Quess Corp headcount tops 525,000, profit drops 29% in Q1

economictimes.indiatimes.com:

Quess Corp has reported a profit after tax (PAT) of Rs 48 crore for the quarter ended June, recording a drop of 29% or Rs 20 crore over the same period last year. The company had reported a PAT of Rs 30 crore in the fourth quarter of FY23. As a result, the earning per share (EPS) has dropped from Rs 4.48 in the year-ago period to Rs 3.21 in the June quarter.

«Overall, despite macroeconomic headwinds, there has been quarterly improvement in Revenue and Operating profit confirming our all-weather business model,” executive director and CEO Guruprasad Srinivasan said in a statement. The Bengaluru-headquartered company, which conducts business under the broad verticals of workforce management, global technology services, operating asset management and product-led business, has reported revenues of Rs 4,600 crore during the quarter ended June, recording a 16% jump year-on-year. The net cash position has improved to Rs 49 crore at the end of the first quarter compared to the same period last year, a statement from the company said.

The company's headcount has increased about 55,000 in the 12 months between the two quarters, to 5,25,000. Srinivasan said, “We are pleased to report revenues of Rs 4,600 crore, up 16% year-on-year backed by 15,000 plus headcount totaling up to an overall headcount of 5,25,000. About 35% of the associates who joined us in the first quarter entered the formal workforce for the first time.