Quess Corp Q3 results: PAT slips 39% to Rs 46 crore

Quess Corp Q3 results: PAT slips 39% to Rs 46 crore

Business services provider Quess Corp on Thursday reported a 39 per cent decline in profit after tax to Rs 46 crore for the third quarter ended December 2020.

The company’s profit after tax (PAT) stood at Rs 75 crore in the same quarter a year ago, Quess Corp said in a statement.

Its revenue from operations dipped by 5 per cent during the third quarter to Rs 2,808 crore compared to Rs 2,950 crore in the year-ago period.

“I am delighted that Quess Corp is again on the growth path, even while our focus on cash generation and debt repayment has brought our company to a net cash position in the last quarter.

“I am gratified that our employees have reaffirmed our status as a Great Place to Work, a testament to our vibrant and purpose-led culture. Our eyes remain firmly set on our north star of achieving and sustaining a 20 per cent ROE (return on equity),” Quess Corp Group CEO and ED Suraj Moraje said.

Meanwhile, the company announced that it has signed definitive agreements to acquire 49 per cent stake in gig economy start-up Taskmo for Rs 10 crore.

The investment marks the company’s entry in the Indian digital gig-economy and makes it the first organised staffing player to do so.

The gig economy is a free marketplace where temporary positions are common and organisations hire independent workers for short-term commitments.

Taskmo augments Quess’ current bouquet of HR services and makes it the only Indian platform to provide skilled workers under permanent, temporary and on-demand models.

Taskmo is a B2B (business to business) managed marketplace that serves as an on-demand platform for enterprises seeking to outsource task-based operations to a distributed network of gig workers.

“Task-based work models are here to stay and will augment existing labour models. This investment will add to our growing digital arsenal, alongside WorQ, Qjobs and MarQet. We are excited to be accelerating this young and visionary team and look forward to winning together,” Moraje said.

The entry into the gig economy is a natural extension of Quess’ market-leading workforce management platform, Quess Workforce Management President Lohit Bhatia said.

“Gig and temp workforce complement each other and together represent a force multiplier for growing enterprises. We are confident that Taskmo will bring tremendous value to our clients, and we are looking forward to turbo-boosting the Taskmo franchise,” he added.

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