Quess Corp

Quess Corp, the parent company of recruitment marketplace FoundIt (formerly Monster India), posted an 8% y-o-y increase in revenue for the three months to December 31, 2023 (Q3 FY23-24).

According to a news release, Quess Corp’s revenue for Q3 FY23-24 stood at INR48.4 billion ($582 million U.S.), representing a 2% q-o-q increase against Q2 FY23-24. The company’s EBITDA in Q3 came to INR1.8 billion, up by 24% y-o-y.

Quess Corp executive director and group CEO Guruprasad Srinivasan attributed the EBITDA hike to consistent non-linear growth in its suite of global technology solutions, a focus on profit in its operating asset management business, and a significant reduction of 50% in the burn rate of FoundIt.

Despite reining in the latter, the revenue of the product-led businesses category — which includes recruitment portals FoundIt and QJobs — decreased by 13% y-o-y to INR1.3 billion. The category also posted an EBITDA loss of INR100 million in Q3 FY23-24.

In the said quarter, the company launched FoundIt 2.0, an AI-driven recruitment product for select customers, and signed an MoU with the Government of India-backed skilling initiative.

Parent company Quess Corp’s profit after tax (PAT) was down by 25% y-o-y to INR640 million. However, excluding “one-off exceptional items,” the group declared an adjusted PAT of INR840 million.

Founded in 2007, Quess Corp operates in nine countries. According to the company, it has more than 557,000 employees and over 3,000 clients.

Related Articles