Quess Corp Q4 results: Reports net loss of Rs 630 crore

Bengaluru: Quess Corp, business services provider major, reported a net loss of Rs. 630 crore on account of one-time non-cash charge on account of goodwill impairment and change in tax regime during the January-March quarter.

The company said the one-off non-cash charge was Rs. 664 crore. Quess Corp’s revenues grew nearly 30% to Rs.2995 crore during the quarter.

“Quess delivered a strong year, with 29% revenue growth and 42% operating margin growth. We are happy with the growth delivered by our General Staffing and Allsec businesses. We have taken resolute steps to further develop our business and to face headwinds that the global Covid-19 crisis seeded in Q4. We are confident that these actions will continue to boost our OCF growth and ROE in the medium term, while ensuring the institution emerges stronger and even more resilient from this tragic period for humankind,” said Suraj Moraje, Group CEO and Executive Director.

Moraje took over as the group CEO on April 1. The company’s IT services business delivered a strong quarter in North America and India.

The company’s board approved a cash-neutral increase of stake in Terrier Security Services from 49% to 74%. Quess Corp’s board has also given green signal for the merger of four wholly owned subsidiaries with Quess – Goldenstar, Greenpiece, MFX India and Trimax Smart Infra.

The company has announced termination of JV between QEBC and East Bengal Football club with effect from May 31 this year.

Quess Corp said in the Ahmedabad Smart City Project, out of the total project cost of Rs. 230 crore, Rs. 97.5 crore was collected till Q4.