26 October 2017
Q2FY18 Results Update | Sector: Others
Quess Corp
Buy
BSE SENSEX
33,147
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,344
QUESS IN
Growth story on track; Profit boosted by tax incentives
138
Strong revenue momentum; PAT surges on tax benefits:
QUESS’ 25.2% YoY
120.2 / 1.9
growth to INR12.7b was 4% ahead of our estimate; organic growth was 16%
1,068 / 516
YoY (excl. Comtel). EBITDA margin shrunk 20bp YoY to 5.2% (est. of 5.4%).
0/0/29
Margins expanded in all segments barring Industrial amid ongoing
86.0
realignment of business. PAT at INR1.4b was much higher than our estimate
18.1
CMP: INR873
TP: INR1,040(+19%)
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
41.6
56.2
Net Sales
2.2
3.3
EBITDA
1.1
3.1
PAT
10.0
27.7
EPS (INR)
39.6
177.2
Gr. (%)
73.8
179.6
BV/Sh (INR)
19.0
21.9
RoE (%)
12.6
16.7
RoCE (%)
87.3
31.5
P/E (x)
11.8
4.9
P/BV (x)
2019E
71.2
4.5
3.3
29.1
4.8
208.6
15.0
12.7
30.0
4.2
Estimate change
TP change
Rating change
of INR329m, led by the 80JJAA benefits.
Revenue traction strong across-the-board, only GTS growth acquisitive:
Strong YoY growth was driven uniformly across business segments, with
growth ranging from 17-40% YoY. GTS was the only segment with
contribution from an acquisition (Comtel). Excluding this, growth in the
segment was in high-single-digits. While growth in overseas acquisitions
within GTS is expected to be relatively low, its Indian IT staffing business is
facing the impact of sluggish activity in IT Services. Integration of Manipal
and Terrier is expected to boost revenue growth in 2H.
Acquired 70% stake in Vedang Cellular Services:
QUESS announced the
acquisition of Vedang Cellular Services, a top-five player in Telecom Network
Optimization. The acquisition complements its existing capabilities of O&M.
The acquisition will add ~2pp to revenues, but is accretive to QUESS’ margins
to the tune of 10bp. QUESS also formed a JV with Trimax to create an
information, communication and technology infrastructure as part of a
smart city project in Ahmedabad.
Valuation view:
We value QUESS using DCF to arrive at a TP of INR1,040
(19% upside); our TP is up ~4% led by higher-than-expected tax benefits.
Valuations are rich, given its strong growth history and continued aggressive
thrust on acquisitions. Over FY17-20E, we expect revenue/EBITDA/PAT CAGR
of 27/37/58%, led by our assumption of 20% growth in organic business and
incremental contribution by recent acquisitions. Long-term prospects stand
bright, given high-growth opportunities, aggression shown on expansion and
flawless execution.
FY17
41,574
21.0
39,346
2,228
5.4
263
465
153
1,652
518
31.3
-1
1,136
1,136
28.4
2.7
FY18E
56,191
35.2
52,910
3,281
5.8
337
392
440
2,992
-150
-5.0
0
3,142
3,142
176.7
5.6
Est.
2Q
12,212
20.0
11,551
662
5.4
70
180
35
447
118
26.4
0
329
329
9.2
2.7
(INR m)
Var. (% /
bp)
4.3
518
5
0
-20
6
-16
377
36
-780
-15,868
328
328
35,759
834
Consolidated - Quarterly
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
MI & P/L of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
9,910
35.7
9,382
528
5.3
60
92
7
382
135
35.4
0
247
247
37.1
2.5
FY17
FY18
2Q
3Q
4Q
1Q
2Q
3QE
4QE
10,177 10,266 11,221 11,881 12,740 15,785 15,785
26.9
13.3
12.6
19.9
25.2
53.8
40.7
9,626 9,703 10,634 11,246 12,075 14,795 14,795
551
563
586
635
665
991
991
5.4
5.5
5.2
5.3
5.2
6.3
6.3
69
69
65
67
74
98
98
98
121
153
161
151
40
40
57
60
29
34
167
119
119
441
432
396
441
606
972
972
140
126
116
115
-802
268
268
31.7
29.2
29.4
26.2 -132.3
27.6
27.6
0
-4
3
-6
2
2
2
301
311
277
331 1,406
702
702
301
311
277
331 1,406
702
702
65.9
80.0
-20.9
34.1 366.8 126.1 153.7
3.0
3.0
2.5
2.8
11.0
4.4
4.4
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Sagar Lele
– Research analyst
(Sagar.Lele@MotilalOswal.com); +91 22 6129 1531
Ashish Chopra
– Research analyst
(Ashish.Chopra@MotilalOswal.com); +91 22 6129 1530

