 "Quess Corp surges on good Q1 results; board nod to form two subsidiaries")
Quess Corp has surged 14% to Rs 584 on the BSE after reporting 37% year on year (Y-o-Y) growth in consolidated net profit at Rs 24.70 crore for the quarter ended June 30, 2016 (Q1FY17), compared to Rs 18 crore in the year-ago quarter.
Total operational revenue grew 36% YoY to Rs 991 crore against Rs 730 crore in the corresponding quarter of previous fiscal.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 80 basis points at 5.3% in Q1FY17 as against 4.5% in Q1FY16.
The turnaround of Brainhunter and MFX continues to be on track with both business reporting positive EBITDA, said Ajit Isaac, CMD & CEO of Quess Corp.
The company said the board approved the formation of wholly owned subsidiary to focus on last-mile delivery / first mile related e-commerce logistics business. The board also approved the formation of subsidiary to offer Business Process Services (including finance & accounting, payroll and HR outsourcing services) to third party clients.
The stock is currently trading at highest level since its listing on July 12, 2016. It appreciated 84% against its issue price of Rs 317.
The trading volumes on the counter jumped more than two-fold with a combined 2.66 million shares changed hands on the BSE and NSE till 02:15 pm.
Total operational revenue grew 36% YoY to Rs 991 crore against Rs 730 crore in the corresponding quarter of previous fiscal.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 80 basis points at 5.3% in Q1FY17 as against 4.5% in Q1FY16.
The turnaround of Brainhunter and MFX continues to be on track with both business reporting positive EBITDA, said Ajit Isaac, CMD & CEO of Quess Corp.
The company said the board approved the formation of wholly owned subsidiary to focus on last-mile delivery / first mile related e-commerce logistics business. The board also approved the formation of subsidiary to offer Business Process Services (including finance & accounting, payroll and HR outsourcing services) to third party clients.
The stock is currently trading at highest level since its listing on July 12, 2016. It appreciated 84% against its issue price of Rs 317.
The trading volumes on the counter jumped more than two-fold with a combined 2.66 million shares changed hands on the BSE and NSE till 02:15 pm.
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