Thursday, June 20, 2024

Fairfax acquires 4.45% stake in Quess Corp via reverse book building

Quess Corp on Wednesday said that Fairfax Capital Mauritius Limited, which is also the promoter in the company has acquired 4.45 per cent stake in the company.

Fairfax Capital Mauritius Limited has acquired the stake in Quess Corp via the reverse book building process. It purchased 66,00,000 i.e., 4.45 per cent of equity shares.

With this, Fairfax  overall holding in Quess Corp stands at 34.06 per cent from the earlier 29.61 per cent.

“Fairbridge Capital Mauritius Limited, Promoter of the Company has purchased 66,00,000 (4.45%) equity shares of the Company on March 29, 2023 through reverse book building process on NSE portal,” said Quess Corp in its regulatory filing.

With this, the overall promoter stake in Quess Corp has increased to 56.4 per cent. As of the December quarter shareholding pattern, the total promoter holding in Quess Corp stood at 51.9 percent.

Quess Corp has two promoter entities. Fairfax had 29.61 percent stake, while Ajit Isaac holds 21.79 percent stake in the company.

Quess Corp has reported a 3.25 per cent decline in consolidated profit after tax (PAT) at 85.63 crore for the quarter ended December 2022.

The company’s PAT stood at 88.51 crore during the corresponding period of 2021-22. Revenue from operations of the company grew by 21.18 per cent during the quarter under review to 4,465.55 crore compared to 3,684.98 crore in the same period of the last financial year.

“We are pleased to report revenue growth. Our EBITDA grew by 8 per cent quarter-on-quarter (QoQ) with sales growth, operating efficiencies and SG&A (selling, general and administrative expenses) cost reductions being its key drivers.We are making good progress with our internal plans of cost reduction and the overall growth of our profitability,” said Quess Corp ED and Group CEO Guruprasad Srinivasan.

The company’s scrip ended 3.61 per cent higher at 356.15 on BSE. The stock has lost 45.78 per cent in a year and fallen 13.87 per cent in 2023. 


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