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Quess Corp Limited Audit Report / Information 2022

May 26, 2022

61817_rns_2022-05-26_84396136-ee6c-427c-b361-5070a653b2f7.pdf

Audit Report / Information

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auess WINNING TOGETHER

May 26, 2022

To,

BSE Limited, National Stock Exchange of India Limited Jst Floor, New Trading Ring, Exchange Plaza, Rotunda Building, PJ Towers, Dalal Street, Bandra- Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai- 400 001 Security Code - 539978 NSE Symbol - QUESS

Dear Sir/ Madam,

Sub.: Outcome of Board Meeting of the Company held on May 26, 2022 Time of Commencement : 08.00 PM Time of Conclusion : 10.35 PM

This is to inform you that the Board of Directors ("Board") at their meeting held today i.e. Thursday, May 26, 2022, inter-alia, considered and approved the Audited Financial Results (Standalone and Consolidated) for the fourth quarter and financial year ended 31 [st ] March, 2022, together with the Auditor's Report pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

We are also submitting the declaration under Regulation 33(3)(d) of the Listing Regulations from the Chief Financial Officer of the Company on the unmodified opinion of the Auditors.

Annexure-1'. The same will be made available Please find attached the aforesaid submissions as' on the Company's website www.quesscorp.com.

Kindly take the above information on record and oblige.

Thanking you Yours sincerely, FOR QUESS CORP LIMITED t�v-1/ KlJNDfN K LAL COMP ANY SECRET ARY & COMPLIANCE OFFICER

Quess Corp Limited

Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru-560103, Karnataka, India Tel: +91 80 6105 6001 I [email protected] I CIN No.L74140KA2007PLC043909

www.quesscorp.com

uess WINNING TOGETHER

May 26, 2022

To,

BSE Limited, 1st Floor, New Trading Ring, Rotunda Building, PJ Towers, Dalal Street, Mumbai - 400 001 Security Code .;. 539978

National Stock Exchange of India Limited Exchange Plaza, · Bandra- Kurla Complex, ,Bandra (East), Mumbai- 400 001 NSE Symbol - QUESS

Dear Sir/ Madam,

Sub: Declaration under Regulation 33(3)( d) of the Securities and Ex�hange Board of India (Listing and Disclosure Requirements) Regulations, 2015 from Chief Financial Officer

We hereby confirm and declare that the Statutory Auditors of the Company i.e., M/ s Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration No.117366 W /W 100018), have issued the Auditor's Report on Standalone and Consolidated FinanciafResults of the Company for the fourth quarter and financial year ende.d 31st March, 2022 with unmodified opinion.

Kindly take the above information on record and oblige.

Thanking you

Yours sincerely,

f:ORtf!ITFSS C'()RP I.IMITl<'.D ,. ,,....

Quess Corp Limited

Quess House, 3/3/2, BeUandur· Gat,e, Sarjapur Road, Bengaluru-560 I 03, Karnataka. India Tel: +91 80 610� 600i ! [email protected] I CIN No.L74140.KA2007PLC043909

INVVW.Qucsscorp,com

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds, Bengaluru - 560 001 Karnataka, India

Deloitte Haskins & Sells LLP

Tel: +91 (80) 6188 6000 Fax: +91 (80) 6188 6011

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF QUESS CORP LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results or the year ended 31 March 2022 and (b) reviewed the Consolidated Financial Results for the qua rte, ended 31 March 2022 (refer 'Other Matters' section below), which were subject to limited review t y us, both included in the accompanying "Statement of Consolidated Financial Results for the quartt r and year ended 31 March 2022" of QUESS CORP LIMITED ("the Parent") and its subsidiaries (the F·arent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its joint venture company and associates for the quarter and yec r ended 31 March 2022, ("the Statement") being submitted by the Parent pursuant to the requirem�nts of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Resul, s

In our opinion and to the best of our information anc according to the explanations given to us, and based on the consideration of the audit repor::s of other auditors on separate financial statements referred to in Other Matters section belo\', the Consolidated Financial Results for the year ended 31 March 2022:

  • (i) includes the results of the following entities as � pecified in Annexure I of this report;

  • (ii) is presented in accordance with the requiremf nts of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regu 3tions, 2015, as amended; and

  • (iii) gives a true and fair view in conformity with ti 1e recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, of the consolidated net pr >fit and consolidated total comprehensive income and other financial information of the G, :,up for the year ended 31 March 2022.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended 31 March 2022

With respect to the Consolidated Financial Results fo · the quarter ended 31 March 2022, based on our review conducted and procedures performe I as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to cur attention that causes us to believe that the Consolidated Financial Results for the quarter enc ed 31 March 2022, prepared in accordance with the recognition and measurement principles laic down in the Indian Accounting Standards and other accounting principles generally accepted i, India, has not disclosed the information required to be disclosed in terms of Regulation 33 oft 1e SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, includ,ng the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended 31 March 2022

We conducted our audit in accordance with the Standards Jn Auditing ("SAs") specified under Section 143( 10) of the Companies Act, 2013 ("the Act"). Our respo 1sibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities :ection below. We are independent of the

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Rl!:gd Office: One lntomotional Centre, Tower 3, 32[°J ] Floor. Senapau Bapat �farg. Elphm.-;tone I oad (West), Mumbai - -WO 013, �l.1.harashtra. India (LLP fderitifi.:a1lon No. AA!l-8737)

Deloitte Haskins & Sells LLP

Group, its associates and joint venture company in accori lance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI")[1 ] ogether with the ethical requirements that are relevant to our audit of the Consolidated Financial Rest dts for the year ended 31 March 2022 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the !CAi's Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to pro·tide a basis for our audit opinion.

Emphasis of Matters

  • We draw attention to Note 6 of the Statement regarding the demands received by the Company in respect of Provident Fund and the con·:ingency related to the pending litigation on the said matter.

  • We draw attention to Note 12(a) of the Statement, vhich describes the effects of the continuing uncertainty arising from the outbreak of the COV D-19 pandemic on the financial results for the quarter and year ended 31 March 2022.

  • We draw attention to Note 10 of the Statement r �garding completion of special audit under section 142(2A) of Income-tax Act, 1961 and receipt of draft assessment order under section 144C of Income-tax Act, 1961 for the financial yea,· 2017-18 resulting in certain disallowances to taxable income and the Company's evaluation r dating to these disallowances.

Our opinion and conclusion is not modified in respect of ti ese matters.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financia, Results is the responsibility of the Parent's Board of Directors and has been approved by them for the ,ssuance. The Consolidated Financial Results for the year ended 31 March 2022, has been compiled fro,n the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended 31 March 2022 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income ,ind other financial information of the Group including its associates and joint ventures in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, p, escribed under Section 133 of the Act, read with relevant rules issued thereunder and other accountin•J principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulatio• 1s.

The respective Board of Directors of the companies inclu·fod in the Group and of its associates and joint venture company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the asset! of the Group and its associates and joint ventures and for preventing and detecting frauds and oth1·r irregularities; selection and application of appropriate accounting policies; making judgments and Estimates that are reasonable and prudent; and the design, implementation and maintenance of ade[1] 1uate internal financial controls; that were operating effectively for ensuring the accuracy and compl,�teness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due ti, fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the resp �ctive Board of Directors of the companies included in the Group and of its associates and joint venture company are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi; of accounting unless the respective Board of Directors either intends to liquidate their respective !ntities or to cease operations, or has no realistic alternative but to do so.

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Deloitte Haskins & Sells LLP

The respective Board of Directors of the companies inclL ded in the Group and of its associates and jointly venture company are responsible for overseeing t tie financial reporting process of the Group and of its associates and joint venture company.

Auditor's Responsibilities

(a} Audit of the Consolidated Financial Results for the year ended 31 March 2022

Our objectives are to obtain reasonable assurancE about whether the Consolidated Financial Results for the year ended 31 March 2022 as a v,, hole are free from material misstatement, whether due to fraud or error, and to issue an 1uditor's report that includes our opinion. Reasonable assurance is a high level of assurance bL t is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered r1aterial if, individually or in the aggregate, they could reasonably be expected to influence thf economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we el< ercise professional judgment and maintain professional skepticism throughout the audit. We al:.o:

  • Identify and assess the risks of material misstal ement of the Annual Consolidated Financial Results, whether due to fraud or error, design i1nd perform audit procedures responsive to those risks, and obtain audit evidence that is s Jfficient and appropriate to provide a basis for our opinion. The risk of not detecting a mcterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override , 1f internal control.

  • Obtain an understanding of internal control rel �vant to the audit in order to design audit procedures that are appropriate in the circumst,:nces, but not for the purpose of expressing an opinion on the effectiveness of such controls

  • Evaluate the appropriateness of accounting )olicies used and the reasonableness of accounting estimates made by the Board of Din ctors.

  • Evaluate the appropriateness and reasonabler•ess of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

  • Conclude on the appropriateness of the Board , 1f Directors' use of the going concern basis of accounting and, based on the audit evidenc � obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are requi1 ed to draw attention in our auditor's report to the related disclosures in the Consolidated I inancial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the Group and its associates and joint ventures to c �ase to continue as a going concern.

  • Evaluate the overall presentation, structure and :ontent of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and �vents in a manner that achieves fair presentation.

  • Perform procedures in accordance with the cir :ular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent ar plicable.

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Deloitte Haskins & Sells LLP

  • Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results/ Financial Information of the entities within the Group and its associates and joint venture company to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Anr,ual Consolidated Financial Results of which we are the independent auditors. For the other �ntities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and pe,formance of the audits carried out by them. We remain solely responsible for our audit opin :m.

Materiality is the magnitude of misstatements in thE Annual Consolidated Financial Results that, individually or in aggregate, makes it probable th 1t the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Fina, 1cial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evalua[1] :e the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governi,nce of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope :ind timing of the audit and significant audit findings including any significant deficiencies in inter-ial control that we identify during our audit.

We also provide those charged with governance wi h a statement that we have complied with relevant ethical requirements regarding independ !nee, and to communicate with them all relationships and other matters that may reasonabl r be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended 31 March 2022

We conducted our review of the Consolidated Finan :ial Results for the quarter ended 31 March 2022 in accordance with the Standard on Review Er 1gagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independenc Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of r 1aking inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in s :ope than an audit conducted in accordance with SAs specified under section 143(10) of the A< t and consequently does not enable us to obtain assurance that we would become aware of al! significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

The Statement includes the results of the entities as isted under paragraph (a)(i) of Opinion and Conclusion section above.

As part of our annual audit, we also performed procdures in accordance with the circular issued by the SEBI under Regulation 33(8) of the �,EBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to t 1e extent applicable.

Other Matters

  • The Statement includes the results for the Quarter ended 31 March 2022 being the balancing figure between audited figures in respect of the f11II financial year and the published year to date figures up to the third quarter of the current inancial year which were subject to limited review by us. Our report is not modified in respect of this matter.

