Business services provider Quess Corp Ltd on Friday (January 3) announced the receipt of an income tax refund, including interest, amounting to ₹124.80 crore for the financial year 2023-24. The refund includes interest accrued on the amount due.
“…we wish to inform that the company has received today the Income Tax Refund including interest aggregating to ₹124.80 Crores for the Financial Year 2023-24,” Quess Corp said in a regulatory filing.
Quess Corp reported a 6% year-on-year (YoY) increase in net profit at ₹32 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Quess Corp posted a net profit of ₹71 crore, the company said in a regulatory filing.
The company’s revenue from operations was up 9.1% to ₹5,179.3 crore as against ₹4,748.3 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA rises 16.2% to ₹195.5 crore in the second quarter of this fiscal over ₹168.3 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 3.8% in the reporting quarter as compared to 3.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. Quess Corp has reported a cash position increase in Q2 FY25, with net cash reaching ₹334 crore, an increase of ₹102 crore from March 2024.
The company also achieved a strong operational performance, as indicated by the operating cash flow to EBITDA ratio at 86% for H1 FY25. Gross debt was reduced by ₹117 crore during the same period, bringing it to ₹253 crore.