Quess Corp
Strong revenue growth – uniformly spread across business segments
Quess Corp’s 25.2% YoY growth to INR12.7b was 4% ahead of our estimate of
INR12.2b (+20% YoY). Strong YoY growth was driven uniformly across business
segments.
People & Services (54% of revenue) grew by 17% YoY; Global Technology
Solutions (31% of revenue) grew by 40% YoY; Integrated Facility Management
(10% of revenue) grew by 26% YoY and Industrials (6% of revenue) grew by 31%
YoY.
Strong growth in Industrials was an encouraging sign as the business segment
was undergoing a realignment of offerings, and faced some slowdown in FY17.
Organic growth during the quarter stood at ~16%. The integration of Comtel
boosted growth in GTS, excluding which, we estimate growth in the segment to
have been in the high single digits.
Exhibit 1: Strong organic growth traction seen in 2Q
35.7
26.9
19.9
13.3
12.6
Revenue (INRm)
Growth (YoY, %)
25.2
9,910
1QFY17
10,177
2QFY17
10,266
3QFY17
11,221
4QFY17
11,881
1QFY18
12,740
2QFY18
Source: Company, MOSL
Exhibit 2: Growth uniform across segments, ranging between 17 and 40% YoY
1QFY17
Revenue (INR m)
Global Technology Solutions
People & Services
Integrated Facility Management
Industrial Asset Management
Growth (YoY, %)
Global Technology Solutions
People & Services
Integrated Facility Management
Industrial Asset Management
2,747
5,672
961
530
25.1
48.7
10.8
24.7
2QFY17
2,780
5,830
990
570
27.5
29.3
10.0
32.6
3QFY17
2,810
5,870
1,010
570
31.3
8.1
4.1
9.6
4QFY17
3,493
6,078
1,089
570
29.3
5.8
10.3
2.0
1QFY18
3,897
6,194
1,185
605
41.9
9.2
23.3
14.2
2QFY18
3,900
6,833
1,256
751
40.3
17.2
26.9
31.7
Source: Company, MOSL
EBITDA margin down 20bp YoY
EBITDA margin at 5.2% was down 20bp YoY, and below our estimate of 5.4%.
While margins expanded in P&S (+30bp YoY), GTS (+10bp YoY) and IFM (+100bp
YoY); margins in the Industrials business declined to 4.7% in 2QFY18, compared
to 9.8% in the previous year.
Profitability in the Industrials business has ranged between 4-5% over the last
three quarters on account of the realignment.
26 October 2017
2

Quess Corp
Exhibit 3: Margins in a tight band over the last six quarters
EBITDA (INRm)
5.4
5.3
5.2
5.5
5.3
5.2
EBITDA margin (%)
528
1QFY17
551
2QFY17
563
3QFY17
586
4QFY17
635
1QFY18
665
2QFY18
Source: Company, MOSL
Exhibit 4: Margins expanded in all segments other than Industrials
1QFY17
EBIT (INRm)
Global Technology Solutions
People & Services
Integrated Facility Management
Industrial Asset Management
EBIT margin (%)
Global Technology Solutions
People & Services
Integrated Facility Management
Industrial Asset Management
196
251
35
55
7.1
4.4
3.6
10.4
2QFY17
200
260
50
60
7.2
4.5
5.1
10.5
3QFY17
210
280
50
30
7.5
4.8
5.0
5.3
4QFY17
224
299
65
25
6.4
4.9
6.0
4.4
1QFY18
263
307
73
27
6.7
5.0
6.2
4.5
2QFY18
279
327
76
35
7.2
4.8
6.0
4.7
Source: Company, MOSL
PAT boosted by 80JJAA deduction
PAT at INR1.4b was much higher than our estimate of INR329m because of a
deduction under Section 80JJAA of the Income Tax Act.
Deductions included INR660m of benefits from FY17 and INR130m for 1HFY18.
While this explains INR910m of the beat; other income at INR167m was higher
than our expectation of INR35m, led by higher cash balance post the recent
capital raise.
Acquired 70% stake in Vedang Cellular Services
Quess Corp announced the acquisition of Vedang Cellular Services, which is
amongst the top 5 players in the Telecom Network Optimization space.
The acquisition complements Quess’ existing capabilities of Telecom Network
O&M.
The company is one of the largest vendors in its space and serves key OEMs and
Telcos.
Vedang had revenue of INR782m as of FY17 (2% of Quess’ total revenue) and
has a margin profile trending at 11-12%. The acquisition would hence be
accretive to Quess’ margins to the tune of 10bp.
Formed a JV with Trimax IT Infrastructure and Services
Quess also formed a JV with Trimax IT Infrastructure and Services to create an
information, communication and technology infrastructure as part of a smart
city project in Ahmedabad. Quess will hold a 51% stake in the joint venture
3
26 October 2017

