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Business News/ Markets / Stock Markets/  Quess Corp declares 8 per share dividend, stock hits a new 52-week-low
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Quess Corp declares ₹8 per share dividend, stock hits a new 52-week-low

With a market valuation of ₹7,300.03 Cr, Quess Corp Ltd is a mid-size company that engages in the commercial services industry.

The leading business services provider in India Quess Corp Limited (Quess) offers services in areas like sales & marketing, customer service, after-sales support, back office operations, manufacturing operations, facilities and security management, HR & F&A operations, IT & mobility services, etc. (PTI)Premium
The leading business services provider in India Quess Corp Limited (Quess) offers services in areas like sales & marketing, customer service, after-sales support, back office operations, manufacturing operations, facilities and security management, HR & F&A operations, IT & mobility services, etc. (PTI)

With a market valuation of 7,300.03 Cr, Quess Corp Ltd is a mid-size company that engages in the commercial services industry. The leading business services provider in India Quess Corp Limited (Quess) offers services in areas like sales & marketing, customer service, after-sales support, back office operations, manufacturing operations, facilities and security management, HR & F&A operations, IT & mobility services, etc. With more than 64 locations spread over India, South East Asia, North America, and the Middle East, the organisation has a significant global reach in over 10 countries. For the fiscal year 2022–2023, the corporation has announced an interim dividend of Rs. 8 per share.

The company has said in a stock exchange filing that its Board of Directors has“Declared an Interim Dividend of Rs. 8/- per equity share of face value of Rs. 10/- each for the financial year 2022-23. The interim dividend shall be paid on or before November 29, 2022, to the equity shareholders of the Company, whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, November 18, 2022, which is the Record Date fixed for the purpose."

The company reported revenue from operations of 4,273 Cr in Q2FY23 compared to 3,228 Cr in Q2FY22 and 3,979 Cr posted in Q1FY23, representing a YoY growth of 32% and a QoQ growth of 7%. The company declared an EBITDA of 135 Cr Q2FY23 compared to 112 Cr in Q2FY22 and 153 Cr in Q1FY23, representing a YoY growth of 20% but a QoQ fall of -12%. The EBITDA margin reached 3.16% in Q2FY23 compared to 3.48% in Q2FY22 and 3.85% in Q1FY23. The company reported a profit before tax (PBT) of 50 Cr in Q2FY23 compared to 51 Cr in Q2FY22 and 79 Cr in Q1FY23, representing a YoY fall of -3% and a QoQ fall of -37%. Quess Corp declared a net profit of 40 Cr in Q2FY23 compared to 41 Cr in Q2FY22 and 68 Cr in Q1FY23, representing a YoY fall of -4% and a QoQ fall of -41%.

Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said, “We are happy to announce that we have crossed the 500k headcount milestone driven by the highest ever headcount addition of 33.7k in the quarter. All our large businesses have continued to demonstrate high growth, with our consolidated revenues going up by 32% YoY and 7% on a QoQ basis. However, sluggish hiring in IT sector has impacted our higher margin businesses of IT staffing and Selection. We have taken the initial steps towards building our staffing presence in USA. While this investment may have some margin impact in the short term, we strongly believe that this investment will open up new growth avenues and improve margin profile of the business. Buoyed by record headcount addition, we are now focused on improving our margins."

In trade today, the shares of Quess Corp touched a new 52-week-low at 488.55 apiece, and then closed at 492.50 apiece, down by 9.96% from the previous close. In trade today the stock recorded a total volume of 577,366 shares compared to the 20-Day average volume of 89,255 shares. On a YTD basis, the stock has fallen 42.67% so far in 2022. The stock had made a new 52-week-high of 967.80 on (17-November-2021), indicating that at the current market price the stock is trading 49.11% below the 1-year-high. For the quarter ended September or Q2FY23, the company reported a promoter shareholding of 51.81%, FIIs holding of 21.93%, DIIs holding of 9.36% and a public stake of 16.91%.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 10 Nov 2022, 10:46 PM IST
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