🧑‍💻 Quess Corp Crashes 8% After FY24 Results: EPS ₹25.71, But Street Says “Not Tech Enough”?

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✅ At a Glance

Metric	FY24	FY23	YoY Change
Revenue from Operations	₹18,286 Cr	₹17,318 Cr	🔼 +5.6%
Total Income	₹18,442 Cr	₹17,406 Cr	🔼 +5.9%
Net Profit (Consolidated)	₹3,588 Cr	₹3,464 Cr	🔼 +3.5%
EPS (Diluted)	₹25.71	₹24.80	🐢 Barely Up
CMP (May 20, 2025)	₹340.00 🔻	~₹370+	🔻 -8% crash

Profitable? ✅
Growing? Barely.
Exciting? ❌ Not unless HR forms turn you on.

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🧠 About the Company

Quess Corp Ltd is India’s largest business services platform, which is fancy for saying:

“We rent out people, manage your office plumbing, and run backend IT — all without being on your payroll.”

Business Segments:

• 🧑‍🔧 Workforce Management – Staffing, temp workforces, BPO
• 🧑‍💻 Tech Services – IT infrastructure, application management
• 🏢 Operating Asset Management – Facilities, security
• 📱 Digital Platforms – Monster.com, Qjobs, etc.

They operate in India, Singapore, and Middle East with over 500,000+ associates.

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📉 FY24 Financial Breakdown

Line Item	FY24 (₹ Cr)
Revenue from Ops	₹18,286
Other Income	₹156
Total Expenses	₹17,498
EBITDA (Est.)	₹944
PBT	₹932
Net Profit (Consol.)	₹3,588
EPS (TTM)	₹25.71

🧾 PAT margin ≈ 2%. They’re still a volume business, not value.

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📦 Segment Revenue Breakdown (FY24)

Segment	Revenue Share (Est.)
Workforce Management	~₹11,800 Cr
Tech Services	~₹2,000 Cr
Facilities + Security	~₹4,200 Cr
Digital (Monster, Qjobs)	<₹250 Cr

90% of revenue is non-tech — and that’s why investors are ghosting.

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🧮 Fair Value Calculation

• EPS (TTM) = ₹25.71
• Fair P/E = 20x (industry avg for staffing & services)

👉 Fair Value = ₹25.71 × 20 = ₹514.20

CMP = ₹340.00
➡️ Undervalued by ~34%

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💸 Cash Flow & Liquidity

Metric	FY24 (₹ Cr)
Operating Cash Flow	₹662
Investing (Capex etc.)	₹(328)
Financing (Debt + Div)	₹(286)
Net Cash Flow	₹+48
Total Cash	₹127

✅ Positive FCF
❌ Receivables high (~₹1,700 Cr) = tight working capital

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📉 Why Did the Stock Crash 8%?

• 🐢 Growth rate barely 5% YoY
• 😶 EPS flat despite high headcount
• 🧾 No big story in digital or platforms
• 🚫 Zero buzzwords: No AI, no SaaS, no infra-cloud-hybrid-RPA-NFT nonsense
• 🔁 Investors expected margin expansion — they got a photocopy of FY23

Basically, the company is stable — but boring AF in this market.

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🧠 EduInvesting Take

“Quess is like that silent CA who never makes noise but files your taxes early — dependable, but never viral.”

At ₹340, the stock is priced like a low-risk dividend SIP, not a startup rocket.
But you also get:

• 🧾 Debt-light operations
• 🏢 Monster infra scale
• ✅ ₹500+ FV if margins improve even 100bps

Only thing missing? A tech story investors can tweet about.

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🛑 Risks

• Over 80% revenue from temp staffing → margin pressure
• High churn biz = operational fatigue
• No moat vs TeamLease or new HR-tech startups
• Platform monetization (Monster/Qjobs) still a rounding error
• Receivables cycle could turn toxic in slowdown

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🏁 Final Verdict

✔️ EPS: ₹25.71
✔️ FV: ₹514
✔️ CMP: ₹340
✔️ P/E: 13.2x → Deep value
❌ No tech tag = no FOMO
❌ Growth ≠ exciting

“This is not a 10x. But it won’t crash 80% either.”

“Think of it as India’s back-office proxy. And at ₹340? It’s one of the safer SIPs in this market full of circus stocks.”

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