Quess Corp shares surged as much as 9 percent on Friday after the company reported stellar quarterly numbers. However, the stock failed to sustain initial gains and slipped into the red along with heavy selling in the broader market.
At 11:53 am, shares of the staffing company were down 1 percent at Rs 655.15 on BSE.
The company's revenue rose 31 percent YoY driven by general staffing, IT staffing and IFM. EBITDA from operations was up 19 percent YoY to Rs 179 crore while net profit soared 94 percent YoY to Rs 89 crore.
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Revenue from operations grew 31 percent YoY.
“We are delighted to report our highest ever Revenue, EBIDTA & PBT. Q3 saw the continued opening of economy, providing tailwinds to our business," said the company's ED and Group CEO, Guruprasad Srinivasan.
In another development, Quess Corp has made an additional investment in Heptagon Technologies for a consideration of Rs 15,768 per equity share aggregating to Rs 10,00,00,656.
Heptagon Technologies is engaged in the business of niche software development specialising in digital consulting, digital transformation and product engineering. It had clocked a revenue of Rs 17.40 crore for FY 2020-21.
The investment is in line with Quess Corp's digital first strategy to boost overall digital revenues. Controlling stake will enable Quess Corp to acquire IP of key digital assets.
