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Quess Corp Limited — Interim / Quarterly Report 2022
Aug 5, 2021
61817_rns_2021-08-05_012ec305-4740-4f71-9700-6fdd76bc911c.pdf
Interim / Quarterly Report
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August 5, 2021
To, Department of Corporate Services, BSE Limited, 1[st] Floor, New Trading Ring, Rotunda Building, PJ Towers, Dalal Street, Mumbai – 400 001 Security Code – 539978
Department of Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra- Kurla Complex, Bandra (East), Mumbai – 400 001 NSE Symbol – QUESS
Dear Sir/Madam,
Sub.: Outcome of Board Meeting of the Company held on August 5, 2021 Time of Commencement : 05: 00 P.M. Time of Conclusion : 07.00 P.M.
This is to inform that the Board of Directors (“ Board ”) at their meeting held today, i.e., Thursday, August 05, 2021 inter-alia , considered and approved the Unaudited Financial Results of the Company for the first quarter ended June 30, 2021. Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we are enclosing herewith the Unaudited (Standalone and Consolidated) Financial Results along with Limited Review Report issued by the Statutory Auditors of the Company for the first quarter ended June 30, 2021 as Annexure-1 .
This disclosure will be made available on the Company’s website at: https://www.quesscorp.com/investor-other-information/
Kindly take the above information on records and oblige.
Thanking You,
Yours sincerely, For Quess Corp Limited
Kundan K Lal
Company Secretary & Compliance Officer
Encl. a/a
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Deloitte Haskins & Sells LLP
Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru - 560 001 Karnataka, India
Tel: +91 80 6188 6000 Fax: +91 80 6188 6011
INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF QUESS CORP LIMITED
-
We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of QUESS CORP LIMITED (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit after tax and total comprehensive income of its associates and joint venture company for the quarter ended June 30, 2021 (“the Statement”) being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” , issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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 audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
-
The Statement includes the results of the entities as given in Annexure 1 to this report.
-
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
6. Emphasis of Matter paragraph
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- i. We draw attention to Note 7 of the Statement, regarding the demands received by the Company in respect of Provident Fund and the contingency related to the pending litigation on the said matter.
Regd. Office: Indiabulls Finance Centre, Tower 3, 27' - 32"' Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India (LLP Identification No. AAB-8737)
Deloitte Haskins & Sells LLP
- ii. We draw attention to Note 14 of the Statement, which describes the effects of the continuing uncertainty arising from the outbreak of the COVID-19 pandemic on the financial results for the quarter ended June 30, 2021.
Our conclusion on the Statement is not modified in respect of these matters.
- We did not review the interim financial information / financial results of 16 subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total revenues of Rs. 6,727.10 millions for the quarter ended June 30, 2021, total net profit after tax of Rs. 674.32 millions for the quarter ended June 30, 2021 and total comprehensive income of Rs 679.26 millions for the quarter ended June 30, 2021, as considered in the Statement. These interim financial information / financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of these matter.
- The consolidated unaudited financial results includes the interim financial information/ financial results of 16 subsidiaries which have not been reviewed by their auditors, whose interim financial information/ financial results reflect total revenue of Rs. 1,072.14 millions for the quarter ended June 30, 2021, total profit after tax of Rs. 38.66 millions for the quarter ended June 30, 2021 and Total comprehensive income of Rs. 45.08 millions for the quarter ended June 30, 2021, as considered in the Statement. The consolidated unaudited financial results also includes the Group’s share of profit after tax of Rs. 0.19 millions for the quarter ended June 30, 2021 and total comprehensive income of Rs. 0.19 millions for the quarter ended June 30, 2021, as considered in the Statement, in respect of 4 associates and 1 joint venture company, based on their interim financial information/ financial results which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information / financial results are not material to the Group.
Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information / results certified by the Management.
