Quess Corp stock dives 1.6 pc after Q4 net loss of Rs 630 crore
May 28, 2020
Mumbai (Maharashtra) [India], May 28 : The share price of business services provider Quess Corp declined by 1.6 per cent on Thursday afternoon after the company reported a net loss of Rs 630 crore in the fourth quarter ended March, marking a 934 per cent dive from a profit of Rs 76 crore in Q4 FY19.
In the entire FY20, the company posted a net loss of Rs 432 crore, down 268 per cent from a profit of Rs 257 crore. This included one off non-cash charge of Rs 664 crore on account of goodwill impairment and change in the tax regime.
The revenue increased by 30 per cent in Q4 FY20 to Rs 2,995 crore from Rs 2,295 crore in Q4 FY19 and by 29 per cent in FY20 to Rs 10,991 crore from Rs 8,527 crore in FY19.
The quarter-on-quarter net debt increased by Rs 41 crore to Rs 354 crore on account of Rs 100 crore precautionary working capital lines drawn in March due to Covid-19 impact. However, gross debt and EBITDA levels remained largely flat.
In Q4 FY20, the board of directors approved the merger of four wholly-owned subsidiaries with Quess -- Goldenstar, Greenpiece, MFX India and Trimax Smart Infra.
The board also approved cash-neutral increase of stake in Terrier Security Services from 49 to 74 per cent. At 12:50 pm, the company's stock was trading 1.63 per cent lower at Rs 198.70 per unit on BSE Ltd.
