Prem Watsa, known as the Warren Buffett of Canada, is the founder of Fairfax Financial Holdings. Fairfax has been increasing stakes in Indian companies, prominent among them apart from Quess Corp are Thomas Cook and Bangalore International Airport.
Of India’s 530 million workers, 230 million are in the farm workforce and the IT and e-commerce sectors account for just 10 million. So, the noise around The Great Resignation is disproportionate versus the larger problem of employment in MSMEs, migrant labour and non-farm labour, says staffing firm Quess Corp’s Chairman.
Quess Corp had brought Moraje as group CEO in November 2019 from McKinsey, where he was a senior partner and a leader in the firm's Asia TMT practice.
In an interview to CNBC-TV18, Ajit Issac, CMD & CEO of the company spoke about the results and his outlook for the company. "Comtel acquisition will give us a good springboard in to developing a professional staffing business in the Pan Pacific area", he added.
Quess Corp, which recently ventured into the logistics business on back of strong client demand, will focus on last-mile delivery business.
Quess Corp started off first trade at Rs 500 on the National Stock Exchange, higher by 57.7 percent over its issue price of Rs 317. The stock touched an intraday high of Rs 507.90 (up 60.2 percent over IPO price) and low of Rs 480 (up 51.4 percent) after listing.
The aim is to take margins to 7 percent from current 4-5 percent level for Quess. Another target is to raise return on capital employed (RoCE) to around 25 percent this fiscal, says Ajit Issac, CMD & CEO of the company.
Being an acquisitive company, there have been about 9 acquisitions so far in the last five years, said Ajit Issac, CMD & CEO, Quess Corp.