Quess Corp Q4 net loss narrows to Rs 58 cr

On a consolidated basis, Quess Corp posted a net loss of Rs 58 crore in Q4 FY21, lower than net loss of Rs 630 crore in Q4 FY20.

Net sales rose 0.3% to Rs 3,004 crore in Q4 FY21 as against Rs 2,994.59 crore in Q4 FY20. The company reported a pre tax loss of Rs 31.38 crore in Q4 FY21 as against a pre tax loss of Rs 594.36 crore in Q4 FY20.

EBITDA tumbled 77.5% to Rs 38 crore in Q4 FY21 from Rs 169 crore in Q4 FY20. EBITDA margin slipped to 1.26% in Q4 FY21 from 5.63% in Q4 FY20. Lockdown related losses in Q4 FY21 from training and skill development and food businesses amounted to Rs 20 crore versus Q4 FY20.

The company posted consolidated net profit of Rs 74 crore in the year ended March 2021 (FY21) as against a net loss of Rs 432 crore posted in the year ended March 2020 (FY20). Net sales fell 1.4% to Rs 10,837 crore in FY21 over FY20.

The company said its gross debt reduced to Rs 516 crore from Rs 1,147 crore on the back of cash management, improved collections, and income tax refunds.

Commenting on the results, MD & Group CEO Suraj Moraje said, "In a year that has been challenging indeed, Quess has been at the forefront of society's war against COVID, even while emerging as an operationally fitter, financially stronger, and more technology-intense organization. On the back of this, it has been a pleasure to reward our shareholders with our first ever dividend payout in line with our new dividend policy. We will continue to innovate our offerings and put our best foot forward, while remaining committed to our twin goals of 20% ROE by FY23 and 20% Y-o-Y OCF CAGR."

Shares of Quess Corp were down 1.65% at Rs 702.05 on BSE.

Quess Corp is India's leading business services provider. It provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc.

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