For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)
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Anand Subramanian Partner (Membership No. 110815) (UDIN: 21110815AAAADI7512)
Place: Bengaluru Date : August 05, 2021
Deloitte Haskins & Sells LLP
ANNEXURE 1:
| ANNEXURE 1: | ||
|---|---|---|
| Nature | S. No. |
Entity name |
| Subsidiary/Step- subsidiary: |
1. | Brainhunter Systems Ltd. |
| 2. | Mindwire Systems Limited | |
| 3. | MFX Infotech Private Limited | |
| 4. | Quess(Philippines)Corp. | |
| 5. | Quess Corp (USA)Inc. | |
| 6. | Quess CorpHoldings Pte Ltd | |
| 7. | Quessglobal(Malaysia)Sdn. Bhd. | |
| 8. | MFXchange Holdings Inc. | |
| 9. | MFXchange US,Inc. | |
| 10. | Quess CorpLanka(Private)Limited | |
| 11. | Comtel Solutions Pte. Limited | |
| 12. | Excelus LearningSolutions Private Limited | |
| 13. | Conneqt Business Solutions Limited (formerly known as Tata Business Support Services Limited) |
|
| 14. | VedangCellular Services Private Limited | |
| 15. | Golden Star Facilities and Services Private Limited | |
| 16. | Comtelpro Pte. Ltd. | |
| 17. | Comtelink Sdn. Bhd. | |
| 18. | Monster.com.SG PTE Limited | |
| 19. | Monster.com.HK Limited | |
| 20. | Agensi Pekerjaan Monster Malaysia Sdn. Bhd (formerly known as Monster Malaysia Sdn Bhd) |
|
| 21. | Monster.com(India)Private Limited | |
| 22. | Quess CorpVietnam LLC | |
| 23. | Simpliance Technologies Private Limited | |
| 24. | Qdigi Services Limited (formerly known as HCL Computing Products Limited) |
|
| 25. | Greenpiece Landscapes India Private Limited | |
| 26. | Quesscorp Management Consultancies (formerly known as StyracorpManagement Services) |
|
| 27. | Quesscorp Manpower Supply Services LLC [formerly known as S M S Manpower SupplyServices(LLC)] |
|
| 28. | Allsec Technologies Limited | |
| 29. | Allsectech Inc.,USA | |
| 30. | Allsectech Manila Inc.,Philippiness | |
| 31. | Quess Services Limited | |
| 32. | Trimax Smart Infraprojects Private Limited | |
| 33. | Terrier SecurityServices(India)Private Limited | |
| 34. | Quess East Bengal FC Private Limited | |
| Associate: | 1. | Heptagon Technologies Private Limited |
| 2. | Quess Recruit,Inc. | |
| 3. | AgencyPekerjaanQuess Recruit Sdn. Bhd. | |
| 4. | StellarslogTechnovation Private Limited. | |
| Joint Venture: | 1. | Himmer Industrial Services(M)Sdn. Bhd. |
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| Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
Qucss Corp Limited Registered Otlicc:Qucss House, 31312, Bellandur Gate, Sarjapur Road, Bcngaluru 560 I 03 CIN No L74140KA2007PLC043909 Part I: Statement of consolidated unaudited fnancial results for thequarter ended 30 June_101_I IIN/1111111illio11s exce{1tJ1erslwre data) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SI. No Particulars |
Consolidated | |||||||||||
| 30 June 2021 |
Quarer ended | Year ended 31 March 2021 |
||||||||||
31 March 2021 |
30 June 2020 (Unaudited) |
|||||||||||
| (Unaudited) | Refer note 2 30,045.04 33.3 |
(Audited) | ||||||||||
| Income a) Revenue from operations b) Other income |
29,869 14 48 47 |
24,094 30 75 81 |
1,08,368. 95 450,90 |
|||||||||
| Total income(a+ b) | 29,917.61 | 30,078.57 24,170.12 |
1,08,819.85 | |||||||||
| 1 | Expenses a) Cost of material and stores and spare pars consumed b) Employee benefit expenses c) Finance costs d) Depreciation and amorisation expense e) Other expenses |
474 31 25,988 82 217.89 497 47 1.937 32 570,90 331 85 25,632,06 20,836 78 166 35 379 33 551 07 594 21 3.463 72 1,628 75 |
_1,007_49 92,968 43 1,112 93 2,285,28 8.81193 |
|||||||||
| Total expenses(a+b+c+d+e) | 29,115.81 | 30,384.10 23,770.92 |
1.07,186.06 |
|||||||||
| 3 4 5 6 7 8 9 10 |
Proft befre share of profit/(loss) of equity accounted investees, exceptional items and tax ( I - 2) Share of proft/(loss) of equity accounted investees (net of income tax) Proft before exceptional items and tax (3+ 4) Exceptional items (refer note 4) Proft/(loss) before tax (5 - 6) Tax expense/(credit) Curent tax Income tax relating to previous year Deferred tax Total tax expense Prolit/(loss) for the period (7 - 8) Other comprehensive income (1) Items that will /lot he rec/a.ni/ied s11hsetJ11e111/yto {1ro/it or lo1·s .Remeasurement of defned benefit 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) Items that will he reclass//ied s11bset11e111/yto {1ro/it or loss Exchange diferences in translating fnancial statements of foreigoperations Other comprehensive income/(loss) for theperiod, net of taxes |
801.80 0 19 801.99 - 801.99 279.64 13,62 62 43 355.69 446.30 (74, ) 18.76 - 80,D4 24.36 470.66 (305.53) (8,30) (313:83) (313.83) 111 10 (8 75) 166 55 268.90 (582.73) 49.29 (11.04) - (65.84) (27.59) (610.32) |
399.20 1,633.79 (106 91) ( 114.27) 292.29 1,519.52 (250 26) (326 89) 542.55 1,846.41 86.63 423_29 22_11_ 68 21 69 29 618 02 178.04 1,109.52 364.51 736.89 (74.43) (78 10) 17.55 21.68 (5.33) (5 33) 88,01 45 99 25.80 (15.76) |
|||||||||
| 11 | Total comprehensive income/(loss) for theperiod(9 ~~+~~10) | 470.66 | (610.32) | 390.31 | 721.13 | |||||||
