1. Quess Corp surges over 15% post Q1 results; board approves formation of subsidiaries

Quess Corp surges over 15% post Q1 results; board approves formation of subsidiaries

Quess Corp shares soared over 15 per cent on Monday after the staffing firm reported 37 per cent rise in consolidated net profit at Rs 24.69 crore for the quarter ended June 30, 2016 against Rs 18.02 crore in the corresponding quarter a year ago.

By: | Updated: August 1, 2016 4:21 PM
Quess Corp business plans Quess Corp shares soared over 15 per cent on Monday after the staffing firm reported 37 per cent rise in consolidated net profit at Rs 24.69 crore for the quarter ended June 30, 2016 against Rs 18.02 crore in the corresponding quarter a year ago. (Express photo)

Quess Corp shares soared over 15 per cent on Monday after the staffing firm reported 37 per cent rise in consolidated net profit at Rs 24.69 crore for the quarter ended June 30, 2016 against Rs 18.02 crore in the corresponding quarter a year ago. Net sales of the company jumped 35.70 per cent year-on-year to Rs 990.96 crore in the quarter under review. It had reported net sales of of Rs 730.25 crore in the same quarter last year.

At 3.13 pm, shares of the staffing firm were trading 14.89 up at Rs 586.80. The scrip opened at Rs 513.25 and has touched a high and low of Rs 594.40 and Rs 513.25, respectively, in trade so far. Later, Quess Corp closed 15.74 per cent up at Rs 591.15.

Consolidated operating profit of the company jumped by 52.16 per cent year-on-year to Rs 53.45 crore against Rs 35.13 crore in the corresponding quarter last year.

The staffing firm also informed bourses that the board of directors of the company has also approved the formation of wholly owned subsidiary to focus on last-mile delivery or first mile related e-commerce logistics business. The board has also approved the formation of subsidiary to offer Business Process Services (including finance & accounting, payroll and HR outsourcing services) to third party clients.

Standalone net profit of the company jumped by 31.11 per cent year-on-year to Rs 21.33 crore.

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