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Motilal Oswal Report
Quess Corp Ltd.’s revenue growth (flat QoQ/up 24% YoY) in Q1 FY22 was in line with our estimate.
However, Ebitda margin dipped by 80 basis point QoQ due to a combination of one-off factors (losses in Monster.com and pass through of revenue) and seasonal impact of higher selling, general and administrative expenses on account of a wage hike.
Adjusted profit after tax was further impacted by higher effective tax rate due to dividend distribution by its subsidiary in Manila.
Adjusted profit after tax stood at Rs 306 million in Q1 FY22, below our estimate of Rs 538 million.
We continue to see Quess Corp as a key beneficiary of a return to normal operations across industries, especially in its workforce management and operating asset management verticals.
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