| 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 of! 10 00 per share) Reserves i.e Other equitv |
461.88 (15 58) 18_31 6,05 480 19 (9_3) 1,476.79 (633 37) 50 64 (32 70) 5 I I (666 07) 55 75 1,476.79 |
337 70 578 77 26,81 158 12 18.16 (26.80) 7,64 11 04 355.86 551.97 34.45 169.16 1,475.83 1,476.79 21.954.31 |
|||||||||
| 17 | Eaminw(loss)Per Share | (not a ualised) (not annualised) |
(not annualised) | (annualised) | ||||||||
| (a) Basic (INR) (bl Diluted([NR) |
3 13 3 07 (4 29) (4 22) |
2 29 3 92 2 27 3 87 |
||||||||||
| See accompanying notes to the fnancial results . . .·--, |
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Quess Corp Limited CIN No.L74140K/\2007PLCOH909
Registered Onicc: Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03
Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcrfonnancc and nllncate, res urcc,; bJscd on an analysis of ,arious pcrfonnancc indicator:,; by business 51.!b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions. The accounting principles used in the preparation of these financial results nre consistently applied to record rc,cnuc and expenditure in individual scb"nents
| Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
Quess Corp Limited Registered Onicc:Quess House, 3/312, Bellandur Gate, Sarjapur Road, Bengaluru 560 I 03 CIN No.L74140K/\2007PLCOH909 Based on the "management approach" as defined in Ind /\S I 08 - Operating Seb"ncnts, the Chief Operating Decision Maker evaluates the Group pcronnancc andnllncate, res urcc,bJscd on an analysis of ,arious pcrfonnancc indicator: by business 51b'lnents Accordingly, infonnation has been presented along these business segments viz Workforce management, Operating asset management and Global technolOb'Y solutions.The accounting principles used in the preparation of these fnancial resultsnre consistently applied to record rc,cnuc and expenditure in individual scb"nents |
|---|---|---|---|---|---|---|---|---|---|---|
| Statement of consolidated unaudited <cgntent wise rc,cmtc. results. assets and liabilities for theQttancr ended | 30 June 2021 IINR Ill 111,//11111.,1 |
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| SI. No | Particulars | Consolidated Quarer ended Year ended |
||||||||
| 30 June 2021 (Unaudited) |
||||||||||
| 31 March 2021 Refer note 2 30 June 2020 (Unaudited) 31 March 2021 (Audited) |
||||||||||
| ote 2 | (Unaudited) (Audited) |
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| 1 | Segment revenue a) Workforce management b) Operating asset management _c)_Global technolOb'Ysolutions |
_20,051_54 4,645 47 5,172 13 |
20,114,16 4,650,63 5,280.25 16,181 12 3,679.70 4.233 48 71,590 09 16,883 08 19.895 78 |
|||||||
| Total lncome from ouerations | 29,869.14 | 30,045.04 372 78 (52347) 736 28 24,094.30 602.09 _260_79 552 17 1,08,368.95 2,283.07 323 22 2J02 13 |
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| 2 | Segment results a) Workforce management b) Operating asset management cl Global technolOb'Ysolutions |
695.24 406 81 594 80 |
||||||||
| Total | 1,696.85 | |||||||||
| Less: (i) Unallocated corporate expenses Less: (ii) Depreciation and amonisation expense Less: (iii) Finance costs Add: (iv) Other income Add: (v) Share ofproft/(loss) of equity accounted investees (net of tax) |
income | |||||||||
| Totalproft befre tax Segment assets a) Workforce management b) Operating asset management c) Global teclmolob'Y solutions d) Unallocated |
801.99 | 1313.83) 292.29 |
1,519.52 | |||||||
| 3 | 13,890.89 11,083,28 12,234 66 9.928.15 |
13,015. I 0,536 26 11,963 37 11,686 93 |
12,441 51 11,526.05 13,270.02 14,391.78 13,015_55_ I 0,536 26 11,963.37 11.686.93 |
|||||||
| Total | 47,136.98 | 47,202.11 51,629.36 |
47,202.11 | |||||||
| 4 | Segment liabilities a) Workforce management b) Operating asset management c) Global technolOb'Y solutions d) Unallocated |
6,681.06 2,824.14 6,3516 7,4735 |
5,310 18 3,497 12 6,333. 7.69108 4,723.70 2,794 98 7,917 12 12.251 89 |
5,310.18 3,497 12 6,333 33 7,691 08 |
||||||
| Total |
23,333.81 | 22,831.71 27,687.69 |
22,831.71 | |||||||
| See accompanying notes to the fnancial results |
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Quess Corp Limited Registered Office: Qucss House, 3/3/2, Bdlandur Gate, Sarjapur Road, Bc11gal11ru 560 I 03 CIN Nn L74140Ki\2007PLC043909
Consolidated unaudited financial results for the quarter ended 30 June 202 I
Notes:
-
The consolidated financial infonnation ofQuess Corp Limited ("the Company") including its subsidiaries (collecti,ely known as the "Group"), its associates and its joint venture (as mentioned in Appendix I to these notes) for the quarter ended 30 June 2021 have been taken on record by the Board of Directors at its meeting held on OS Au1,'l1st 2021 The statutory auditors have expressed an unqualified review conclusion on the financial results for the quarter ended 30 June 2021 These Consolidated financial results have been extracted from the consolidated financial infonnation.
