Increase in revenues were mainly driven by General Staffing (up 34%), QITS (up 33%), and ConneQt (up 33%).

Consolidated profit before tax stood at Rs 79.25 crore in the first quarter, down 1.2% to Rs 80.20 crore recorded in corresponding quarter last year.

EBITDA grew 4% to Rs 153 crore in Q1 FY23 as against Rs 147 crore posted in Q1 FY21. EBITDA margin reduced to 3.85% during the quarter as compared to 4.92% reported in the same period last year. The company said that the declined in EBITDA margin was aided by increased cash burn in Product Led Business and increase in SG&A / Revenue from 5.2% to 5.6% due to higher salary cost, annual increments and increased spend on technology.

PAT margin improved to 1.70% in Q1 FY23 from 1.49% posted in Q1 FY22. Operating cash flow (OCF) / operating EBITDA conversion stood at 56% in Q1 FY23.

Commenting on the results, Guruprasad Srinivasan, ED & Group CEO, said, “We are delighted to report our highest ever headcount addition of 32.6k in a quarter along with a PAT growth of 52% YoY, reaffirming our execution capability. All our large businesses have continued to demonstrate exceptional growth, driving our consolidated revenues up by 33% YoY and 5% QoQ. As we get into the festive season, usually the largest hiring season in India, we continue to invest in technology and have strengthened our business teams to take advantage of this opportunity. We are confident these investments will help gain market share and take our ROE to 20%.”

Quess Corp is India's leading business services provider. It provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc.