Quess Corp Q2 net profit jumps 367%; to acquire 70% stake in Vedang Cellular
Also, Quess Corp has signed definitive agreements to acquire 70 percent equity in Vedang Cellular Services Private Limited with an investment upto Rs 40 crore.
Moneycontrol News
Integrated business and human resource service provider Quess Corp saw a 367 percent growth in net profit for the quarter ended September 30, 2017. The company posted profit after tax of Rs 141 crore for Q2 FY18 as compared to Rs 30 crore in the same quarter last fiscal.
Also, Quess Corp has signed definitive agreements to acquire 70 percent equity in Vedang Cellular Services Private Limited with an investment upto Rs 40 crore as per an announcement on the exchanges.
The company's revenue grew 25.2 percent year on year to Rs 1,274 crore in Q2 of FY18. As per the company press release, the employee headcount as on September 30 was ~212,500 compared to ~139,000 employees in the corresponding quarter of last year, marking a growth of ~53 percent.
Ajit Isaac, CMD & CEO, Quess Corp said that Quess grew revenues by 25 peecent YoY and 7 percent on a QoQ basis.
"During the quarter, we also successfully completed our first Institutional Placement Programme through which we raised Rs 874 crore," he added.
Talking about the acquisition, he said that this will be immediately EBITDA accretive for them. Quess is also entering into a Joint Venture with Trimax IT Infrastructure and Services Ltd to implement a smart city project in Ahmedabad to create city wide IT Infrastructure.
Isaac said that the JV marks Quess’s entry into smart city segment, thereby expanding their Industrials vertical.