-
2 The Statement includes the results for the quarter ended 31 March 2021 being the balancing fi!,•urc of audited figures in respect of the foll financial year and published unaudited year to date fi!,'llfes upto the end of the third quarter of the financial year
-
The consolidated unaudited financial results and the review 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's website www quesscorp com
-
4 During the quarter ended 30 June 2020, the Company acquired additional 25.00%, stake in Terrier Security Services (India) Private Limited ("TSSJPL") for a purchase consideration of INR 645_00 million. Consequent to the additional 25.00% acquisition, the total shareholding in TSSIPL has increased ti-om 49 00% to 74 00% and TSSIPL has become subsidiary of the Company The purchase consideration included the fair value of the existing stake of49 00% and additional stake of 15 00[°] 0 adjusted for equity method accounting loss of INR 107 46 million resulted in a total purchase consideration of INR 1,510 00 million The purchase consideration of INR 645.00 million was settled by adjusting loans which was outstanding to be received ti-om Heptagon Technologies Private Limited (''HTPL"). During the year, the Company has completed the purchase price allocation and has reCO!,'Tlised assets and liabilities at its fair value Post allocation of purchase price, the Company has recorded goodwill of INR I ,500,93 million and fair value gain on the acquisition of INR 150 26 million which is disclosed under exceptional item in the above results. For the quarter ended 30 June 2020 and for the year ended 31 March 2021, the respective consolidated financial results of the group include proportionate financials results ofTSSIPL.
-
During the year ended 31 March 2021, Tata Sons Private Limited ("Tata Sons"), non-controlling shareholder of Conneqt Business Solutions Limited ("CBSL") (a subsidiary of Quess Corp Limited) exercised the Put Option and requested the Company to complete the purchase of 44,839, I 66 equity shares ("Put Shares") as per the Shareholders A!,'Teement ("the Agreement") dated 20 November 20 I 7. On I 6 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 2,080.00 million. Consequently, the Company completed the acquisition of equity stake in CBSL on 16 April 2021, and CBSL became wholly owned subsidiary of the Company.
-
6 During the quarter ended 31 March 2021, the Company entered into Shareholder's Agreement ("SHA") and Share Subscription Agreement ("SSA") with Stellarslog Technovation Private Limited ("STPL") and its Shareholders to acquire equity stake in STPL On 29 January 2021, the Company had acquired 16 12% equity stake in STPL for a consideration of INR 20 00 million Subsequent to the quarter ended 30 June 2021, the Company acquired additional 17 21 % equity stake for a consideration of INR 32 00 million. The Company has a financial commitment to acquire an additional stake of I 5.67% for INR 48 million,
-
7 During the year ended 3 I March 2020, the Company had received a notice ti-om the Regional PF Commissioner ("RPFC") under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ("the Act") stating that Company has failed to remit Provident Fund ("PF") on wages for its employees for the period from April 2018 to March 2019 on the grounds that PF deductions were not made on certain components of the salar[y ] amounting to INR 7 I 6.56 million. On 26 AU!,'llSt 2019, 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 ti-om pre-deposit of the alleged Provident Fund Contributions till the final disposal of the Appeal. Consequent to the appeal, on 23 October 2019 the CGIT after hearing the submissions made by the parties passed an Order allowing complete waiver ti-om any pre-deposit and also staying the operation of the EPFO order for a period of 3 months On 08 January 2021 the order staying the operation of the EPFO order was extended until further orders, The matter has been farther adjourned to 16 September 2021. The Company has obtained external legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and the liability has been "Tangly detennined by the RPFC. Further the Company has contractual rights with its customers wherein any such statutory liabilities could be passed on to them and the Company has obtained confinnation from the customers in this regard. Based on the legal advice, pending the hearing of the appeal and contractual arrangement with customers, no provision or contingent liability has been recognised or disclosed,
-
8 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 Infotech Private Limited ("MFXI") and Green Piece 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 will be effected in the consolidated financial results once it is approved by National Company Law Tribunal ("NCLT"), Bengalurn Bench
-
9 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
-
IO The Finance Act, 202 I introduced an amendment to section 32 of the Income Tax Act, 1961, 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 I April 2020 Consequently, the Company recorded a deferred tax expense of lNR SI 9,61 million being the difference between the book base and tax base of goodwill on 31 March 2021 The deferred tax mainly relates to goodwill arising out of the acquisition of Mani pal business in 2016.
