Quess Corp Q1: Quess Corp Reports 22% First Quarter Profit Increase
“If you look at the first wave, our total membership has dropped by almost 15%. So compared to that, we are flat. Within our workforce, IT staff increased during the quarter and continue to grow. I think this time (second wave), Covid-19 has struck much closer to home and people have been much more humanitarian in their responses, ”Moraje said.
“The downsizing we saw last time did not happen. Coming out of the first wave of Covid, in the fourth quarter, job demand was so high across all industries. People who had downsized more than others struggled to scale up and felt a bit left out. This time, people took a break from hiring, outside of IT, ”he added.
Moraje said delivery officials are in demand and if things continue in the same vein India could be on track for the best third quarter in a long time.
The business service provider said the increase in revenue was mainly due to general staff (26%), Conneqt (36%), IT staff (67%) and manufacturers (32%).
ALSO READ THE TECH NEWSLETTER OF THE DAY
From Amazon scoring a big win in its dispute against Reliance-Future Group to Twitter hiring permanent agents and Meituan likely to face a hefty fine, here’s a look at top tech news today.
Consolidated profit before tax jumped 47.8% to Rs 80.20 crore from Rs 54.26 crore during the corresponding period last year.
“The demand (for IT) is through the roof. Wages are exploding. The war for talent is real and I think as a business community we have reached a tipping point where there are enough managers in companies who understand the role that technology can play in our individual functions and therefore everyone is looking for a computer scientist. No matter where you are, you are looking for technology in your jobs today, ”he said.
In the late 90s and early 2000s, there was a demand for entry-level coders that could solve simple problems, but now businesses need cloud engineers to help them migrate applications. to the cloud as well as automation engineers.
Companies are looking for more experienced people, so it has been difficult to hire a significant number on campus.
This has prompted companies to requalify and people untrained in technical roles are starting to learn how to handle low-code, low-code workflows, Moraje said.
Quess Corp’s consolidated profit before interest, taxes, depreciation and amortization increased 13% to Rs 147 crore in the first quarter.
EBITDA margins improved to 4.92% from 1.26% in the same period last year. The profit margin stood at 1.49% compared to 1.94% in the first quarter of fiscal 21.
Quess provides technology-driven staffing and outsourcing services through processes such as sales and marketing, customer service, after-sales service, back-office operations, manufacturing, facilities management and security, HR and M&A operations, IT and mobility services.