  • We did not audit the financial statements/financia· information of 31 subsidiaries included in the consolidated financial results, whose financial s[1] :atements/financial information reflect total assets of Rs. 25,298.25 million as at 31 March 202:: and total revenues of Rs. 9,574.71 million and Rs. 35,313.14 million for the quarter and ye,,r ended 31 March 2022 respectively, total

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Deloitte Haskins & Sells LLP

net profit after tax of Rs. 449.46 million and Rs 3,085.92 million for the quarter and year ended 31 March 2022 respectively and total comp,-ehensive income of Rs. 464.48 million and Rs. 3,106.39 million for the quarter and year endE d 31 March 2022 respectively and net cash outflow of Rs. 626.41 million for the year end �d 31 March 2022, as considered in the Statement. The consolidated financial results also includes the Group's share of net loss after tax of Rs. 6.65 million and Rs. 16.87 million for I he quarter and year ended 31 March 2022 respectively and total comprehensive loss of Rs. 6.65 million and Rs. 16.87 million for the quarter and year ended 31 March 2022 respectivel[1] r, as considered in the Statement, in respect of 3 associates, whose financial statements/financ,al information have not been audited by us. These financial statements/financial information I ,ave been audited, as applicable, by other auditors whose reports have been furnished to u ; by the Management and our opinion and conclusion on the Statement, in so far as it relate� to the amounts and disclosures included in respect of these subsidiaries and associates is basE·d solely on the reports of the other auditors and the procedures performed by us as stated unc er Auditor's Responsibilities section above.

Our report on the Statement is not modified in rE spect of the above matters with respect to our reliance on the work done and the reports of t 1e other auditors.

  • The consolidated financial results includes the unaudited financial statements/ financial information of 3 subsidiaries, whose financial sta1 ements / financial information reflect total assets of Rs. 521.94 million as at 31 March 2022 a 1d total revenues of Rs. 102.23 million and Rs. 368.20 million for the quarter and year endec 31 March 2022 respectively, total net loss after tax of Rs. 6.65 million and Rs. 18.05 millio,1 for the quarter and year ended 31 March 2022 respectively and total comprehensive loss 0[1] ' Rs. 6. 73 million and Rs. 20.35 million for the quarter and year ended 31 March 2022 respec1:ively and net cash flows of Rs. 1.32 million for the year ended 31 March 2022, as considered 1ri the Statement. The consolidated financial results also include one joint venture com pan 1, having no operations whose financial statements / financial information have not been audited by us. These financial statements/ financial information are unaudited and have been Furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint vent ire company and associates, is based solely on such unaudited financial statements/financial i11formation. In our opinion and according to the information and explanations given to us t y the Board of Directors, these financial statements / financial information are not materiai to the Group.

Our report on the Statement is not modified in res1 ,ect of the above matter with respect to our reliance on the financial statements/ financial i ,formation certified by the Board of the Directors.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants ( Fi m's Reg ;5tn, tion No. 1173;:.:;r-100018 I and Subramanian Partner (Membership No. 110815) (UDIN: 22110815AJRUST6682)

Place: Bengaluru Date: 26 May 2022

Deloitte Haskins & Sells LLP

Annexure I:

Nature S. No. Entity name Entity name Entity name Entity name Entity name
Subsidiary/Step-
subsidiary:		 1. Brainhunter Systems Ltd.
2.
3.		 Mindwire Systems Limited
MFX Infotech Private Limited
4.
5.		 Quess (Philippines) Corp.
Quess Corp (USA)Inc.
6.
7.
8. MFXchange Holdings Inc.
9.
10.
11. Com tel Solutions
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28. Quesscorp Manpower Suppl) Services LLC
Manpower SupplyServices(ILC)]
Allsec Technologies Limited
Allsectech Inc.,USA		 [formerlyknown as S M S
29.
30.		 Allsec Technologies Limited
Allsectech Inc.,USA
31. Allsectech Manila Inc.,Philip1·iness
32. Quess Services Limited
33.
34.
35.
36. Billion Careers Private Limited (w.e.f. 26 November 2021)

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Deloitte Haskins & Sells LLP

Nature **S. No. ** Entity name
Associate: 1.
2.		 Quess Recruit, Inc.
Agency Pekerjaan Quess Recruit Sdn. Bhd
StellarslogTechnovation Private Limited
Himmer Industrial Services (M)Sdn. Bhd
3.
Joint Venture: 1.

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Quess Corp Limited Reb>istered Office: Quess House, 3/3/2. Bellandur Gate, Sarjapur Road. Bengaluru 560 103: CIN No L74140KA2007PLC043909

Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited Quess Corp Limited
Part
SI. N
Reb>istered Ofce: Quess House, 3/3/2. Bellandur Gate, Sarjapur Road. Bengaluru 560 103:
CIN No L74140KA2007PLC043909
I: Statement of consolidated audited financial results for the quarer and year ended 31 March 2022
(/NJ in milliom excepr per ,hare daro)
Consolidated
Qunrtcr ended
Year ended
o
Particulars
31 March
31 December
31 March
31 March 2022
31 March
2022
2021
2021
2021
Refer note 2
(Unaudited)
Refer note 2
(Audited)
(Audited)
Income
a) Revenue fom operations
37,920.47
36,849 82
30,045.04
1,36,917.78
1.08,368,95
bIOther income
46,79
28 70
33.53
198 01
450,90
Total income(a+ b)
37,967.26
36.878.52
30,078.57
1,37.115,79
1,08,819.85
Consolidated
Qunrtcr ended
31 December
31 March
2021
2021		 Year ended
31 March 2022
31 March
2021
31 Ma
2022
Refer no		 rch
te 2 (Unaudited) Refer note 2 (Audited) (Audited)
1.08,368,95
450,90
1,08,819.85
I Income
a) Revenue fom operations
bIOther income		 37,920.47
36,849 82
46,79
28 70
37,967.26
36.878.52		 30,045.04
33.53
30,078.57		 1,36,917.78
198 01
Total income(a+ b) 1,37.115,79
2 Expenses
a) Cost of material and stores and spare pars consumed
b) Employee benefts expense
c) Finance costs
d) Depreciation and amortisation expense
e)Other expenses		 837 22
32,281.58
195 24
642 84
2,953.39		 773.32
31,019.67
183,82
493.82
3,262.43
35,733.06		 570.90
25,632.06
166,35
551.07
3,463.72
30,384.10		 2,787 25
I, 16,869.92
792. 15
2,120.47
11,025,76		 2,007.9
92,968,43
1,112 93
2,285.28
8,811.93
1,07,186.06
Total expenses(a+b+ c +d+e) 36,910.27 1,33,595.55
3
4
5
6
7
8
9
10		 Profit befre shore of proltl(loss) of eq11it� :icoounted invt'Stees,
exceptional items "nd tax(I•2)
Share of loss of equity •ccountcd m,•c-s1ces ( netofincome 1n.�)
J)rof1 before exceptional items and tn(3+�)
Exceptional items_(refer_110/e_I I and I 2(<))
Prolit/(loss) befre tax (5 - 6)
Tax expense/(credit)
Curent tax
Income tax relating to previous year
Deferred tax
Total tax expense
Proft/(loss) fr the period(7 -8)
Other comprehensive income
{i} Items that will not be reclass{fied subsequently to pn?fit or loss
Remeasurement of defned beneft plans
Income tax relating to items that will not be reclassifed to
proft or loss
Share of other comprehensive income of equity accounted investees (net of
income tax)
(ii) /rem, rhar will be rec/ass/fled mbseq11e111/y ro pr"fir or loss_
operations
Other comprehensive income/(lossl for theperiod. net of taxes
 1,056.99
1,145.46
(6 65)
(5.96)
1,050.34
1,139.50
13.95
.
1,036.39
1,139.50
120.40
119 72
21 65
0.01
128 05
134.60
270.10
254.33
766.29
885.17
62,4
(33,73)
(5.53)
6,31
-
39,19
23.82
96.30
(3.60)		 (305.53)

(8 30)
(313.83)
(313.83)
11110
(8,75)
166,55
268.90
(582.73)

49.29
(I 1.04)
(65 84)
(27.59)
3,520.24

(16.87)

3,503.37
(72.24)

3,575.61
644.14

35.28
386.2
1,065.84

2,509.77
(98 62)

32.91
.
81.97
16.26		 1,633.79

(114.27)
1,519.52

(326.89)
1,846.41
423 29
68 21
618.02
1,109.52
736.89

(78 10)
21.68
(5.33)
45 99
(15.76)
721.13
II Total comprehensive income/(loss)fr theperiod (9 + 10) 862.59
881.57		 (6I0.32)
2,526.03
12
13
14
15
16		 Proft/(loss) attributable to:
Owners of the Company
Non-controlling interests
Other comprehensive income/(loss) attributable to:
Owners of the Company
Non-controlling interests
Total comprehensive income/(loss) attributable to:
Owners of the Company
Non-controlling interests
Paid-up equity share capital
(Face value oflNR 10.00 per share)
Reservesi.e.Other equity
 736.80
838 22
29.49
46.95
90 82
0.07
5.48
(3,67)
827.62
838.29
34,97
43 28
1,479,91
1,478 84		 (626 92)
44.19
(39 15)

11.6
(666.07)
55 75
1,476 79
(notannualised)
2,412 25
578 77
97.52
158.12

16 15
(26.80)
0.11
I 1. 04
2,428.40
551.97
97 62
169 16
1,479 91
1,476.79
22.897 64
21.954.31
17
 Eaming(loss) per eauitv sha
(a) Basic (in INR)
(blDiluted(in INR)
 re (not annualised) (not annualised) (annualised)
(annualised)

4.98
5.67
4.94
5.59		 (4 25)
(4.18)
16.32
3.92

16 18
3.87
See accompanying notes to the fnancial resuhs

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Quess Corp Limited

Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengalum 560 I 03; CIN No L 74140KA2007PLC043909