-
I I The Group has 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 Group recognised an amount of INR 0 34 million and lNR 85,83 million in the consolidated audited financial results for the quarter and year ended 31 March 2021 respectively as reduction of rent expenses grouped under other expenses on account of rent concessions received.
-
12 The Board of Directors at their meeting held on OS May 2021 have declared an interim dividend of INR 7.00 per equity share (face value of!NR 10.00 each) for the financial year ended 3 I March 2011 aggregating to INR 1,033 75 million, which was paid on 20 May 2021
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-
13 The Income Tax Department ("Department") conducted survey operations at the Company's registered office and at one of its subsidiary's office, Terrier Security Services (India) Private Limited, fi-om 08 to JO July 2021 The queries raised during the survey primarily related to the manner of availing deduction under section 80JJAA of the Income Tax Act and the claim of tax depreciation on goodwill arising from acquisition/ mergers, The queries raised pertained to four financial years, FY 2016-17 to FY 1019-20 The Group has not received any written communication fi-om the Department on this matter till date The Group believes that the matter relates to and is limited to differing interpretations of the statute regarding the manner of claiming and the quantum of the above mentioned deductions Further, the Group believes that the deductions were validly claimed, in accordance with the statute and judicial precedents and believes it can strongly defend its position In the absence of any written communication /claim fi-om the department till date, no meaningful evaluation or analysis can be carried out at this stage Accordingly, no contingehcy or provision has accordingly been recOb'llized at 30 June 2021 For the purpose of computing the tax liability for the quarter ended 30 June 2021, the Company and Terrier have claimed a deduction of INR 563 84 million under section 80JJAA in a manner consistent with its past practice, and which is the subject matter of the survey operations carried out by the Department
-
The Group is committed to defending its position, although specific actions, including any potential financial result related disclosures and adjustments, will be based on the future actions by the Depamnent
-
14 The Group's business operations for the quarter ended 30 June 2021 continue to be affected by the COVID-19 pandemic, The duration of the pandemic and its consequential economic and financial impact continue to remain highly uncertain As a result of these developments, the Group considered the possible effects that may result fi-om the pandemic in preparation of the financial results including evaluating the recoverability of financial assets and non-financial assets particularly, trade receivables, unbilled revenues, goodwill, intangible assets, inveshnents and loans granted associates.
-
The Group has exercised judgements and applied assumptions, using internal and external sources of infonnation, in relation to these assets and in developing the assumptions relating to the possible future uncertainties in the economic conditions arising fi-om this pandemic, As on date of approval of these consolidated unaudited financial results and basis the current estimates, the Group expects the net carrying amount of these assets to be recovered. Specifically for the purpose of assessing the recoverability of carrying values at 30 June 2021 of goodwill of INR 9,941 04 million, intangible assets of INR 703 38 million and investments in and loans granted to associate companies of lNR 306 36 million, the Group reviewed and retained the assumptions developed in the previous year relating to growth in revenues, EBITDA and discount rates These assumptions are subject to change in future as events unfold within the uncertain environment
-
During the year ended 31 March 2021, the Company had conservatively recorded a provision of INR 1,194.59 million in relation to the trade receivables and unbilled revenues arising fi-om certain contracts with government customers, During the quarter, the Company continued its recovery efforts for collection of these dues and based on receipts subsequent to 30 June 2021 and confinnation received from a specific customer, the above provision was reversed to the extent of INR 300 million, which has been credited to the statement of profit and loss,
fi>r and on behalfof Board of Directors of
Quess Corp Limited
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| Nature | S. No. | Entity name |
|---|---|---|
