Quess Corp' Rs 664-cr impairment loss - Cost of Covid or shopping spree?

In over 25 acquisitions the past 13 years, India's largest staffing firm mopped up Rs 1,335 cr in goodwill assets and Rs 278 cr in intangibles. A one-time write-off wiped out 40% of its investments

Quess Corp, India’s largest staffing company, posted one of its worst financial results in 2019-20, reporting a net loss of Rs 422 crore on a top line of Rs 11,043 crore.
 
For Quess, Rs 664 crore worth of assets, most of which were goodwill, were written off from its balance sheet during the March quarter. The write-off saw the company’s bottom line turn red for the first time since its listing in July 2016.
 
A one-time write-off wiped out a fifth of the company’s consolidated net worth and more than two-fifths of the value of its investment in