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India – Quess Corp Q3 revenue rises 48%, announces leadership changes and acquisition

25 January 2018

Indian staffing firm Quess Corp (QUESS:NSI), reported revenue for the third quarter ended 31 December 2017 of INR 15.84 billion (USD 249.1 million), an increase of 48% compared to the previous year.

(INR millions) Q3 2018 Q3 2017 Change Q3 2018 (USD millions)
Revenue 15,840 10,670 48% 249.1
EBITDA 910 600 52% 14.3
Profit After Tax 700 340 107% 11.0

In the third quarter, Quess completed the integration of Facility Management and Catering Business of Manipal Integrated Services into the group. Revenue by segment was broken down for the third quarter as follows.

(INR millions) Q3 2018 Q3 2017 Change Q3 2018 (USD millions)
People & Services 7,360 5,870 25% 115.8
Global Technology Solutions 4,800 2,810 71% 75.4
Integrated Facility Management 2,630 1,420 86% 41.3
Industrials 1,050 570 83% 16.5

During the third quarter, Quess made a number of organisational announcements. The Board of Directors of Quess Corp promoted Subrata Kumar Nag to the position of Chief Executive Officer and Executive Director of the Company with effect from 24 January 2018. The group stated that the appointment was in recognition of his decade long outstanding service at Quess.

The Board of Directors of Quess Corp also announced that it had appointed Manoj Jain as the Chief Financial Officer of the Company with effect from 24 January 2018. Jain is a qualified Chartered Accountant with over 25 years of professional experience.

The Board added that Ajit Isaac will continue to lead the group as the Chairman of the Board & Managing Director of the company.

Quess Corp also announced that it has agreed to acquire 90% stake in Greenpiece Landscapes on or before 31 March 2018. Greenpiece Landscapes is an end-to-end design and landscaping services firm catering to marquee corporate, industrial and real estate firms in India and abroad.

During the third quarter, Quess Corp completed the acquisition of 51% stake in Tata Business Support Services. Pursuant to the approval of the Ministry of Corporate Affairs, Registrar of Companies, Hyderabad, name of Tata Business Support Services Limited has been changed to Conneqt Business Solutions Limited with effect from 9 January 2018.

Quess also completed the acquisition of 70% stake in Vedang Cellular Services Private Limited during the third quarter.

On 30 November 2017, the National Company Law Tribunal approved the scheme of amalgamation for demerger of the facilities management business of Manipal Integrated Services and its simultaneous merger into Quess Corp.

“We are pleased to announce that we have signed definitive agreements to acquire a majority stake in Greenpiece Landscapes, thereby expanding our offerings spectrum in the Integrated Facility Management vertical,” Chairman & Managing Director Ajit Isaac said. “The investment will bring in the much-needed institutional approach to the growing landscaping segment. The transaction will be EBITDA and ROCE (Return on Capital Employed) accretive for us.”

“We are pleased to welcome Subrata Nag in his new role as the CEO and Manoj Jain as the CFO to further strengthen the leadership structure. We believe that our outstanding leadership team combined with strategic investments will continue to deliver long term value for our stakeholders,” Isaac said.

Shares closed at INR 1,103.45 (USD 17.39) yesterday. Based on its current share price the company has a market value of INR 162.91 billion (USD 2.56 billion).

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