Consolidated Balance Sheet as at 31 March 2022

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Particulars
A
ASSETS
I
Non-current assets
2
Property, plant and equipment
Capital work-in-progress
Right-of-use assets
Goodwill
Other intangible assets
Intangible assets under development
Investments in equity accounted investees
Financial assets
Investments
Loans
Other fnancial assets
Deferred tax assets (net)
Income tax assets (net)
Other non-current assets
Total non-current assets
Current assets
Inventores
Financial assets
Investments
Trade receivables
-Billed
-Unbilled
Cash and cash equivalents
Bank balances other than cash and cash equivalents above
Loans
Other financial assets
Other curent assets
Total current assets
Tota I Assets
B
EQUITY AND LIABILITIES
I
Equity
Equity share capital
Other equity
'l'otal equity attributable to equity holders of the Company
Non-controlling interests
Totnl equity
2
l.iahilities
Non-current liabilities
Financial liabilities
Borrowings
Lease liabilitites
Other fnancial liabilities
Deferred income tax liabilities (net)
Non-current provisions
Torn! non-current liabilities
3ICurrent liabilities
Financial liabilities
Borrowings
Trade payables
Total outstanding dues of micro enterprses and small enterrises
Total outstanding dues of creditors other than micro enterprises and small enterprises
Lease liabilities
Other fnancial liabilities
Income tax liabilities (net)
Current provisions
Other current liabilities
Total current liabilities
Total Liabilities
Total Equi1v and Li:1bilities		 As at
31 March 2022
As at
31 March 2021
IAuditedl
2,066.73
2,916.13
10,095 91
1,490 26
'153.14
87.58
16.55
1,498 01
915 84
3,067.28
200.39
(Audited)
1,732 91
149 81
2,42988
9,889.50
995.23
159.10
24 44
16 55
266.76
1,408.05
1,289 92
2,77154
177.28
22,507.82
21,310.97
274.80
917.32
12,703.15
10,619.80
4,104.66
1,014.62
33.75
253.29
1.280.36
290.29
497 08
8,944.86
9,050.56
4,857I9
788.49
24.39
258.29
1,179.99
31,ZOl.75
25,891.14
53,709.57
1,479.91
n897,64
-7.202.11
1,476.79
21,954.31
24,377.55
].309.80
23,431.10
939 30
25.687.35
24,370.-0
236 76
2,180.30
19.72
-
2,530, 16
-,966.94
5,640.65
39.08
l ,114.59
1,088.34
9,926.45
85.69
202 85
4,957.63
2.,055.28
28,022.22
�3 709.57

543 07
l ,778 09
2,096.36
0.44
1,981.70
6,399.66
4,613.92
27.84
1,184.64
974.35
6,164.63
88.24
139.92
3,238.51
16,�31.05
22,831.71
47,202.IJ

See accompanymg notes to the financial results

==> picture [78 x 76] intentionally omitted <==

Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengalur 560 103;
CIN No L74140KA2007PLC043909
Stntcment of ConsolidatedCash nows fr the vtar ended 31 March ?022
P1rticulus
Cash fows from operating activities
Proft afer tax
Adjustments to reconcile net proft to net cash provided by operating activities:
Tax expenses
Exceptional items (refer note 11 and 12(c))
Interest income on tenn deposits
Amortised cost adjustments for financial instruments
Interest on income tax refnds
(Profit)/ loss on sale of propery, plant and equipment, net
Interest on loans given to related paries
Net gain on sale of investments in mutual fnds
Liabilities no longer required wrtten back
Net gain on fnancial assets desigated at fir value through proft or loss
Net fair value (loss)/gains on mutual funds
Expense on employee stock option scheme
Finance costs
Depreciation and amorisation expense
Loss al1owance on financial assets, net
Bad debts written of
Deposits written of
Foreign exchange gain, net
Rent concession
Share of (proft)/loss of equity accounted investees
Operating cash fows befre working capital changes
Changes in operating assets and liabilities
Changes in inventories
Changes in trade receivables and unbilled revenue
Changes in loans, other fnancial assets and other assets
Changes in trade payables
Changes in other financial liabilities, other liabilities and provisions
Cash generated from operations
Income taxes (paid)/refund received, net
Net cash fows from operating activitie. (A)
Cash fows from investing activities
Expenditure on propery, plant and equipment and intangibles, net of sale proceeds
Proceeds from sale of propery plant and equipment
Acquisition of shares in subSidiaries net of acquisiton date cash and cash equivalents of subsidiaries
Investment in associates
Jnvestmenls in mutual fund, net
Proceeds from sale of mutual fund units
Bank deposits (having original maturity of more than three months),net
Loans given to related paries
lnterest received on tenn deposits
Net cash from/(used in) in investing activities (8)
Cash fows from fnancing activities
Repayment of lease obligations
Repayment of term loan
Proceeds from short ter borrowings
Proceeds fom issue of equity shares net of issue expense
Changes in ownership interest in subsidiary not resultinginloss of control:
- Dilution of existing stake
•Payment towards acquisitionofnon-controlling inJerest
Repayment of lease liabilities
Dividend paid to Non controlling interest
Dividend paid
Interest paid
Net cash (used in)/from in fnancing activities (C)
Net incrcase/(decrease) in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the period
Efect of exchange rate fluctuations on cash and cash equivalents
Cnsh and cash equiv:len� at the end of theoeriod
Componentsof cash andcash equivalents
Cash in hand
Balances with banks
In current accounts
In EEFC accounts
In deposit accounts (with original maturity of less than 3 months)
Cash andcash equivalents in consolidated balance sheet
(Ammrm in INR 1111/lmn.J
For theyear ended
31 March 2022
31 March 2021
(Audited)
(Audited)
2,509.77
736 89
1,065.84
1,109.52
(72.24)
(326 89)
(70.7)
(60.35)
(12.20)
(21.76)
(64.93)
(311.20)
(I 07)
0 62
-
(8 76)
(27.30)
(3-50)
.
(0 43)
(2,96)
-
(15.74)
381.81
I 18.02
550.43
1,112.93
2,120.47
2,285,28
22.51
1,225,02
250,22
-
56.8
2.13
(4 30)
99.54
(85,83)
16 87
114.27
6,718.83
5,969.77
15.49
(0 44)
(5,753,08)
417 03
177 83
82 14
(69.61)
(988.64)
5.322 07
26,23
6,411.54
5,506.09
(868.43)
1.647,51
5,543.11
7,153.60
(846,71)
(650,26)
13 53
36.80
50.81
!37.76
(80,00)
(20.00)
(420.24)
(143.84)
30 26
(389 33)
(372.61)
(3(2 91)
(94.66)
70 61
43 39
(l,883.98)
(1,063.42)
(1,456 77)
(308 23)
-
1,028.32
(4,855.21)
3 12
1.68
624.60
(2,076 64)
(45 59)
(1,266.38)
(1,242.32)
(243.32)
-
(1,624.89)
(553.45)
(737.32)
(4,416.86)
(8,335.53)
(757.72)
(2,245.35)
4,857.19
7,091.24
5.19
11.30
4,104.66
4,857.19
6.36
6 39
4,066 52
4,573.52
29.81
(9 84
1 97
257,44
4,104.66
4,857.19		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengalur 560 103;
CIN No L74140KA2007PLC043909
Stntcment of ConsolidatedCash nows fr the vtar ended 31 March ?022
P1rticulus
Cash fows from operating activities
Proft afer tax
Adjustments to reconcile net proft to net cash provided by operating activities:
Tax expenses
Exceptional items (refer note 11 and 12(c))
Interest income on tenn deposits
Amortised cost adjustments for financial instruments
Interest on income tax refnds
(Profit)/ loss on sale of propery, plant and equipment, net
Interest on loans given to related paries
Net gain on sale of investments in mutual fnds
Liabilities no longer required wrtten back
Net gain on fnancial assets desigated at fir value through proft or loss
Net fair value (loss)/gains on mutual funds
Expense on employee stock option scheme
Finance costs
Depreciation and amorisation expense
Loss al1owance on financial assets, net
Bad debts written of
Deposits written of
Foreign exchange gain, net
Rent concession
Share of (proft)/loss of equity accounted investees
Operating cash fows befre working capital changes
Changes in operating assets and liabilities
Changes in inventories
Changes in trade receivables and unbilled revenue
Changes in loans, other fnancial assets and other assets
Changes in trade payables
Changes in other financial liabilities, other liabilities and provisions
Cash generated from operations
Income taxes (paid)/refund received, net
Net cash fows from operating activitie. (A)
Cash fows from investing activities
Expenditure on propery, plant and equipment and intangibles, net of sale proceeds
Proceeds from sale of propery plant and equipment
Acquisition of shares in subSidiaries net of acquisiton date cash and cash equivalents of subsidiaries
Investment in associates
Jnvestmenls in mutual fund, net
Proceeds from sale of mutual fund units
Bank deposits (having original maturity of more than three months),net
Loans given to related paries
lnterest received on tenn deposits
Net cash from/(used in) in investing activities (8)
Cash fows from fnancing activities
Repayment of lease obligations
Repayment of term loan
Proceeds from short ter borrowings
Proceeds fom issue of equity shares net of issue expense
Changes in ownership interest in subsidiary not resultinginloss of control:
- Dilution of existing stake
•Payment towards acquisitionofnon-controlling inJerest
Repayment of lease liabilities
Dividend paid to Non controlling interest
Dividend paid
Interest paid
Net cash (used in)/from in fnancing activities (C)
Net incrcase/(decrease) in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the period
Efect of exchange rate fluctuations on cash and cash equivalents
Cnsh and cash equiv:len� at the end of theoeriod
Componentsof cash andcash equivalents
Cash in hand
Balances with banks
In current accounts
In EEFC accounts
In deposit accounts (with original maturity of less than 3 months)
Cash andcash equivalents in consolidated balance sheet
(Ammrm in INR 1111/lmn.J
For theyear ended
31 March 2022
31 March 2021
(Audited)
(Audited)
2,509.77
736 89
1,065.84
1,109.52
(72.24)
(326 89)
(70.7)
(60.35)
(12.20)
(21.76)
(64.93)
(311.20)
(I 07)
0 62
-
(8 76)
(27.30)
(3-50)
.
(0 43)
(2,96)
-
(15.74)
381.81
I 18.02
550.43
1,112.93
2,120.47
2,285,28
22.51
1,225,02
250,22
-
56.8
2.13
(4 30)
99.54
(85,83)
16 87
114.27
6,718.83
5,969.77
15.49
(0 44)
(5,753,08)
417 03
177 83
82 14
(69.61)
(988.64)
5.322 07
26,23
6,411.54
5,506.09
(868.43)
1.647,51
5,543.11
7,153.60
(846,71)
(650,26)
13 53
36.80
50.81
!37.76
(80,00)
(20.00)
(420.24)
(143.84)
30 26
(389 33)
(372.61)
(3(2 91)
(94.66)
70 61
43 39
(l,883.98)
(1,063.42)
(1,456 77)
(308 23)
-
1,028.32
(4,855.21)
3 12
1.68
624.60
(2,076 64)
(45 59)
(1,266.38)
(1,242.32)
(243.32)
-
(1,624.89)
(553.45)
(737.32)
(4,416.86)
(8,335.53)
(757.72)
(2,245.35)
4,857.19
7,091.24
5.19
11.30
4,104.66
4,857.19
6.36
6 39
4,066 52
4,573.52
29.81
(9 84
1 97
257,44
4,104.66
4,857.19
For theyear ended
31 March 2022
31 March 2021
(Audited)
(Audited)
2,509.77
736 89
1,065.84
1,109.52
(72.24)
(326 89)
(70.7)
(60.35)
(12.20)
(21.76)
(64.93)
(311.20)
(I 07)
0 62
-
(8 76)
(27.30)
(3-50)
.
(0 43)
(2,96)
-
(15.74)
381.81
I 18.02
550.43
1,112.93
2,120.47
2,285,28
22.51
1,225,02
250,22
-
56.8
2.13
(4 30)
99.54
(85,83)
16 87
114.27
6,718.83
5,969.77
15.49
(0 44)
(5,753,08)
417 03
177 83
82 14
(69.61)
(988.64)
5.322 07
26,23
6,411.54
5,506.09
(868.43)
1.647,51
5,543.11
7,153.60
(846,71)
(650,26)
13 53
36.80
50.81
!37.76
(80,00)
(20.00)
(420.24)
(143.84)
30 26
(389 33)
(372.61)
(3(2 91)
(94.66)
70 61
43 39
(l,883.98)
(1,063.42)
(1,456 77)
(308 23)
-
1,028.32
(4,855.21)
3 12
1.68
624.60
(2,076 64)
(45 59)
(1,266.38)
(1,242.32)
(243.32)
-
(1,624.89)
(553.45)
(737.32)
(4,416.86)
(8,335.53)
(757.72)
(2,245.35)
4,857.19
7,091.24
5.19
11.30
4,104.66
4,857.19
6.36
6 39
4,066 52
4,573.52
29.81
(9 84
1 97
257,44
4,104.66
4,857.19
Componentsof cash andcash equivalents
Cash in hand
Balances with banks
In current accounts
In EEFC accounts
In deposit accounts (with original maturity of less than 3 months)
Cash andcash equivalents in consolidated balance sheet

See accompanying notes to the financial results

==> picture [76 x 74] intentionally omitted <==

Quess Corp Limited

Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03; CINNo.L74140KA2007PLC043909

Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group performance and allocates resources based on an analysis of various performance indicators by business segments Accordingly, information has been presented along these business segments viz Workforce management, Operating asset management and Global technology solutions. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments.

Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group perfrmance and allocates
resources based on an analysis of various performance indicators by business segments Accordingly, information has been presented along these business segments viz
Workfrce management, Operating asset management and Global technology solutions.The accounting principles used in the preparation of these financial results are
consistently applied to record revenue and expenditure in individual segments.
Statement of consolidated audited segment wise revenue. results. assets and liabilities fr the quarter and year ended 31 March 2022
(!v m 1i!ions
Consolidated
Quarter ended
Year ended
SI. No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
Refer note 2
(Unaudited)
Refer note2
(Audited)
(Audited)
I
Segment revenue
a) Workfrce management
25,700.80
24,715 45
20,114.16
91,897.13
71,590 09
b) Operating asset management
5,772 31
5,778 67
4,650 63
21,095 03
16,883.08
c)Global technologsolutions
6,447.36
6,355.70
5.280.25
23.925.62
19,895.78
Quarter ended
Year ended
31 March
2022		 31 December
2021		 31 March
31 March
2021
2022
Refer note2
(Audited)		 31 March
2021
Refer note 2 (Unaudited) Refer note2 (Audited)
Segment revenue
a) Workfrce management
b) Operating asset management
c)Global technologsolutions		 25,700.80
24,715 45
20,114.16
5,772 31
5,778 67
4,650 63
6,447.36
6,355.70
5.280.25		 91,897.13
21,095 03
23.925.62		 71,590 09
16,883.08
19,895.78
2 Total Income from operations 37,920.47 36.849.82
30,045.04		 1,36,917.78 1,08,368.95
Segment results
a) Workfrce management
b) Operating asset management
c)Global technologsolutions		 892.10
255.65
834.72		 763 35
368.00
944.57		 372 78
(523.47)
736.8		 2,745.11

1,198.80
3.220.15		 2,283.07
323.22
2,702.13
Tota'! 1,982.47 2.075.92 585.59 7,164.06 5,308.42
Less: (i) Unallocated corporate expenses
Less: (ii) Depreciation and amortisation expense
Less: (iii) Finance costs
Add: (iv) Other income
Add: (v) Share ofprofit/(loss) of equity accounted investees (net of
income tax)
 134,19
281.52
642 84
493.82
195.24
183.82
46 79
28.70
(6.65)
(5 96)		 207.23
551.07
166.5
33.53

(8.30)		 929.21
2,120.47
792.15
198 01

(16 87)		 727 32
2,285 28
1,112 93
450.90

(114 27)
Totalproft before tax 1,050.34 1,139.50 (313.83)
3,503.37		 1,519.52
3
Segment assets
a) Workforce management
b) Operating asset management
c) Global technology solutions
d)Unallocated		 18,094.94
12,066 50
14,554 91
8,993.22		 15,248.69
12,434.41
13,198.28
11,471.22		 13,015 55
10,536.26
11,963.37
11.686.93		 18,094.94
12,066.50
14,554.91
8.993.22		 13,015 55
10,536,26
11,963.37
11,686 93
Total 53,709.57 52,352.60 53,709.57
10,621.74
3,843 26
8,190,07
5.367.15		 47,202.11
5,310.18
3,497.12
6,333.33
7,691.08
4 Segment liabilities
a) Workforce management
b) Operating asset management
c) Global technology solutions
d)Unallocated		 10,621 74
3,843 26
8,190.07
5,367.15
Total 28,022.22 28,063.92
22,831.71
28,022.22		 **22,831.71 **

See accompanying notes to the financial results

==> picture [77 x 76] intentionally omitted <==

Quess Corp Limited Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengalurn 560 I 03; CIN No. L74140KA2007PLC043909

Consolidated audited financial results for the quarter and year ended 31 March 2022

Notes:

  • The consolidated financial information for the quarter and year ended 31 March 2022 have been taken on record by the Board of Directors at its meeting held on 26 May 2022 The statutory auditors have expressed an unqualified review conclusion on the financial results for the quarter ended 31 March 2022 and have expressed an unqualified audit opinion on the financial results for the year ended 31 March 2022. These Consolidated financial results have been extracted from the consolidated financial infonnation

  • 2 The statement includes the results for quarter ended 31 March 2022 and 31 March 2021 being the balancing figure of the audited figures in respect of f. ll financial year and the published year to date fib'llres upto the third quarter of the respective financial years.

  • 3 The unaudited consolidated financial results and the report of the Statutory Auditors is being filed with Bombay Stock Exchange ("BSE") and National Stock Exchange ("NSE") and will be made available on the Company website www quesscorp corn.

  • 4 During the year ended 31 March 2021, the Company had acquired additional 25 00% to their equity stake in Terrier Security Services (India) Private Limited ("TSSIPL") at a consideration of INR 645,00 million. Consequent to the additional 25.00% acquisition, the total shareholding in TSSIPL had increased from 49 00% to 74 00% and TSSIPL had become subsidiary of the Company. The additional purchase consideration of INR 645.00 million was settled by adjusting loans which was outstanding to be received from Heptagon Technologies Private Limited ("HTPL").

During the year ended 3 I March 2022, Terrier Security Services (India) Private Limited ("TSSIPL") has allotted 150,000 optionally convertible redeemable preference shares ("OCRPS") having face value of INR 10.00 each by way of bonus issue to its shareholders in the ratio of I :0 30, out of which 39,000 OCRPS has been converted by the non-controlling shareholders ofTSSIPL into equity shares in the ratio of 1:10 As a result, the total shareholding of the Company in TSSIPL has been decreased from 74.00% lo 41.57%

OCRPS can be converted into equity shares by the Company at any point in time without any contractual restrictions and therefore considered as potential voting rights Further, there has been no change in the composition in the Board of TSSIPL consequent to the change in shareholding. Therefore, TSSIPL continues to be a subsidiary of the Company.

  • During the year ended 31 March 2021, Tata Sons Private Limited ("Tata Sons"), the non-controlling shareholder of Conneqt Business Solutions Limited ("CBSL") (a subsidiary of the Company) exercised the Pi,t Option and requested the Company to complete the purchase of 44,839,166 equity shares ("Put Shares") as per the Shareholders Ab>reement ("the Agreement") dated 20 November 2017. On I 6 April 2021, the Administration and lnveshnent committee of the Company has approved the acquisition of the remaining 30.00% equity stake for a consideration of INR 2,080 million Consequently, the Company completed the acquisition of equity stake in CBSL on the same date, and CBSL became wholly owned subsidiary of the Company

  • 6 During fiscal 2020, the Reb>ional PF Commissioner ("RPFC") passed an order under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") demanding INR 716.56 million on the grounds that it failed to remit Provident Fund ("PF") on wages for its employees for the period from April 2018 to March 2019 for certain components of salary. The Group filed an appeal before the Central Government Industrial Tribunal ("CGIT") under section 7-1 of the Act challenging the Employees' Provident Fund Organisation's ("EPFO") order along with the application under Section 7-0 of the Act seeking a waiver from pre-deposit of the alleged Provident Fund Contributions till the final disposal of the Appeal. The CGIT after hearing the submissions made by the parties passed an Order allowing complete waiver from any pre-deposit and also staying the operation of the EPFO order. The matter has been adjourned to 06 June 2022. The Group has taken external independent legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and the liability has been incorrectly detennined by the RPFC and therefore, the Company considers the claim to be remote.

  • 7 The Board of Directors of the Company at its meeting held on 03 June 2021 considered and approved the Scheme of Amalgamation ("Scheme AAA") among Quess Corp Limited ("Transferee Company") with two of its wholly owned subsidiaries viz. MFX lnfotech Private Limited ("MFXI") and Greenpiece Landscape India Private Limited ( "GLPL") together known as ("Transferor Companies") and their respective shareholders and creditors under the provisions of Section 230-232 of the Companies Act, 2013 subject to the approval of the shareholders and the National Company Law Tribunal ("NCLT"), Bengalurn branch On 7 July 2021, the Board of Directors approved revision in Scheme AAA by adding another wholly owned Subsidiary Conneqt Business Solutions Limited ("CBSL") as an additional Transferor Company, The new Scheme AAA will be effected in the consolidated financial results once it is approved by National Company Law Tribunal ("NCL T"), Bengalum Bench. The Company has filed the application before Hon'ble NCLT, Bengalum bench on 21 January 2022

  • 8 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020 The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

  • 9 The Board of Directors at their meeting held on 05 May 2021 declared interim dividend of INR 7.00 per equity share (face value of INR I 0,00 each) for the financial year ended 31 March 2021 aggregating to INR 1,033.75 million which was paid on 20 May 2021,

The Board of Directors at their meeting held on 13 November 2021 have declared an interim dividend of INR 4 00 per equity share (face value of INR 10,00 each) for the current financial year aggregating to INR 591 14 million, which was paid on 03 December 2021.

==> picture [77 x 75] intentionally omitted <==

  • 10 As disclosed in quarter ended 30 June 2021, the Income Tax Department ("Department") conducted survey operations at the Company's registered office from 08 July 2021 to 10 July 2021 The queries during the survey for financial year (FY) 2016-17 to FY 2019-20 were primarily related to the manner of availing deduction under section 80JJAA of the Income Tax Act ('-Act") and the claim of tax depreciation on goodwill arising from acquisition/ mergers. Further, as disclosed in quarter ended 30 September 202 I, a special audit under section I 42(2A) of the Act was initiated by the Income Tax Department for FY 2017-18 During the quarter ended 31 March 2022, special audit was completed; and report was submitted to the Income Tax Department.

