Quess Corp reports strong Q2 results, stock soars

Quess Corp shares showed significant movement on the bourses after the company reported strong September quarter numbers and announced its plans to buy a major share in Vedang Cellular Services.

The company’s net profit for Q2FY18 stood at Rs. 141 crore as against Rs. 30.1 crore in the same quarter last fiscal, registering 367 per cent jump. The company’s revenues grew by 25 per cent YoY and 7 per cent on a QoQ basis.

The company, with an investment of about Rs. 40 crore, has signed an agreement to acquire 70 per cent equity in Vedang Cellular Services. Quess will also be entering into a joint venture with Trimax IT Infrastructure and Services to implement a smart city project in Ahmedabad.

Quess Corp, a subsidiary of Thomas Cook India, is a provider of business services with operations in Technology Solutions, People & Services, Facility Management and Industrials.

At 10:20 am, Quess Corp was trading at Rs 881, up Rs 31.60 or 3.72 per cent from its previous closing price of Rs 849.40. The scrip opened at Rs 874 and touched a high and low of Rs 900 and Rs 874.00, respectively on the NSE. The scrip attracted a traded volume of 1,95,913 shares on the NSE.