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Motilal Oswal Report
Quess Corp Ltd.’s Q2 FY22 revenue growth (8% QoQ / up 23% YoY) was in line with our estimates.
However, the adjusted Ebitda margin at 4.8% (up 40 basis points QoQ) was ahead of our estimates.
Adjusted profit after tax grew 81% YoY to Rs 766 million, while reported profit after tax declined 17% YoY to Rs 412 million (expectation of Rs 702 million).
Reported profit after tax was impacted by-
expected credit loss provisions of Rs 440 million (government training and other government business),
the reversal of ineligible goods and services tax credit and
receivables write-offs.
This was partially offset by the reversal of impairment charges in the integrated facility management business.
We continue to see Quess Corp as a key beneficiary of the revival of normal operation across industries, especially in its workforce management and operating asset management verticals.
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