Shares of staffing company Quess Corp have snapped a four-day losing streak to rise nearly 7 percent and test the 52-week high of Rs 824 on September 3, on the back of higher manpower addition and the likelihood of completion of demerger by this fiscal.
At 1:25 pm, Quess Corp shares were trading 6 percent higher at Rs 818. Over the past six months, the company's shares have gained 61 percent, significantly outperforming Nifty 50, which has gained 12 percent in the same period.
Kamal Pal Hoda, Group CFO of Quess Corp had recently mentioned on CNBC-TV18 that the company expects the demerger to be completed by the end of this financial year, with the three separate entities likely to be listed by Q1FY26.
In February 2024, the company had announced plans to demerge into three separate entities. Both NSE and BSE have issued a no adverse observation or no objection certificate for the demerger plan. Following this approval, Quess Corp has applied to the NCLT.
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Quess Corp also said that its headcount has surpassed six lakhs, placing it among the global league of staffing companies. "This puts us on to a global map in terms of the large employers globally. And of course, in India, we continue to lead by far," Quess Corp's management told ET Now in a recent interview. "We have been adding anywhere between 60,000-70,000 headcount net adds per year. We are happy to be where we are, and look to take this forward at an aggressive growth rate."
In Q1FY25, Quess Corp's consolidated net profit jumped 14 percent on quarter to Rs 111.7 crore and revenue from operations increased 8.8 percent QoQ to Rs 5,003 crore. On a YoY basis, the company's consolidated net profit and revenue jumped 132 percent and 9 percent respectively.
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