| Subsidiary/Step-subsidiary: | Brainhunter Systems Ltd | |
| 2 | Mindwire Systems Limited | |
| 3 | MFX lnftech Prvate Limited | |
| 4 | Quess (Philippines) Corp | |
| 5 | Quess Corp (USA) Inc | |
| 6 | Quess Corp Holdings Pie Ltd. | |
| 7 | Quessglobal (Malaysia) Sdn Bhd. | |
| 8 | MFXchange Holdings, Inc, | |
| 9 | MFXchange US, lnc | |
| 10 | Quess Corp Lanka (Private) Limited | |
| l 1 | Comte! Solutions Pie. Limited | |
| 12 | Excelus Leaming Solutions Prvate Limited | |
| 13 | Conneqt Business Solutions Limited (frmerly known as Tata Business Support Serices Limited) | |
| l 4 | Vedang Cellular Ser,ices Private Limited | |
| l_5_ | Golden Star Facilities and Services Private Limited | |
| 16 | Comtelpro Pte Ltd | |
| I 7 | Comtelink Sdn Bhd | |
| 18 | Monster.com.SG PTE Limited | |
| 19 | Monster.com.HK Limited | |
| 20 | Agensi Pekerjaan Monster Malaysia Sdn Bhd (fonnerly known as Monster Malaysia Sdn Bhd) | |
| 21 | Monster.com (India) Private Limited | |
| 22 | Quess Cor Vietnam LLC | |
| 23 | Simpliance Technologies Private Limited | |
| 24 | Qdigi Serices Limited (fnnerly known as: HCL Computing Products Limited) | |
| 25 | Greenpiece Landscapes India Prvate Limited | |
| 26 | Quesscor Management Consultancies (frmerly known as Styracor Management Services) | |
| 27 | Quesscor Mapower Supply Services LLC [forerly known as S M S Mapower Supply Services (LLC)] | |
| 28 | Allsec Technolobies Limited | |
| 29 | Allsectech Inc., USA | |
| 30 | Allsectech Manila Inc., Philippines | |
| 31 | Quess Services Limited | |
| 32 | Trmm, Smar lnfaprojects Private Limited | |
| 33 | Terrier Securty Services (India) Prvate Limited | |
| 34 | Quess East Bengal FC Private Limited | |
| Associate: | Heptagon Technologies Prvate Limited | |
| 2 | Quess Recruit, Inc | |
| 3 | Agency Pekerjaan Quess Recruit Sdn.Bhd | |
| 4 | Stellarslog Technovation Private Limited(refer note 6) | |
| Joint venture: | Himmer Industrial Serices (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 REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF QUESS CORP LIMITED
-
We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of QUESS CORP LIMITED (“the Company”), for the quarter ended 30 June 2021 (“the Statement”), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
-
This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making 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 scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 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 audit opinion.
-
Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
Emphasis of Matter Paragraphs
-
i. We draw attention to Note 9 of the statement, regarding the demands received by the company in respect of provident fund and contingency related to pending litigation on the said matter.
==> picture [76 x 72] intentionally omitted <==
Regd. Office: Indiabulls Finance Centre, Tower 3, 27' - 32"' Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India (LLP Identification No. AAB-8737)
Deloitte Haskins & Sells LLP
- ii. We draw attention to Note 15 of the statement, which describes the effects of the continuing uncertainty arising out of the COVID-19 pandemic on the financial results for the quarter ended June 30, 2021.
Our conclusion on the statement is not modified in respect of these matters.
For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm’s Registration No. 117366W/W-100018)
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Anand Subramanian Partner (Membership No. 110815) (UDIN: 21110815AAAADH5112)
Place: Bengaluru Date: August 05, 2021
| Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
Quess Corp Limited Registered Ofice: Qucss House. 3/3/2. Bcllandur Gate. Sarjapur Road. Bengaluru 560 I 03; CJN No. L74140KA2007PLC043909 Part I: Statementof standalone unaudited financial results fr thequarter ended 30 June 2021 (INR in millions except per share data) |
|---|---|---|---|---|---|---|
| SI. No | Particulars |
Standalone Quarter ended |
Year ended | |||
| 30 Jun 2021 | 31 Mar 2021 30 Jun 2020 |
31 Mar 2021 | ||||
| (Unaudited) | (Refer note 2) (Unaudited) |
(Audited) | ||||
| I | Income a) Revenue fom operations b)Other income |
21,250.06 186.51 |
21,137.23 16,959.42 21.57 41.51 |
74,834.06 303.79 |
||
| Total income(a+ b) | 21,436.57 | 21,158.80 17,000.93 |
75,137.85 | |||
| 2 | Expenses a) Cost of material and stores and spare parts consumed b) Employee beneft expenses c) Finance costs d) Depreciation and amortisation expense e)Other expenses |
240.05 19,194.98 127.80 106.62 1,282.92 |
221.33 151.51 19,094.53 15,459.75 101.81 234.96 114.71 147.48 2,479.58 817.57 |
712.91 68,187.62 634.63 525.09 5,261.92 |
||
