Quess Corp’s CEO, Guruprasad Srinivasan, and CFO, Kamal Pal Hoda, recently spoke with ET Now about the company’s plans to break even in its Foundit business by the end of the year. They stated that Foundit has experienced a 35% sales growth quarter on quarter and year on year, and various cost-cutting initiatives have been implemented to support its profitability. Additionally, the company has seen EBITDA growth across all four of its platforms, including WFM, GTS, and OAM. In terms of hiring trends, Quess Corp has observed growth in the BFSI, retail, and manufacturing sectors but has yet to see significant demand for IT services. The company is confident in its ability to achieve break-even in North America by Q4 of this financial year. While permanent hiring has improved compared to Q1, it is still not at the expected level. Quess Corp aims to optimize costs and ensure breakeven in this segment. The facility management business has shown positive growth with a 26% increase in EBITDA contribution year on year. The company has made efforts to restructure its customer portfolio mix and has signed 22 new contracts in Q2. Price hikes are considered on a contract-by-contract basis and depend on factors such as inflation and customer relationships. Finally, Quess Corp provided an update on ongoing income tax litigations, stating that there have been no significant changes and they remain confident in defending their claims.
Hot Take: Quess Corp On Track for Break-Even in Foundit Business by Year-End
Quess Corp is confident in achieving its goal of breaking even in its Foundit business by the end of this year. With a 35% sales growth quarter on quarter and year on year, along with cost-cutting initiatives, the company is making progress towards profitability. Notably, EBITDA has increased across all four of Quess Corp’s platforms, indicating overall growth. While there has been positive hiring activity in sectors such as BFSI, retail, and manufacturing, demand for IT services has yet to pick up significantly. However, the company remains optimistic about its prospects in North America and expects to reach break-even by Q4. Quess Corp’s facility management business has shown strong growth, with a 26% increase in EBITDA contribution year on year. The company has implemented restructuring measures and signed new contracts to support future growth. Overall, Quess Corp is focused on optimizing costs and maintaining a strong position in the market.
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