Quess Corp's consolidated net profit rose 11.4% to Rs 71.31 crore on a 35.8% surge in net sales to Rs 2,950.02 crore in Q3 December 2019 over Q3 December 2018.
Consolidated profit before tax soared 21% to Rs 79.95 crore in Q3 December 2019 as against Rs 66.07 crore in Q3 December 2018. Tax expense during the quarter jumped 23.1% to Rs 22.35 crore compared with Rs 18.16 crore in corresponding quarter last year. The result was announced after trading hours yesterday, 29 January 2020.
Consolidated EBITDA surged 52% to Rs 179 crore in Q3 December 2019 over Rs 118 crore in Q3 December 2018. EBITDA margin stood at 6.07% in Q3 December 2019 as compared to 5.43% in Q3 December 2018. The debt reduced by Rs 431 crore in the last 6 months to Rs 830 crore during the quarter.
Commenting on the Q3 financial results, Ajit Isaac, the chairman & managing director, said that, "This quarter saw us continuing to execute our corporate initiatives with significant improvement in business operations and corporate structure. While we delivered a 36% growth in revenue and a 52% growth in EBITDA, our focus on other key financial parameters in the form of cash generation, debt reduction and interest cost reduction has been robust. We have strengthened our leadership team with the addition of Mr. Suraj Moraje, as Group CEO (Designate) & Executive Director, who joins us with over 2 decades of experience at McKinsey & Company and will drive the digital transformation journey of the company."
Suraj Moraje joined as executive director and group CEO (designate) on 4 November 2019. His addition to the management team will help drive Quess' digital transformation journey.
Quess Corp is India's leading business service provider. It offers a host of services to help organizations from varied sectors manage their non-core activities across workforce management, operating asset management, and global technology solutions across industries and geographies.
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Shares of Quess Corp declined 1.14% to Rs 612. It hit a high of Rs 639.05 and a low of Rs 597.65 in intraday so far.
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