As per due process, and following the issue of the special audit report, the Department has issued a draft assessment order under section I 44C of the Act on 24 May 2022. The draft assessment order indicates that, among others, the entire deduction under 80JJAA claimed by the Company is disallowed, along with the depreciation of goodwill arising on mergers and acquisitions. Further receipts in the nature of reimbursement of expenses from customers reduced from revenues as per applicable Accounting Standards have also been added to taxable income. As per the process laid out under section I 44C of the Act, the Company has 30 days to file objections to the Dispute Resolution Panel Therefore, the demands relating to disallowance is yet to be computed by the Income Tax Department.

The Company intends to vigorously contest its position and interpretative stance of these sections on merits, including judicial precedents, and believes it can strongly defend its position through the legal process as defined under the Act. Based on its initial internal assessment, the Company has disclosed a contingent liability of INR 166.60 million, excluding interest and penalties if any. This estimate will be updated as developments unfold in future

The Company continues to maintain its stand on the manner of claiming the 80JJAA deduction and accordingly an 80JJAA deduction of INR 2,012 million is claimed for the year ended 31 March 2022. The Company believes that such deduction, including it quantum, has been validly and consistently claimed, in confonnitv with its interpretation of the statute.

  • 11 a) During the quarter ended 30 September 2021, the Group recognised an expense of INR 479 81 million related to Goods and Service Tax (GST), based on a comprehensive review across its businesses, geographic locations and assessment years, including reconciliations with suppliers and vendors. Due to the pandemic related disruptions, this review was finally concluded during the quarter ended 30 September 2021. Based on such review the Group has, on a pmdent basis, identified certain ineligible credits arising from vendor reconciliations, clarifications and opinions related to input credits, delays by vendors in filing GST returns, etc. and recorded and paid the related expense which the Group believes is an exceptional item in the extraneous circumstances involved and in the context of paragraph 9.6 of the Guidance note on Schedule Ill to the Companies Act, 20 I 3 issued by the Institute of Chartered Accountants of India ("ICAJ").

b) As at 31 March 2020, the Group had impaired INR 1,155.32 million of customer relationship related intangible assets from its acquisitions of!FM business and Allsec after considering the then assessed impact of COVID-19 and uncertainties in future economic condition caused by the pandemic. During the quarter ended 30 September 2021, the Group has recognised a reversal of impairment on these customer relationship aggregating to INR 766 million, This reversal stems from the management's demonstrable assessment of sustainable improved business performance of the !FM business and Allsec at the operating profit level, which is in excess of the projections prepared for the purpose of recognizing the impairment. The presentation and classification of the reversal is consistent with that of the previously recognised impainnent

c) The Group acquired shares of Monster Group entities vide Global Share purchase ab'!'eement (SPA) and India SPA dated 31st January 2018 and the control was transferred with effect from 8th Febmary 2018 ("completion date") During the current quarter, Quess Holding Pte Ltd (subsidiary of the Company) paid an additional amount of INR 13,95 million to Randstad Holding NV (seller) as settlement for working capital adjustment

  • 12 a) The Group's business operations as a whole, for the quarter and year ended 31 March 2022 continue to be affected by the COVID-19 pandemic. The impact of the pandemic across the business and locations could vary depending on the nature of the businesses and specific severity of the pandemic within a location/state. The ultimate duration of the pandemic and its consequential economic and financial impact as a whole on the Group continue to remain uncertain As a result of these developments, the Group considered the possible effects that may result from the pandemic in preparation of the financial results, specifically for each line of business, including evaluating the recoverability of financial assets and non-financial assets particularly trade receivables, unbilled revenues, goodwill, intangible assets, investments and loans granted to subsidiaries and associates.

b) The Group has exercised specific and discrete judgements in relation to each of its businesses and applied appropriate assumptions, using internal and external sources of information The net carrying amount of these assets as reflected in the financial results are expected to be recovered on 3 I March 2022, These assumptions are subject to change in future as events unfold within the uncertain environment.

c) During the year ended 31 March 2021, the Group had recorded a provision of INR 1,033.53 million, being an operating expense, in relation to trade receivables and unbilled revenues arising from certain businesses and financial assets, based on the then prevalent circumstances. Based on further developments arising from the pandemic and on a cumulative consideration of the variables involved, specifically related to recovery timelines of certain businesses, the Group recorded an aggregate charge of INR 4 72 73 million in relation to the these assets during the year ended 3 I March 2022 comprising of INR 272. 73 million relating to credit losses and impainnent of financial assets which are considered as an operating expense and lNR 200 million relating to impairment of financial assets which is considered as exceptional during the quarter ended 30 September 2021, within the pandemic environment and in terms of paragraph 9.6 of the Guidance note on Schedule Ill to the Companies Act, 2013 issued by ICAJ.

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  • 13 a) During the year ended 3 I March 2022, the Company has made an additional investment in Stellarslog Technovation Private Limited for INR 80 million_ Investment of INR 32 million was made in the quarter ended 30 September 2021 followed by a forther investment of INR 48 Million during the quarter ended 31 December 202 I which resulted in a holding of 49% at 3 I March 2022. Further, the Company has sib'lled the First Addendum Ab>reement on 30 March 2022 with Stellarslog Technovation Private Limited under which the Company has agreed to make an additional investment of INR 38.40 millions

b) During the quarter ended 31 March 2022, the Company converted Compulsorily Convertible Debentures ("CCDs") of Monster.com (India) Private Limited into 3, I 04 equity shares amounting 10 INR I 07_24 million. The Company also invested a further amount of INR 574 22 million in 7,216 equity shares through right issue at INR 79,576/- per share

c) During the quarter ended 31 December 2021, the Company has entered into Share Subscription agreement for inveshnent in Monster.com (India) Private Limited (Monster India) (a wholly owned subsidiary of the Company) by Meridian Inveshnents and Volrado Venture Partners Fund II (collectively, Investors) along with the Company.

The funds raised will be utilised towards enhanced -investments on Product Development and Marketing in India, South East Asia and Middle East markets, The investment amount is INR 1,125 million, with an option to extend the investment up to INR 1,375 million, at a floor pre-money valuation of INR 6000 million as follows:

  • INR 625 million by the Investors as compulsory convertible preference shares (CCPS), which was received by Monster India on 24 January 2022 Post investment of INR 625 million by the Investors, the Investors are expected to hold 9.43% shareholding in Monster India on a fully diluted basis. Remaining shares of Monster India will be held by the Company and employees under employee stock options plan,

  • INR 500 million split as, INR 125 million by the Investors and INR 375 million by the Company, as compulsory convertible debentures (CCD).The funding of INR 500 million may be drawn by the management of Monster India as per the business plan approved by the Board. CCD shall be converted to CCPS at a valuation of25% discount lo the valuation of next round offimding subject to the floor valuation of!NR 6,000 million and cap valuation of INR 7,500 million.

  • The Investors has an option to subscribe to additional CCPS up to INR 375 million, within 4 months from the closing of investment in CCPS by the Investors. If the Investors subscribes lo additional CCPS of!NR 375 million then the obligation of the Investors to subscribe 10 the above CCD oflNR 125 million falls away.

Further, reorganisation within the Monster group subsequent to 31 December 2021 has resulted in Monster India becoming the parent company of Monster com.SG Pte Ltd, Monster.com.HK Ltd and Agensi Pekerjaan Monster Malaysia Sdn Bhd.

d) During the year ended 31 March 2022, the Company adjusted Joans which was outstanding to be received from Heptagon Technologies Private Limited ("HTPL") into 1,902 equity shares amounting to INR 30 00 million The Company has also invested a further amount oflNR 100.00 million in 6,342 equity shares at INR 15, 768/- per share, which resulted in a holding of 60.67% at 31 March 2022. Consequently, HTPL has become subsidiary of the Company.

e) During the year ended 31 March 2022, the Company has transferred its digital business undertaking comprising of"Qjobs" (Marketplace platform for blue collar and frontline workers), '·Worq" (Blue Collar Workforce Management Tool) and "Dash" (Employee Benefits and Engagement Plalfonn) as a going concern on a slump sale basis to Billion Careers Private Limited ("BCPL"), a wholly-owned subsidiary of the Company, for a lumpsum cash consideration of INR 50 39 millions

14 Previous year's figures have been regrouped / rearranged wherever necessary

for[and on behalf of Board of Directors of ]

Quess Corp Limited

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Place: Bengaluru Date: 26 May 2022

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,\ppendix . I
Nature S. No. Entity name
I Su bsid iu '·/Srcp-subsidiary 1 Brainhunter Systems Ltd.
2 Mindwire Systems Limited
3 MFX lnfotech Prvate Limited
4 Quess (Philippines) Corp
5 Quess Corp (USA) Inc
6 Quess Corp Holdings Pte. Ltd.
7 Quessglobal(Malaysia)Sdn Bhd.
8 MFXchange Holdings, Inc.
9 MFXchange US, Inc.
10 Quess Corp Lanka (Private) Limited
I I Quesscor Singapore Pte Limited (frerly known as Comte! Solutions Pte Limited)
12 Quess East Bengal FC Prvate Limited
13 Excelus Leaming Solutions Prvate Limited
14 Conneqt Business Solutions Limited (formerly known as Tata Business Suppor Serices Limited)
15 Vedang Cellular Serices Private Limited
16 Golden Star Facilities and Services Private Limited
17 Quess Selection & Services Pte Limited (fonnerly known as Comtelpro Pte.Ltd.)
18 Comtelink Sdn.Bhd
19 Monster com SG PTE Limited
20 Monster.com.HK Limited
21 Agensi Pekerjaan Monster Malaysia Sdn. Bhd (frerly known as Monster Malaysia Sdn Bhd)
22 Monster com (India) Private Limited
23 Quess Corp Vietnam LLC
24 Simpliance Technologies Private Limited
25 Qdigi Serices Limited (forerly known as: HCL Computing Products Limited)
26 Greenpiece Landscapes India Private Limited
27 Quesscorp Management Consultancies (forerly known as Styracorp Management Serices)
28 Quesscorp Manpower Supply Services LLC [formerly known as S M S Manpower Supply Services (LLC)]
29 Allsec Technologies Limited
30 Allsectech Inc., USA
31 Allsectech Manila Inc., Philippines
32 Quess Serices Limited
33 Trimax Smar lnfaprojects Private Limited
34 Terrier Security Services (India) Private Limited (refer note 3)
35 Heptagon Technologies Private Limited (w,e.f28 Febn,ary 2022)
36 Billion Careers Prvate Limited (w.e.f26 November 2021)
Associate: I Quess Recniit, Inc.
2 Agency Pekerjaan Quess Recniit Sdn.Bhd.
3 Stellarslog Technovation Prvate Limited
Joint venture: I Himmer Industrial Services (M) Sdn Bhd.

