Quess Corp, India’s leading business services provider announced its Q4FY24 and full-year FY24 financial results on May 9. During the meeting, the Board recommended a final dividend of Rs. 6 per share, translating to its highest-ever dividend payout of Rs. 10 per share for the financial year.
Profit was 978.37 INR in Million for Quarter ended on March 31, 2024. Compared to Q4 results last year, 299.88 INR in Million, there was a 69.34 percentage hike in this years quarter 4 profit.
Revenue of ₹19,100 cr up by 11% YoY and the highest-ever EBITDA of ₹694 cr up by 18% YoY was recorded by the company at their year-end results. Revenue of ₹4,910 cr up by 11% YoY and 1% QoQ was recorded as their tuner for the fourth quarter.
Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are delighted to announce our financial results with highest ever Revenue and EBIDTA for FY24. Our focus on profitable growth and simplification of operations within platforms has resulted in a non-linear increase in EBITDA and PAT. GTS and OAM platforms witnessed significant expansion in margin profile during the year led by operating leverage and business efficiencies. WFM platform continues to deliver robust headcount growth led by Manufacturing and Retail as the vertical focus strategy has started yielding results. Our 3-way demerger of Quess Corp announced during the quarter is on track, and we are confident that it will significantly augment the value creation journey going forward.”
Q4FY24 Platform highlights
The company is an outsourcing firm providing services in various fields like sales and marketing, customer care, etc. Their workforce management consisted of total associate headcount for the vertical crossed 423k, up 17% YoY and 3% QoQ. 92 new contracts during the quarter with an overall ACV of INR 150cr. General Staffing revenue is up 3% QoQ led by the Retail and Manufacturing sectors. General Staffing achieved a headcount milestone of 400k.
Global Technology Solutions: Revenue of ₹604 cr, up by 6% YoY and 3% QoQ, and highest ever EBITDA of ₹113 cr, up 19% YoY and 5% QoQ. Healthy margin profile at 18.8%, an increase of ~208 bps on a YoY basis. Platform vertical Employee Experience Management (EXM) has strengthened its position as a market leader; and processed 155 million pay slips in FY24, achieving 13% YoY growth.
Allsec Customer Experience Management (CXM) vertical achieved 29% YoY growth, driven by International Business which accounted for 74% of overall CXM revenue in Q4 against 69% in the same period last year. Non-Voice BPM business continues to grow significantly with 4% QoQ and 22% YoY; driven largely by collection business, which clocked 24% growth during the year.
Operating Asset Management: Revenue was up 4% YoY while EBITDA grew by 29% YoY EBITDA margin at 5.2%, significant expansion led by business mix change and cost to serve. The food business saw a gross margin improvement of 19% in FY24. Business consolidation in Security services saw an EBITDA increase of 58% over last year. Telecom active infrastructure achieved its best-ever performance this year, with 30% revenue growth and 32% growth in EBITDA.
About Quess Corp
Quess Corp Limited, founded in Bengaluru in 2007, has become India’s leading provider of business services. Leveraging its deep domain expertise and advanced digital platforms, Quess enhances client productivity through outsourced solutions.
The company offers a comprehensive range of technology-enabled staffing and managed outsourcing services, covering various processes such as sales and marketing, customer care, after-sales service, back-office operations, manufacturing, facilities and security management, HR and finance & accounting operations, as well as IT and mobility services. As of March 31st, 2024, Quess boasts a workforce of 567,000 employees serving approximately 3000 clients across India, North America, APAC, and the Middle East.
