Most of IT staffing growth would come from GCCs and other non-tech platforms: Quess Corp
Guruprasad Srinivasan, CEO and Kamal Pal Hoda, CFO, Quess Corp, in conversation with ET Now.
Huda says: “We have a plan to break even in Foundit business by the end of this year, and we are very much on track. Foundit has had a 35% sales growth quarter on quarter and year on year. And there are a lot of initiatives that have been taken in Foundit to look at our cost base, our marketing costs. The development cost of the new product has been largely through so we expect Foundit to break even by the end of this year.”
What is leading to this high EBITDA growth? Has the cash burn in Foundit reduced?
Kamal Pal Hoda: Yes, the cash burn in Foundit also reduced, but that is not the only reason for EBITDA to go up. There have been a lot of operational synergies. As you can see, the EBITDA in all four of our platforms have gone up. So the WFM EBITDA has gone up by 5%. GTS the EBITDA has gone up 4% quarter on quarter. OAM, the facility management business, the EBITDA has gone up 14% quarter on quarter. So, yes, there is a reduction in cash burn in Foundit, but that is not the only reason, we had good growth from all our four platforms.
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Offering CollegeCourseWebsiteIIM LucknowIIML Chief Operations Officer ProgrammeVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIIM LucknowIIML Chief Executive Officer ProgrammeVisitOkay, point taken. You are also expecting break-even in the Foundit business by the end of this financial year and that at least was the stated goal earlier. Are you on track?
Kamal Pal Hoda: Yes, so we have a plan to break even by the end of this year, and we are very much on track. Foundit has had a 35% sales growth quarter on quarter and year on