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds, Bengaluru - 560 001 Karnataka, India

Deloitte Haskins & Sells LLP

Tel: +91 (80) 6188 6000 Fax: +91 (80) 6188 6011

INDEPENDENT AUDITOR'S REPORT ON AUDIT C1F ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF QUESS CORP LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results f >r the year ended 31 March 2022 and (b) reviewed the Standalone Financial Results for the quarteI ended 31 March 2022 (refer 'Other Matter' Section below), which were subject to Limited Review JY us, both included in the accompanying "Statement of Standalone Financial Results for the QuartE r and Year Ended 31 March 2022" of Quess Corp LIMITED ("the Company"), ("the Statement"), be ng submitted by the Company pursuant to the requirements of Regulation 33) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations').

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information anI according to the explanations given to us, the Standalone Financial Results for the year ended � 1 March 2022:

  • i. is presented in accordance with the requireme1 ts of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulat ons, 2015, as amended; and

  • ii. gives a true and fair view in conformity with the r �cognition and measurement principles laid down in the Indian Accounting Standards and otl" �r accounting principles generally accepted in India, of the net profit and total comprehensiv ! income and other financial information of the Company for the year then ended.

  • (b) Conclusion on Unaudited Standalone Financial l{esults for the quarter ended 31 March 2022

With respect to the Standalone Financial Results for t 1e quarter ended 31 March 2022, based on our review conducted as stated in paragraph (b) of Aue itor's Responsibilities section below, nothing has come to our attention that causes us to believe t 1at the Standalone Financial Results for the quarter ended 31 March 2022, prepared in accordar ce with the recognition and measurement principles laid down in the Indian Accounting Standar, Is and other accounting principles generally accepted in India, has not disclosed the information re 1uired to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Req Jirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Standalone Financ;al Results for the year ended 31 March 2022

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our respc nsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities ;ection below. We are independent of the Company in accordance with the Code of Ethics issued t '{ the Institute of Chartered Accountants of India ("the !CAI") together with the ethical requiremE its that are relevant to our audit of the Standalone Financial Results for the year ended 31 Marc, 2022 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other eth :al responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believE that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Regd- Office: One International Centre. Tower 3, 32'" [1 ] Floor, Senapati Bapat l\larg. Elphinston� {uad (West). Tvfumb.11 - .. H)Q 01-:;_ \laharashlra. lndia

(LLP Identification No AAB-8737)

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Deloitte Haskins & Sells LLP

Emphasis of Matters

  • We draw attention to Note 8 of the Statement regarding the demands received by the Company in respect of Provident Fund and the cor ting ency related to the pending litigation on the said matter.

  • We draw attention to Note 18(a) of the Statement, which describes the effects of the continuing uncertainty arising from the outbreak of the cov,:o-19 pandemic on the financial results for the quarter and year ended 31 March 2022.

  • We draw attention to Note 9 of the Statement r �garding completion of special audit under section 142(2A) of Income-tax Act, 1961 and reci ipt of draft assessment order under section 144C of Income-tax Act, 1961 for the financial yec r 2017-18 resulting in certain disallowances to taxable income and the Company's evaluation r �lating to these disallowances.

Our opinion and conclusion is not modified in respect oft 1ese matters.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial R �suits is the responsibility of the Company's Board of Directors and has been approved by them for th,· issuance. The Standalone Financial Results for the year ended 31 March 2022 has been compiled fr >m the related audited standalone financial statements. This responsibility includes the preparation end presentation of the Standalone Financial Results for the quarter and year ended 31 March 2022 t� at give a true and fair view of the net profit and other comprehensive income and other financial infc rmation in accordance with the recognition and measurement principles laid down in the Indian Acc11unting Standards prescribed under Section 133 of the Act read with relevant rules issued thereund1 r and other accounting principles generally accepted in India and in compliance with Regulation 33 cf the Listing Regulations. This responsibility also includes maintenance of adequate accounting recor ls in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate cccounting policies; making judgments and estimates that are reasonable and prudent; and the d isign, implementation and maintenance of adequate internal financial controls that were operatin� effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair vi• w and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board t f Directors are responsible for assessing the Company's ability, to continue as a going concern, disclo ;ing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has r o realistic alternative but to do so.

The Board of Directors are also responsible for averse !ing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for u,e year ended 31 March 2022

Our objectives are to obtain reasonable assuranc � about whether the Standalone Financial Results for the year ended 31 March 2022 as a Nhole is free from material misstatement, whether due to fraud or error, and to issue an rnditor's report that includes our opinion. Reasonable assurance is a high level of assurance b1,t is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered P1aterial if, individually or in the aggregate, they could reasonably be expected to influence th,: economic decisions of users taken on the basis of this Standalone Financial Results.

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Deloitte Haskins & Sells LLP

As part of an audit in accordance with SAs, we e> ercise professional judgment and maintain professional skepticism throughout the audit. We al ;o:

  • Identify and assess the risks of material misstai ement of the Standalone Financial Results, whether due to fraud or error, design and perforn I audit procedures responsive to those risks, and obtain audit evidence that is sufficient and a11propriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal cc ntrol.

  • Obtain an understanding of internal control rel•Nant to the audit in order to design audit procedures that are appropriate in the circumstc nces, but not for the purpose of expressing an opinion on the effectiveness of the Company'i internal control.

  • Evaluate the appropriateness of accounting JOlicies used and the reasonableness of accounting estimates made by the Board of Dire, tors.

  • Evaluate the appropriateness and reasonablen �ss of disclosures made by the Board of Directors in terms of the requirements spec,fied under Regulation 33 of the Listi11g Regulations.

  • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obt �ined, whether a material uncertainty exists related to events or conditions that may cast sig 1ificant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's repor to the related disclosures in the Statement or, if such disclosures are inadequate, to modif) our opinion. Our conclusions are based on the audit evidence obtained up to the date of ou[1 ] auditor's report. However, future events or conditions may cause the Company to cease to c Jntinue as a going concern.

  • Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whethe · the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

  • Obtain sufficient appropriate audit evidence r igarding the Annual Standalone Financial Results of the Company to express an opinion or the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in t� e Annual Standalone Financial Results that, individually or in aggregate, makes it probable ti- at the economic decisions of a reasonably knowledgeable user of the Annual Standalone Finar cial Results may be influenced. We consider quantitative materiality and qualitative factors in (i; planning the scope of our audit work and in evaluating the results of our work; and (ii) to evalu, te the effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with govern �nee regarding, among other matters, the planned scope and timing of the audit and signifii ant audit findings including any significant deficiencies in internal control that we identify durir g our audit.

We also provide those charged with governance w th a statement that we have complied with relevant ethical requirements regarding indepenc ence, and to communicate with them all relationships and other matters that may reasonab:y be thought to bear on our independence, and where applicable, related safeguards.

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Deloitte Haskins & Sells LLP

(b) Review of the Standalone Financial Results for the quarter ended 31 March 2022

We conducted our review of the Standalone Finani ial Results for the quarter ended 31 March 2022 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independer1t Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of in a king inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in !,cope than an audit conducted in accordance with SAs specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audi opinion.

Other Matter

The Statement includes the results for the Quarter ende I 31 March 2022 being the balancing figure between audited figures in respect of the full financial ye.ir and the published year to date figures up to the third quarter of the current financial year which we, e subject to limited review by us. Our report on the Statement is not modified in respect of this matte·.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (F,rrn's Registration No. 11 3 0018) � µ and Subramanian Partner (Me j ership No. 110815) (UDIN: 22110815AJRURH9320)

Place: Bengaluru Date: 26 May 2022

Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)		 Quess Corp Limited
Registered Ofice: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;
CIN No,L74140K2007PLC043909
Par I: Statement of standalone audited fnancial results for thequarer andyear ended 31 March 2022
(!NR in millions except per share data)
Standalone
Quarter ended
Year ended
SI.No
Particulars
31 March
31 December
31 March
31 March
31 March
2022
2021
2021
2022
2021
(Refer note 2)
(Unaudited)
(Refer note 2)
(Audited)
(Audited)

SI.No
Particulars
Quarter ended Year ended
31 March
2022		 31 December
2021		 31 March
2021		 31 March
2022		 31 March
2021
(Refer note 2) (Unaudited) (Refer note 2) (Audited) (Audited)
I Income
a) Revenue from operations
b)Other income		 27,225 71
386.55		 26,370.60
725.26		 21,137.23
21.57		 97,584.98
1,315.70		 74,834.05
303.79
Total income(a+ b) 27,612.26 27,095.86 21,158.80 98,900.68 75,137.84
2 Expenses
a) Cost of material and stores and spare parts consumed
b) Employee benefts expense
c) Finance costs
d) Depreciation and amorisation expense
e)Other expenses		 305.22
24,169.11
109,61
137,12
2,003.20		 328.41
23.206 39
I 18,83
136.62
2,262 04		 221.33
19,094,53
101.81
114,71
2,479 58		 1,110.39
87,045 27
476.99
481.04
7,558.23
96,671.92		 712,91
68,187.62
634 63
525.09
5,261. 92
3
4
5
6
7
8		 Total expenses(a+ b+c+d+e) 26,724.26 26,052.29 22,011.96 75,322.17
Proft/ (loss) befre exceptional items and tax (1 - 2)
Exceptional items [refr note 12 and l 8(c)]
Proft/ (loss) befre tax (3 - 4)
Tax expense
Current tax
Income tax relating to previous year
Defered tax
Total tax expense
Proft/ (loss) fr the period (5 - 6)
Other comprehensive income
Iems that will not be recfassifted subsequently to proft or loss
Remeasurement of defined beneft plans
Income tax relating to items that will not be reclassifed to
proft or loss
Other comprehensive income/ (loss) fr the period, net of taxes
 888.00
1,043.57
220.32
.
667.68
1,043.57
.
.
.
.
138.79
178.12
138.79
178.12
528.89
865.45
24.32
(20 25)
(6.12)
5.09
18.20
(15.16)		 (853.16)
.
(853.16)
.
.
198.09
198.09
(1,051.25)

6 53
( 1.65)

4.88
2,228.76
422.52

1,806.24
.
.
357.96
357.96

1,448.28
( 104 79)

26.37
(78.42)		 (184.33)
112,70
(297.03)
.
53 82
647.67
701.49
(998.52)

(81.62)
20.54
(61.08)
9 Total comprehensive income/(loss) fr theperiod(7 +8) 547.09 850.29 (1,046.37) 1,369.86 (1,059.60)
10
II
 Paid-up equity share capital
(Face value of\NR 10.00 per share)
Reserves i.e Other equity
 1,479 91
1,478.84		 1,476 79 1,479 91
20.608.77		 1,476.79
20,768.10
12 Earings/(loss) per equityshare
(a) Basic (in INR)
(b)Diluted(inINR)		 (not annualised)
(not annualised)		 (not annualised) (annualised) (annualised)
3.58
3.55		 5.86
5.78		 (7.12)
(7.02)
9.80
9.71		 (6.76)
(6 67)

See accompanying notes to the financial results

==> picture [75 x 76] intentionally omitted <==

Quess Corp Limited Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03; CINNo L74140KA2007PLC043909


