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India – Quess Corp Q4 up 53% supported by acquisitions

17 May 2018

Staffing provider Quess Corp on Thursday reported revenue from operations rose 53% in its fiscal fourth quarter ended 31 March 2018 amid a number of acquisition, including the purchase of job board Monster’s Asia Pacific operations in February for approximately USD 14 million.

Total combined fourth-quarter revenue for the Bangalore, India-based company was INR 18.91 billion (USD 291 million).

(INR millions) Q4 2018 Q4 2017 % change Q4 2018 (USD millions)
Revenue from operations                             18,908                            12,395 53%                                                           291
Profit for the period                                   758                                  333 127%                                                             12

Quess Corp reported it added approximately 43,000 associates during the year in its general staffing business, saying it’s the largest staffing service provider in the country.

The company’s board also announced yesterday that the firm acquired a 36% stake in Comtel Solutions Pte. Ltd. in Singapore with an investment of up to SGD 22 million (USD 16.4 million). It also agreed to acquire a 49% stake in Comtelpro Pte. Limited in Singapore with an investment of up to SGD 500,000 (USD 372,616).

Full-year revenue

(INR millions) FY 2018 FY 2017 % change FY 2018 (USD millions)
Revenue from operations                             61,673                            43,149 43%                                                           948
Profit for the period                               3,098                               1,219 154%                                                             48


“We are pleased with another year of solid growth in FY’18. Within a span of 10 years from inception, we have achieved an annualized revenue in excess of billion (USD) on the basis of our last quarter revenue run rate,” Chairman and Managing Director Ajit Isaac said.

Share price and market cap

Quess shares closed down 1.26% Thursday to INR 1,177.20 on the National Stock Exchange.

The company’s shares on the Bombay Stock Exchange closed up 0.28% to INR 1,189.00.


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