activities continues. We remain bullish about future growth prospects and our consolidation efforts have started to yield positive results to help us realize non-linear profit growth from our all-weather business model.”
Q2FY24Platform highlights
Global Technology Solutions:
- AllsecExployee Experience Management (EXM)has strengthened its position as a market leader by processing 3.8 mn pay slips,achieving3% growth; new International EXM sales crossed 50% of total net sales in H1
- AllsecCustomer Experience Management (CXM) continues with 18% YoY growth, driven by 21 % YoYQ2 growth in New America
- Non-Voice BPM business grew by 34% And % QoQ; Collection business up by 35% YoY and 5% QoQ
Operating Asset Management:
- The food business continues its growth trajectory with the Education and Industrial sectors through new logos, gross margin increased by 33% and 10% QoQ
- IFM business added 22 new customer contracts in Q2
- Telecom: Strong performance in Q2 backed by 5G deployments across all operators in India and further penetration in 4G deployments and new IoT projects
Workforce Management:
- Total headcount for the vertical reached 430k, an increase of 14% YoY and 6% QoQ
- Growth sectors including Manufacturing, BFSI, and Retail have added 24k headcount in H1
- 83 new customer contracts were added during the quarter
Product Led Business:
- Robust sales growth seen in Foundit: 35% YoY and 20% QoQ