CINNo L74140K2007PLC043909
Standalone BalanceSheet as at 31March 2022 (!NI rn 1111lwm")
Particulars As at
31 March 2022
(Audited)
-
275.7
401 83
2,777_73
944.78
13.91
12,889.92
608.31
577 55
426 04
2,274.08
75.92
21.265.34
68.24
7,464.28
7,468.08
934.32
484.09
107.22
327,74
524.07
17.78.04
38 643.38
1,479.91
20,608.77

As at
31 March 2021
(Audited)
275,15
511.3
2,777 73
558 89
70.17
11,144.60
318.10
508.22
757,63
1,911.92
74.83
18,908.97
75 68
4,970.85
6,384,13
1,021.44
597.75
25 53
179 82
466.96
13,722.16
32 631.13
1,476 79
20,768.10
A
ASSETS
I
Non-current assets
2
Property, plant and equipment
Right-of-use assets
Goodwill
Other intangible assets
Intangible a ets under development
Financial assets
Investments
Loans
Other financial assets
Defered tax a ets (net)
I ncome tax assets (net)
Other non-current assets
Total non-current assets
Current assets
Inventories
Financial assets
Trade receivables
Billed
Unbilled
Cash and cash equivalents
Bank balances other than cash and cash equivalents above
Loans
Other fnancial assets
Other current assets
Total current assets
Tota I Assets
B
EQUITY AND LIABILITIES
l
Equit
2
3
Equity share capital
Other equity
Tora! equity
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities
Non-current provisions
Total non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Lease liabilities
Trade payables
Total outstanding dues of micro enterprises and small enterprises
Total outstanding dues of creditors other than micro enterrises and small enterprises
Other financial liabilities
Current provisions
Other curent liabilities
Total current liabilities
Tora I liabilities
Total Eouil1 and Liabilities
22,088.68
307.90
1,841.86
2,1 �9.76
4,798.24
160.45
34 93
564.79
5,390_73
165 28
3.290.5_
t-,404.94
16,554.70
38,643.38
22,244.89
415.77
1,405_82
1,821.59
3,173 30
164.69
10.60
511.00
2,487.23
164.94
2,052.89
8,564.65
10.86.2-
32631.13

See accompanying notes to the financial results

==> picture [74 x 76] intentionally omitted <==

Quess Corp Limited Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03; CIN No L74140KA2007PLC043909


CIN No L74140KA2007PLC043909
Standalone statement of cash fows for theyear ended 31 March 2022 (I
NR in 111ilo11s)
Pa rticIIlars
 For theyear ended
31 March 2022
31 �larch 2021
(Audited}
(Audited)
1,448.28
(998.51J
357.96
701 49
(34.691
-
(35 55)
(26 56)
(24.971
(21.92)
(12.01)
0 67
(1,175 69)
-
(21.66)
(26.02)
(0 37)
95.70
118 02
476.99
634.63
481.04
525 09
464.38
1,947.06
422.52
112.70
(3.73)
(1 71 J
-
(31.77)
56.47
0 20
54,28
86,22
2,549.32
3,019.22
7.44
26.85
(4,316.38)
(1,674.42)
(52.48)
20.42
78 12
(29.47)
3,973.77
256.1
2,239.79
1,619.11
(240.35)
932 T1
1,999.44
2,551.83
( 189.47)
(118.03)
58 80
15.34
(2,894 32)
(381.78)
1,070.00
1,096 22
-
0,10
1,088.57
.
(20.97)
(337 39)
(1,880.48)
(676.73)
1,279.70
1,078.13
12.7
21.49
31 23
18 69
(1,44-1.47)
716.05
1,624.94
(4,594.58)
-
(750.00)
3.12
1.68
(222.61)
(211.45)
(-25.88)
(594.99)
(1,621.66)
-
(6-2.09)
(6,149.34)
(87.12)
(2,881.46)
I 021.44
3,902.90
934.32
1,021.44
2.92
3.18
931.40
1,013,92
-
4.34
934.32
1,021.44
Cash fows from operating activities
Profit/ (loss) afer tax
Adjustments to reconcile net proft/ (loss) to net cash provided by operating activities:
Tax expense
Interest on tax refunds received
Interest income on tenn deposits
Amortised cost adjustments fr financial instrments
(Proft)/ loss on sale of propery, plant and equipment, net
Dividend income on investments in subsidiaries
Interest on loans given to related parties
Liabilities no longer required written back
Expense on employee stock option scheme
Finance costs
Depreciation and amorisation expense
Loss allowance on financial assets, net
Exceptional items [refer note 12 and I 8(c)]
Foreign exchange gain
Rent concession received
Deposits written off
Bad debts written of
Operating proft befre working capital changes
Changes in operating assets and liabilities
Changes in inventories
Changes in trade receivables
Changes in loans, other financial assets and other assets
Changes in trade payables
Changes in other fnancial liabilities, other liabilities and provisions
Cash generated from operations
Income taxes (paid)/ refund received, net
Net cash fows from operating activities (A)
Cash fows from investing activities
Expenditure on property, plant and equipment and intangibles
Proceeds from sale of property, plant and equipment and intangibles
Investment in subsidiaries and associates
Proceeds from redemption of debentures in subsidiaries
Proceeds from sale of investment in subsidiaries (net)
Dividend received (net of tax)
Bank deposits (having original maturity of more than three months) and eannarked balances, net
Loans and advances given to related paries
Repayment of loans and advances by related parties
Interest received on loans to related parties
Interest received on tenn deposits
Net cash (used in)/ from investing activities (B)
Cash fows from fnancing activities
Proceeds from / ( repayments of) current borrowings, net
Redemption of non-convertible debentures
Shares issued on exercise of employee stock options
Repayment of lease liabilities
Interest paid
Dividend paid
Net cash used in fnancing activities (C)
Net decrease in cash and cash equivalents (A+B+C)
Cash and cash equivalents at the beginning of the period
iCash and cash equivalents at the end of the period
Components of cash and cash equivalents
Cash on hand
Balances with banks
In current accounts
In deposit accounts (with original maturity of less than 3 months)
Cash and cash equivalents as per standalone balance sheet

See accompanying notes to the financial results

==> picture [73 x 73] intentionally omitted <==

Quess Corp Limited

Registered Office: Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03;

CIN No L74l40KA2007PLC043909

Standalone audited financial results for the quarter and year ended 31 March 2022

Notes:

  • The standalone financial information ofQuess Corp Limited ("the Company") for the quarter and year ended 31 March 2022 have been taken on record by the Board of Directors at its meeting held on 26 May 2022 The statutory auditors have expressed an unqualified review conclusion on the financial results for the quarter ended 31 March 2022 and have expressed an unqualified audit opinion on the financial results for the year ended 31 March 2022

  • 2 The Statement includes the results for the quarters ended 31 March 2022 and 31 March 2021 being the balancing figure of audited figures in respect of the full financial years and published unaudited year to date figures upto the end of the third quarter of the respective financial years.

  • 3 Pursuant to the provisions of the Listing Agreement, the Management has decided to publish consolidated audited financial results in the newspapers. The standalone audited financial results and the audit / review reports of the statutory auditors is being filed with Bombay Stock Exchange ("BSE") and National Stock Exchange ("NSE") and will be made available on the Company's website www quesscorp.com.

  • 4 In accordance with Ind AS I 08, Operating segments, segment information has been provided in the consolidated audited financial results of the Company and therefore no separate disclosure on segment information is given in these standalone audited financial results

  • 5 The Board of Directors of the Company at its meeting held on 18 February 2020 had considered and approved the Scheme of Amalgamation ("Scheme AAA") among Quess Corp Limited ("Transferee Company") with four of its wholly owned subsidiaries viz Golden Star Facilities and Services Private Limited ("GSFS"), MFX lnfotech Private Limited ("MFXI"), Trimax Smart lnfraprojects Private Limited ("TSIP"), and Green Piece Landscape India Private Limited ("GLPL") together known as ("Transferor Companies") and their respective shareholders and creditors, subject to the approval of shareholders and other regulatory authorities as may be applicable under the Companies Act, 2013. On 19 March 2021, Regional Director, South-East region, Hyderabad had rejected the Scheme AAA vide Order no. 3/Kar/CP.No 25/RD(SER)/CAA-11 /233/2020 based on non-fulfilment of provisions under Section 233(1)(b) of the Companies Act, 2013 ("Act"). The Board has considered and approved new Scheme of Amalgamation on 03 June 202 l among Quess Corp Limited with two of its wholly owned subsidiaries, GLPL and MFXI, under the provisions of Section 230-232 of the Act. The new scheme will be effected in the standalone financial statements once approved by the National Company Law Tribunal ("NCL T").

  • 6 The Board of Directors at their meeting held on 05 May 2021 declared interim dividend of INR 7 .00 per equity share (face value of INR I 0.00 each) for the financial year ended 31 March 2021 aggregating to JNR 1,033 75 million which was paid on 20 May 2021,

  • 7 The Board of Directors at their meeting held on 13 November 2021 declared an interim dividend of INR 4 00 per equity share (face value of INR I 0,00 each) for the current financial year aggregating to INR 591, 14 million which was paid on 03 December 2021.

  • 8 During fiscal 2020, the Regional PF Commissioner ("RPFC") passed an order under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act, I 952 ("Act") demanding INR 716.56 million on the grounds that it failed to remit Provident Fund ("PF") on wages for its employees for the period from April 2018 to March 2019 for certain components of salary. The Company filed an appeal before the Central Government Industrial Tribunal ("CGIT") under section 7-1 of the Act challenging the Employees' Provident Fund Organisation's ("EPFO") order along with the application under Section 7-0 of the Act seeking a waiver from pre-deposit of the alleged Provident Fund Contributions till the final disposal of the Appeal The CGIT after hearing the submissions made by the parties passed an Order allowing complete waiver from any pre-deposit and also staying the operation of the EPFO order. The matter has been adjourned to 06 June 2022. The Company has taken external independent legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and the liability has been incorrectly determined by the RPFC and therefore, the Company considers the claim to be remote.

  • 9 As disclosed in quarter ended 30 June 2021, the Income Tax Department ("Department") conducted survey operations at the Company's registered office from 08 July 2021 to I 0 July 2021 The queries during the survey for financial year (FY) 2016-17 to FY 2019-20 were primarily related to the manner of availing deduction under section 80JJAA of the Income Tax Act ("Act") and the claim of tax depreciation on goodwill arising from acquisition/ mergers. Further, as disclosed in quarter ended 30 September 2021, a special audit under section I 42(2A) of the Act was initiated by the Income Tax Department for FY 2017-18 During the quarter ended 31 March 2022, special audit was completed; and report was submitted to the Income Tax Department.

As per due process, and following the issue of the special audit report, the Department has issued a draft assessment order under section l 44C of the Act on 24 May 2022. The draft assessment order indicates that, among others, the entire deduction under 80JJAA claimed by the Company is disallowed, along with the depreciation of goodwill arising on mergers and acquisitions, Further receipts in the nature of reimbursement of expenses from customers reduced from revenues as per applicable Accounting Standards have also been added to taxable income As per the process laid out under section I 44C of the Act, the Company has 30 days to file objections to the Dispute Resolution Panel. Therefore, the demands relating to disallowance is yet to be computed by the Income Tax Department.

