Business services provider Quess Corp, a subsidiary of Thomas Cook India has posted net profits of ₹54 crore, a 19 per cent growth when compared to the same period last year. However, on a sequential basis, profits were down 28 per cent. The reason for the dip in net profits was attributed to the acquisitions done in the previous year, which resulted in a non-operating accounting charge of ₹16 crore in the first quarter of this fiscal. This included amortisation of intangible assets of ₹9 crore and non controlling interest option of ₹7 crore.
Talking to BusinessLine, chairman and MD, Ajit Isaac said that this reduced net profits was just a “blip” and after adjusting these non-operating items, the normalised operating profit after tax for the quarter would increase to ₹70 crore, resulting in an improved PAT margin of 3.55 per cent.
Revenues for the Bengaluru based company grew 52 per cent to ₹1,968 crore, when compared to the ₹1,297 crore it posted in the same period last year.