Quess Corp Q2 Review - Structural Growth Levers Intact: Motilal Oswal
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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
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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