| Total expenses(a+ b+c+d+e) | 20,952.37 | 22,011.96 16,811.27 |
75,322.17 | |||
| 3 4 5 6 7 8 |
Proft/ (loss) befre exceptional items and tax (1 - 2) Exceptional items_(refer note 6) Proft/ (loss) befre tax (3 - 4) Tax expense/ (credit) Current tax Income tax relating to previous year Deferred tax Total tax expense Proft/ (loss) fr the period (5 - 6) Other comprehensive income _Items that will not be reclassied subsequently to proft or loss Remeasurement of defined benefit plans Income tax relating to items that will not be reclassifed to profit or loss Other comprehensive income/ (loss) fr the period, net of taxes |
484.20 (853.16) 189.66 (184.32) - - 112.70 112.70 484.20 (853.16) 76.96 (297.02) - - - - - - - 53.82 66.73 198.09 75.98 647.67 66.73 198.09 75.98 701.49 417.47 (1,051.25) 0.98 (998.51) (80.39) 6.53 (66.3 I) (81.62) 20.23 (1.65) 16.69 20.54 (60.16) 4.88 (49.62) (61.08) 357.31 (1,046.37) (48.64) (1,059.59) 1,476.79 1,476.79 1,475.83 1,476.79 20,768.11 |
||||
| 9 | Total comprehensive income/(loss) fr theperiod(7 +8) | 357.31 | (1,046.37) | (1,059.59) 1,476.79 20,768.11 |
||
| 10 11 |
Paid-up equity share capital (Face value of!NR 10.00 per share) Reserves i.e. Other equity |
1,476.79 1,476.79 |
1,475.83 | |||
| 12 | Eaing/(loss)Per Share | _(_not annualised) | (not annualised) | (not annualised) | (annualised) | |
| (a) Basic (INR) (b)Diluted(IR) |
2.83 2.78 |
(7.12) (7.02) |
0.01 0.01 |
(6.76) (6.67) |
See accompanying notes to the financial results
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Quess Corp Limited Registered Oflicc: Qucss House 3/3/2, Bcllandur Gate, Sarjap,11' Road, Bcngaluru 560 I 03: CIN No L74140KA2007PLC043909
Standalone unaudited financial results for the quarter ended 30 June 202 I
Notes:
-
The standalone financial infonnation for the quarter ended 30 June 2021 haw been taken on record by the Board of Directors at its meeting held on 05 August 2021 The statutory auditors have expressed an unqualified review conclusion on the financial results for the quarter ended 30 June 2021 These standalone financial results have been extracted from the standalone financial infonnation
-
2 The Statement includes the results for the quarter ended 31 March 2021 being the balancing figure of audited figttrcs in respect of the full llnancial year and published unaudited year to date figures uplo the end of the third quarter of the financial year.
-
3 Pursuant lo the pro,isions of the Listing Agreement, the Management has decided to publish consolidated unaudited financial results in the newspapers The standalone unaudited financial results and the review 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 com
-
4 In accordance with Ind AS I 08, Operating se!,snenls, segment infonnation has been provided in the consolidated unaudited financial results of the Company and therefore no separate disclosure on segment infonnation is h>i,en in these standalone unaudited financial results.
-
5 During the year ended 31 March 2021, Tata Sons Private Limited ("Tata Sons"), remaining 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 A1reement'') 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� o equity stake for a consideration of INR 2,080 00 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 the quarter ended 30 June 2020, the Company reassessed the recoverable ,alue of investment made in Heptagon Technologies Pri,ate Limited ("HTPL"), an associate company and recognised an impairment of!NR I 12.70 million, disclosed as exceptional item in the abo,e results.
-
During the quarter ended 31 March 2021, the Company entered into Shareholder's A1reement ("SHA") and Share Subscription A!reement ("SSA") with Stellarslog Technovation Private Limited ("STPL") and its Shareholders to acquire equity slake in STPL On 29 January 2021, the Company had acquired 16 12% equity stake in STPL for a consideration of INR 20 00 million Subsequent to the quarter ended 30 June 202 I, the Company acquired additional 17 21 % equity stake for a consideration of INR 32 00 million The Company has a financial commitment to acquire an additional stake of 15 67% for lNR 48.00 million.
-
8 During the quarter ended 30 June 2020, the Company acquired additional 25.00[°] 0 stake in Terrier Security Services (India) Private Limited ("TSSIPL") for a purchase consideration of INR 645 00 million Consequent to the additional 25 00% acquisition, the total shareholding in TSSIPL has increased from 49 00% to 74,00% and TSSlPL has become a subsidiary of the Company The purchase consideration of INR 645 00 million was settled by adjusting loans which was outstanding to be received from Heptagon Technologies Private Limited ( "HTPL").