The Company intends to vigorously contest its position and interpretative stance of these sections on merits, including judicial precedents, and believes it can strongly defend its position through the legal process as defined under the Act. Based on its initial internal evaluation, the Company has disclosed a contingent liability of INR 166,60 million, excluding interest and penalties if any. This estimate will be updated as developments unfold in future.

The Company continues to maintain its stand on the manner of claiming the 80JJAA deduction and accordingly an &0JJAA deduction of INR 1,988 69 million is claimed for the year ended 31 March 2022, The Company believes that such deduction, including it quantum, has been validly and consistently claimed, in conformity with its interpretation of the statute

  • IO During the year ended 31 March 2021, Tata Sons Private Limited ("Tata Sons"), the non-controlling shareholder of Conneqt Business Solutions Limited ("CBSL"), a subsidiary of the Company, exercised the Put Option and requested the Company to complete the purchase of 44,839,166 equity shares ("Shares") as per the Shareholders Agreement ("the Agreement") dated 20 November 2017. On 16 April 2021, the Administration and Investment committee of the Company has approved the acquisition of the remaining 30.00% equity stake for a consideration of INR 2,080 million. Consequently, the Company completed the acquisition of equity stake in CBSL on the same date, and CBSL became wholly owned subsidiary of the Company,

  • 11 During the year ended 31 March 202 l , the Company applied practical expedient in Indian Accounting Standard (Ind AS 116) notified vide Companies (Indian Accounting Standards) Amendment Rules, 2020 by Ministry of Corporate Affairs on 24 July 2020 to all rent concessions received as a direct consequence of COVID-19 pandemic Accordingly, the Company recognised an amount INR 31.77 million in the standalone audited financial results for the year ended 31 March 2021 as reduction of rent expenses grouped under other expenses on account of rent concessions received.

==> picture [77 x 75] intentionally omitted <==

  • 12 a) During the year ended 31 March 2021, the Company reassessed the recoverable value of investment made in Heptagon Technologies Private Limited ("HTPL"), an associate company and recognised an impairment of INR 112. 70 million, disclosed as exceptional item in the above results.

  • b) During the quarter ended 30 September 2021, the Company recognised an expense of JNR 479 81 million related to Goods and Service Tax (GST), based on a comprehensive internal review across its businesses, geographic locations and assessment years, including reconciliations with suppliers and vendors Due to the pandemic related disruptions, this review was finally concluded during the current year. Based on such review the Company has, on a prudent basis, identified certain ineligible credits arising from vendor reconciliations, clarifications and opinions related to input credits, delays by vendors in filing GST returns, etc. and fully reconciled the related expense which the Company believes is an exceptional item in the extraneous circumstances involved and in the context of paragraph 9,6 of the guidance note on Schedule III to the Companies Act, 2013 "

  • issued by the Institute of Chartered Accountants of India ( !CAI").

  • c) As at 31 March 2020, the Company had impaired INR 677 68 million of customer relationship related intangible assets from its acquisitions of IFM business after considering the then assessed impact of COVID-19 and uncertainties in future economic condition caused by the pandemic During the quarter ended 30 September 2021, the Company has recognised a reversal of impairment on these customer relationships aggregating to INR 477 61 million. This reversal stems from the management's demonstrable assessment of sustainable improved business performance of the !FM business at the operating profit level, which is in excess of the projections prepared for the purpose of previously recognising the impairment The presentation and classification of the reversal is consistent with that of the previously recognised impairment and therefore presented as exceptional item

  • 13 During the year ended 31 March 2021, the Company had acquired additional 25 00% to their equity stake in Terrier Security Services (India) Private Limited ("TSSIPL") at a consideration of INR 645.00 million. Consequent to the additional 25.00% acquisition, the total shareholding in TSSIPL had increased from 49 00% to 74.00% and TSSIPL had become subsidiary of the Company. The additional purchase consideration of INR 645.00 million was settled by adjusting loans which was outstanding to be received from "

  • Heptagon Technologies Private Limited ( HTPL").

During the year ended 3 l March 2022. Terrier Security Services (India) Private Limited ("TSSIPL") has allotted 150,000 optionally convertible redeemable preference shares ("OCRPS") having face value of INR 10.00 each by way of bonus issue to its shareholders in the ratio of l :0 30, out of which 39,000 OCRPS has been converted by the non­ controlling shareholders of TSSIPL into equity shares in the ratio of l: l 0, As a result, the total shareholding of the Company in TSSIPL has been decreased from 74.00% to 41 57%,

OCRPS can be converted into equity shares by the Company at any point in time without any contractual restrictions and therefore considered as potential voting rights. Further, there has been no change in the composition in the Board ofTSSIPL consequent to the change in shareholding. Therefore, TSSIPL continues to be a subsidiary of the Company

  • l 4 a) During the year ended 31 March 2022, the Company has made an additional investment in Stellarslog Technovation Private Limited for IN R 80 million Investment of INR 32 million was made in the quarter ended 30 September 2021 followed by a further investment of INR 48 Million during the quarter ended 3 l December 2021 which resulted in a holding of 49% at 31 March 2022. Further, the Company has signed the First Addendum Agreement on 30 March 2022 with Stellarslog Technovation Private Limited under which the Company has agreed to make an additional investment of INR 38 40 millions.

  • b) During the quarter ended 31 March 2022, the Company converted Compulsorily Convertible Debentures ("CCDs") of Monster com (India) Private Limited into 3,104 equity shares amounting to INR l 07 24 million, The Company also invested a further amount of INR 574 22 million in 7,216 equity shares through right issue at INR 79,576/- per share.

  • c) During the quarter ended 31 December 2021, the Company has entered into Share Subscription agreement for investment in Monster.com (India) Private Limited (Monster India) (a wholly owned subsidiary of the Company) by Meridian Investments and Volrado Venture Partners Fund II (collectively, Investors) along with the Company.

The funds raised will be utilised towards enhanced investments on Product Development and Marketing in India, South East Asia and Middle East markets. Investment amount is INR l, 125 million, with an option to extend the investment up to INR 1,375 million, at a floor pre-money valuation of JNR 6,000 million as follows:

  • INR 625 million by the Investors as compulsory convertible preference shares (CCPS), which was received by Monster India on 24 January 2022 Post investment of INR 625 million by the Investors, the Investors are expected to hold 9.43% shareholding in Monster India on a fully diluted basis, Remaining shares of Monster India will be held by the Company and employees under employee stock options plan.

  • INR 500 million split as, INR 125 million by the Investors and INR 375 million by the Company, as compulsory convertible debentures (CCD). The funding of INR 500 million may be drawn by the management of Monster India as per the business plan approved by the Board. CCD shall be converted to CCPS at a valuation of 25% discount to the valuation of next round of funding subject to the floor valuation oflNR 6,000 million and cap valuation oflNR 7,500 million.

  • The Investors has an option to subscribe to additional CCPS up to INR 375 million, within 4 months from the closing of investment in CCPS by the Investors If the Investors subscribes to additional CCPS of INR 375 million then the obligation of the Investors to subscribe to the above CCD oflNR 125 million falls away.

Further, reorganisation within the Monster group subsequent to 31 December 2021 has resulted in Monster India becoming the parent company of Monster com.SG Pte Ltd, Monster.com.HK Ltd and Agensi Peke�jaan Monster Malaysia Sdn Bhd

d) During the year ended 31 March 2022, the Company adjusted loans which was outstanding to be received from Heptagon Technologies Private Limited ("HTPL") into 1,902 equity shares amounting to INR 30.00 million. The Company has also invested a further amount of INR 100 00 million in 6,342 equity shares at INR 15,768/- per share, which resulted in a holding of 60 67% at 31 March 2022 Consequently, HTPL has become subsidiary of the Company.

e) During the year ended 31 March 2022, the Company has transferred its digital business undertaking comprising of"Qjobs" (Marketplace platform for blue collar and frontline workers), "Worq" (Blue Collar Workforce Management Tool) and "Dash" (Employee Benefits and Engagement Platform) as a going concern on a slump sale basis to Billion Careers Private Limited ("BCPL"), a wholly-owned subsidiary of the Company, for a lumps um cash consideration of INR 50.39 million.

  • 15 The Finance Act, 2021 has introduced an amendment to section 32 of the Income Tax Act, I 961, whereby goodwill of a business will not be considered as a depreciable asset and depreciation on goodwill will not be allowed as deductible expenditure effective 01 April 2020. Consequently, the Company recorded a deferred tax expense of INR 519.61 million being the difference between the book base and tax base of goodwill on 31 March 202 l. The deferred tax mainly relates to goodwill arising out of the acquisition of Manipal business in 2016,

  • 16 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective

==> picture [77 x 76] intentionally omitted <==

  • 17 During the year ended 31 March 2022, the Company has received an interim dividend from Conneqt Business Solutions Limited (a wholly owned subsidiary of the Company) amounting to INR 871 37 million and from Quesscorp Holdings Pte Ltd (a wholly owned subsidiary of the Company) amounting to INR 304 32 which has been included in "Other income"

  • 18 a) The Company's business operations as a whole, for the year ended 31 March 2022 continue to be affected by the COVID-19 pandemic. The impact of the pandemic across the businesses and locations could vary depending on the nature of the businesses and specific severity of the pandemic within a location / state. The ultimate duration of the pandemic and its consequential economic and financial impact as a whole on the Company continue to remain uncertain. As a result of these developments, the Company considered the possible effects that may result from the pandemic in preparation of the financial results, specifically for each line of business, including evaluating the recoverability of financial assets and non-financial assets particularly trade receivables (billed and unbilled). goodwill, other intangible assets. investments and loans granted to subsidiaries and associates

  • b) The Company has exercised specific and discrete judgements in relation to each of its businesses and applied appropriate assumptions, using internal and external sources of information. The net carrying amount of these assets are expected to be recovered on 31 March 2022. These assumptions are subject to change in future as events unfold within the uncertain environment.

  • c) During the year ended 31 March 2021, the Company had recorded a provision of INR 1,217.54 million, being an operating expense, in relation to trade receivables (billed and unbilled) arising from certain businesses, financial assets and investment in convertible debentures, based on the then prevalent circumstances Based on further developments arising from the pandemic and on a cumulative consideration of the variables involved, specifically related to recovery timelines of these assets in certain businesses, the Company recorded an aggregate charge of fNR 938.98 million in relation to these assets during the year ended 31 March 2022 comprising of INR 518 66 million relating to credit losses and impairment of financial assets which are considered as an operating expense and INR 420 32 million relating to impairment of financial assets and investment in convertible debentures which is considered as exceptional, within the pandemic environment and in terms of paragraph 9,6 of the Guidance note on Schedule Ill to the Companies Act, 2013 issued by ICAI.

  • 19 Previous year's figures have been regrouped/ rearranged wherever necessary.

for and on behalfofBoard of Directors of Quess Corp Limited

� t Isaac C airman P ce: Bengaluru l [-] Date: 26 May 2022

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