Quess Corp's Stock Jumps 8%, Reaches 52-Week High, Fueled by Workforce Growth and Demerger Plans

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Posted by pallavi on 2024-11-29 17:47:13 |

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Quess Corp's stock gained over 8% on September 3, ending a four-day losing streak and reaching a 52-week high of ₹834 per share, up from ₹771.55. This surge is attributed to the company's increased workforce and the anticipated completion of its demerger by the end of the fiscal year. Over the past six months, Quess Corp's stock has risen by 61%, significantly outperforming the Nifty 50 index, which rose by 12% in the same period.

In February 2024, Quess Corp announced plans to split into three separate entities, and with approval from the NSE and BSE, it has submitted an application to the NCLT. The company also reported that its workforce has exceeded six lakh employees, solidifying its position as one of the largest staffing firms globally. The company continues to add between 60,000 to 70,000 net employees annually and is focused on pursuing an aggressive growth trajectory.

For Q1 FY25, Quess Corp reported a 14% quarter-on-quarter growth in consolidated net profit, reaching ₹111.7 crore. Revenue from operations grew by 8.8% QoQ to ₹5,003 crore, with net profit and revenue increasing by 132% and 9% year-on-year, respectively. The company's earnings per share (EPS) also surged by 116% year-on-year. This strong performance, coupled with a positive Relative Strength Index (RSI), has contributed to the bullish outlook for the stock.

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