-
9 During the year ended 31 March 2020, the Company had received a notice from the Re!,-ional PF Commissioner ("RPFC") under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act, I 952 ("the Act") stating that Company has failed to remit Provident Fund ("PF") on wages for its employees for the period from April 20 I 8 to March 2019 on the !,'fOLmds that PF deductions were not made on certain components of the salary amounting lo INR 716.56 million, On 26 August 2019, 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. Consequent to the appeal, on 23 October 2019, 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 for a period of 3 months. On 08 January 2021 the order staying the operation of the EPFO order was extended until further orders The matter has been further adjourned 10 16 September 2021. The Company has obtained external legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and the liability has been wrongly detennined by the RPFC Further the Company has contractual rights with its customers wherein any such statutory liabilities could be passed on to them and the Company has obtained confinnation from the customers in this regard Based on the legal advice, pending the hearing of the appeal and contractual arrangement with customers, no provision or contingent liability has been recognised or disclosed.
-
10 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 Infotech Private Limited ("MFXI") and Green Piece 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"), Bengaluru branch. On 07 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 will be effected in the standalone financial results once it is approved by National Company Law Tribunal ("NCL T"), Bengaluru Bench,
-
11 The Board of Directors at their meeting held on 05 May 2021 have declared interim dividend of INR 7,00 per equity share (face value of INR 10,00 each) for the financial year ended 31 March 2021 aggregating to INR 1,033.75 million which was paid on 20 May 2021
-
12 During the year ended 31 March 2021, 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 18 73 million in the standalone unaudited financial results for the quarter ended 30 June 2020 and INR 31 77 million in the standalone audited financial results for the year ended 31 March 2021 as reduction of rent expenses b'fOuped under other expenses on account of rent concessions received,
-
13 The Code on Social Secmity, 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
-
14 The Income Tax Department ("Department") conducted survey operations at the Company's re),�stered office from 08 to IO July 2021. The queries raised during the survey primarily related to the ma er of availing deduction under section 80JJAA of the Income Tax Act and the claim of tax depreciation on goodwill arising from acquisition/ mergers. The queries raised pertained to four financial years, FY 2016-17 to FY 2019-20 The Company has not received any written communication from the Department on this matter till date The Company believes that the matter relates to and is limited to differing interpretations of the statute regarding the manner of claiming and quantum of the above mentioned deductions. Further, the Company believes that the deductions were validly claimed, in accordance with the statute and judicial precedents and believes it can strongly defend its position In the absence of any written communication or claim from the Department till date. no meaningful evaluation or analysis can be carried out at this stage, Accordingly, no contingency or provision has accordingly been recognized as at 30 June 2021, For the purpose of computing the tax liability for the quarter ended 30 June 2021, the Company has claimed a deduction of INR 553 88 million under section 80JJAA in a manner consistent with its past practice, and which is the subject matter of the survey operations carried out by the Department
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The Company is committe;{ io .defending its position, although specific actions, including any potential financial result related disclosures and adjushnents, will be based on the future actions by tl1e'De_pa_!'.tinei1t'.
-
15 The Company's business operations for the quarter ended 30 June 2021 continue to[be afTcctcd by the COVID-19 pandemic The duration of the pandemic ] and its consequential economic and financial impact continue to remain highly 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 including evaluating the recoverability of financial assets and non-financial assets particularly, trade receivables, unbilled revenues, goodwill, intangible assets, invesm,ents and loans b'fanted to subsidiaries and associates.
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The Company has exercised judgements and applied assumptions, using internal and external sonrces of infonnation, in relation to these assets and in developing the assumptions relating to the possible future uncertainties in the economic conditions arising from this pandemic. As on date of approval of these standalone unaudited financial results and basis the current estimates, the Company expects the net carrying amount of these assets to be recovered. Specifically for the purpose of assessing the recoverable value as at 30 June 2021 of goodwill of INR 2,777.73 million, inveshnents in and loans granted to subsidiary companies of INR 13,380 66 million and investments in and loans granted to associate companies of INR 285 18 million, the Company reviewed and retained the assumptions developed in the previous year relating to b'fOwth in revenues, EBITDA and discount rates. These assumptions are subject to change in future as events unfold within the uncertain environment
During the year ended 31 March 2021, the Company had conservatively recorded a provision of INR I, 174.36 million in relation to trade receivables and unbilled revenues arising from certain contracts with government customers, and investment in compulsarily convertible debentures During the quarter ended 30 June 2021, the Company continued its recovery efforts for collection of these dues and based on receipts subsequent to 30 June 2021 and confinnation received from a specific customer, the above provision was reversed to the extent of INR 188 07 million, which has been credited to the statement of profit and loss.
/iir and on behalf of Board of Directors of
Quess Corp Limited
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A Isaac
/: �� 'ti/II'<' Chairman
Place: Bengaluru
Date: 5 August 2021
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