Quess Corp reports moderate rise in Q2 profits; Krishna Suraj Moraje is group CEO designate
Bengaluru-based business service provider Quess Corp saw a moderate rise in its net profit for the quarter ended September, 2019.
The company reported a 5.49 % increase in the consolidated net profit to Rs 65.03 crore. The growth has largely been attributed to its efforts in its core workforce management. Its net profit stood at Rs 61.64 crore for the corresponding period of the previous financial year.
Quess Corp’s revenue from operations grew 27% (organic growth of 23%) year-on-year from Rs 2,092 cr in Q2FY19 to Rs 2,650 Q2FY20.
The company’s headcount grew 27% YoY for Q2 FY20 and 35% YoY for H1 FY20.
The company also said it has appointed Krishna Suraj Moraje as its executive director and group chief executive officer designate. He will join the force on November 4, succeeding Subrata Nag.
Moraje has over 20 years of experience in counselling institutions across sectors including technology, IT services, financial services, telecom, utilities, consumer and media, on strategic, organisational and operational issues.
Prior to Quess Corp, Moraje served as a senior partner at US-based global management consulting firm McKinsey & Company.
Quess Corp is also increasing its stake in its subsidiary Vedang Cellular Services by 18.71% for cash consideration of Rs 10 cr. Post the deal, Quess Corp will hold 88.7% stake in Vedang, a Mumbai-based company providing telecom network optimisation and managed service spaces.
The company said that the demerger of Thomas Cook India Ltd (TCIL) is expected to be completed by December 2019. Post the demerger, Quess will be directly held by Fairfax Holdings (~33%).