Press Release

Highest ever quarterly Revenue and EBITDA, Annual EPS up by 24% YoY

Quess Corp, India’s leading business services provider announced its Q4FY24 and full-year FY24 financial results today. During the meeting, the Board recommended a final dividend of Rs. 6 per share, translating to its highest-ever dividend payout of Rs. 10 per share for the financial year.

Q4FY24 Highlights

Ø  Revenue of ₹4,910 cr up by 11% YoY and 1% QoQ

Ø  EBITDA at ₹195 cr up by 28% YoY and 8% QoQ with GTS EBITDA at record levels of ₹113 cr

Ø  PAT at ₹98 cr up by 226% YoY and 54% QoQ

Ø  Corporate structure simplification – Announced a three way demerger and successful divestments of two businesses

FY24 Highlights

Ø  Revenue of ₹19,100 cr up by 11% YoY and highest-ever EBITDA of ₹694 cr up by 18% YoY

Ø  EBITDA Margin expansion YoY by 22 bps to 3.6%

Ø  PAT up by 26% YoY to ₹280 cr, EPS up by 24% to 18.6 per share

Ø  OCF / Operating EBITDA conversion at 67%; OCF at ₹338 cr

Ø  Net cash position improved by ₹150 crores to ₹232 crores with reduction of DSO by 4 days to 53 days

Commenting on the results, ED & Group CEO Mr. Guruprasad Srinivasan said,

“We are delighted to announce our financial results with highest ever Revenue and EBIDTA for FY24. Our focus on profitable growth and simplification of operations within platforms has resulted in non-linear increase in EBITDA and PAT. GTS and OAM platforms witnessed significant expansion in margin profile during the year led by operating leverage and business efficiencies. WFM platform continues to deliver a robust headcount growth led by Manufacturing and Retail as the vertical focus strategy has started yielding results. Our 3-way demerger of Quess Corp announced during the quarter is on track, and we are confident that it will significantly augment the value creation journey going forward.”

Particulars (in ₹ Cr.)Quarter EndedFinancial Year
Q4 FY24Q4 FY23YoYQ3 FY24QoQFY24FY23YoY
Workforce Management
Revenue   3,4763.06214%3,4301%13,44211,83114%
EBITDA %2.62%2.81%(19)bps2.61%  1bps2.61%2.92%(31)bps
Global Technology Services
EBITDA %18.76%16.68%208bps18.30%  46bps18.17%16.27%191bps
Operating Asset Management
EBITDA %5.43%4.38%106bps5.24%19bps5.03%4.56%48bps
Product Led Business
EBITDA %(5.90)%(16.43)%1054bps(7.80 )%143bps(12.15)%(17.65)%549bps

Q4FY24 Platform highlights

Ø  Global Technology Solutions:

  • Revenue of ₹604 cr, up by 6% YoY and 3% QoQ and highest ever EBITDA of ₹113 cr, up 19% YoY and 5% QoQ
  • Healthy margin profile at 18.8%, an increase of ~208 bps on a YoY basis
  • Platform vertical Employee Experience Management (EXM) has strengthened its position as a market leader; processed 155 million pay slips in FY24, achieving 13% YoY growth
  • Allsec Customer Experience Management (CXM) vertical achieved 29% YoY growth, driven by International Business which accounted for 74% of overall CXM revenue in Q4 against 69% in the same period last year
  • Non-Voice BPM business continue to grow significantly with 4% QoQ and 22% YoY; driven largely by collection business, which clocked 24% growth during the year.

Ø  Operating Asset Management:

  • Revenue up 4% YoY while EBITDA grew by 29% YoY
  • EBITDA margin at 5.2%, significant expansion led by business mix change and cost to serve
  • Food business saw a gross margin improvement of 19% in FY24
  • Business consolidation in Security services saw an EBITDA increase of 58% over last year
  • Telecom active infrastructure achieved its best-ever performance this year, with 30% revenue growth and 32% growth in EBITDA

Ø  Workforce Management:          

  • Total associate headcount for the vertical crossed 423k, up 17% YoY and 3% QoQ
  • 92 new contracts during the quarter with overall ACV of INR 150cr
  • General Staffing revenue up 3% QoQ led by Retail and Manufacturing sectors
  • General Staffing achieved a headcount milestone of 400k

Ø  Product Led Business:

  • Foundit : Strong all round performance with sequential sales growth in double-digits with near-zero cash burn levels
  • Qdigi: In line with its corporate structure simplification process, Quess Corp completed its divestment in Qdigi.


Q4 and FY2024 Earnings Conference Call


Conference Call Details: Monday, 10 May 2024 at 11:00 AM IST
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About Quess Corp

Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider – that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.