Quess Corp CEO and CFO Discuss Business Outlook
Guruprasad Srinivasan, CEO, and Kamal Pal Hoda, CFO of Quess Corp, recently spoke with ET Now about their business plans and outlook for the future. According to Hoda, Foundit is on track to break even by the end of the year, with a 35% sales growth quarter on quarter and year on year. They have implemented cost-saving initiatives and expect the new product development costs to help them achieve their goal.
EBITDA Growth and Cash Burn Reduction
Hoda also mentioned that there have been operational synergies leading to EBITDA growth across all four platforms. While cash burn in Foundit has reduced, it’s not the only reason for the increased EBITDA. The WFM, GTS, and OAM platforms have all seen EBITDA growth as well.
BFSI, Retail, Manufacturing Driving Growth
Srinivasan highlighted that hiring mandates have mostly come from manufacturing, retail, and e-commerce sectors in Q2. The company saw an 11% revenue increase and 79% PAT growth year on year. Higher margin businesses such as GTS and OAM are delivering positive results.
North American Market Performance
Regarding the North American market, Srinivasan stated that they anticipate breaking even by Q4. They are taking actions to optimize operations and customer onboarding to achieve this goal.
Facility Management Business Trends
In terms of facility management, Srinivasan noted a 26% EBITDA growth year on year. He also mentioned positive developments in the food business segment as campuses reopen.
Income Tax Litigations
Hoda addressed concerns about income tax litigations, stating that there have been no significant changes in their position over the past year. The company remains confident in defending its claims at all levels.
Hot Take: Quess Corp Poised for Break-even Year End
Despite challenges in various markets and sectors, Quess Corp remains optimistic about achieving its break-even goal by the end of the financial year. With a focus on cost optimization and strategic initiatives across its platforms, the company is poised for continued growth and success.
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