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Motilal Oswal Report
Quess Corp Ltd.’s Q4 FY22 performance was modest, with revenue (up 26% YoY) and profit after tax growth (down 31%) below our estimates.
Ebitda margin (reported 4.9%) was impacted by 20 basis points due to Rs 100 million initial investment in Monster.
While the workforce management business delivered good growth (up 28% YoY) and Ebitda margin improved by 40 bps, growth in the other two segments were weaker than expected (operating asset management/global technology solutions segment up 24%/22% YoY).
While growth in Q4 FY22 missed our estimate, Quess Corp's management commentary on FY23 was very strong for both the workforce management and operating asset management businesses as the business environment normalises after the impact of Covid-19 lockdown in FY21-22.
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