Quess Corp
Update on other acquisitions
Quess expects the acquisition of Manipal Integrated Services to clear through
regulations in November 2017. Manipal Integrated Services is expected to add
~INR6b to revenue and has margins of 10-11% at an EBITDA level.
Quess currently own 49% in Terrier Security. Approvals for the acquisition of an
additional 25% are pending with the Ministry of Home Affairs.
Change in estimates
We have adjusted our revenue estimates to factor in: [1] Lower growth in GTS
on an organic basis with pressure emerging in the staffing business catering to
Indian IT service providers, [2] Addition of Vedang Cellular Services, and [3]
Right-shifting of our assumptions of integration of Manipal Integrated Services
and Terrier Security.
Accounting for the integration of Vedang, which has an EBITDA margin of 10-
11%, our overall margin assumptions have moved higher by ~10bp for FY19/20.
Tax benefits during the quarter were significantly higher than anticipated as the
company registered benefits for FY17 and 1HFY18. This has resulted in a much
higher EPS for FY18.
Our FY19/20 assumptions get revised upwards because of the same provisions,
although we had already baked in much of the benefits in those years.
Exhibit 5: Change in estimates
FY18E
Revenue (m)
Rev. growth (%)
EBIT Margin (%)
EPS (INR)
EPS Growth (%)
56,191
35.2
5.2
23.2
177.2
Revised
FY19E
71,161
26.6
5.7
24.3
4.8
FY20E
85,393
20.0
6.1
33.1
36.1
FY18E
60,118
44.6
5.2
16.0
90.8
Earlier
FY19E
72,142
20.0
5.6
23.3
45.7
FY20E
86,571
20.0
6.0
32.8
41.0
FY18E
-6.5%
-945bp
0bp
45.3%
8646bp
Change
FY19E
-1.4%
664bp
9bp
4.6%
-4084bp
FY20E
-1.4%
0bp
9bp
1.0%
-483bp
Source: MOSL
Takeaways from management commentary
Strong growth in the General Staffing business:
During the quarter, growth in
People & Services bumped up to 17% YoY, from 9% YoY in the previous quarter.
The strength was driven by a pick-up in the general staffing business. While the
past few quarters were driven by the verticals of Telecom and Retail; the
company is now seeing increased traction in BFSI and Manufacturing. Moreover,
GST continues to act as a tailwind.
Single digit growth in GTS (ex. Comtel):
Excluding Comtel, growth in GTS has
been in high single digits. Lower-than-company growth has been a function of
higher proportion of international business, profitability focus in Brainhunter
and MFX, and pressure in the IT staffing business catering to Indian technology
service providers.
Acquisitions to boost IFM growth:
The acquisitions of Manipal Integrated
Services and Terrier Security are expected to get integrated next quarter
onwards, when necessary approvals come into place. This would increase the
composition of IFM in overall revenue.
26 October 2017
4

Quess Corp
Acquired Vedang Cellular Services:
Quess Corp announced the acquisition of
Vedang Cellular Services, which is amongst the top 5 players in the Telecom
Network Optimization space. The acquisition complements Quess' existing
capabilities of Telecom Network O&M. The company is one of the largest
vendors in its space and serves key OEMs and Telcos.
26 October 2017
5

Quess Corp
Valuation view
Quess operates through four key business segments: [1] Global Technology
Solutions (GTS), [2] People & Services (P&S), [3] Integrated Facility Management
(IFM) and [4] Industrials. All of these areas have been witnessing high growth,
which is expected to continue going forward as well.
In terms of penetration, it has barely scratched the surface in its core staffing
business as well as other areas. In general staffing, India’s low penetration of
0.5% of working population (versus global average of 1.6%) itself should drive
high velocity growth. In business services, Quess intends to be part of anything
that is non-core to a business and that can be outsourced to a third party. While
it has touched upon the areas of facilities management, catering, security and
industrial asset management, the directions for further growth are ample.
Inorganic growth has been a key component for Quess’ growth, improvement in
profitability and diversification. It has demonstrated successful integration with
margin accretion and retention of management personnel. Validation also
comes from the following examples;
[1] Over the last eight years, revenue at Avon (a facilities management
acquisition) has grown at a CAGR of 52% and EBITDA margin has expanded to
5.1% from 1.7% at the time of acquisition.
[2] Magna (an acquired IT staffing company) has grown at 15% CAGR since
acquisition and its margins have improved to 13% from 5.5% at the time of
acquisition.
With the strategy in place, and execution being impeccable, we expect 27%
revenue CAGR over FY17-20. This would be fueled by the current portfolio and
any inorganic activity would only add to these expectations. Over the same
period, we also expect cumulative EBITDA margin expansion of 130bp to 6.7%.
The visibility for this comes from [1] continued improvement in profitability in
Brainhunter and MFX, which were loss-making entities, [2] addition of Manipal
Integrated Services, Terrier Security, Comtel Solutions and Vedang Cellular
Services, all of which have better margins than company average, and [3] margin
expansion in the People & Services business, led by operational leverage and
continued growth in Training & Development.
We value Quess using a DCF to reach a price target of INR1,040, implying 19%
upside. Valuations are rich given its strong growth history, and continued
aggressive thrust on acquisitions. Over FY17/20E, we expect
revenue/EBITDA/PAT CAGR of 27/37/58%, led by our assumption of 20% growth
in the organic business and incremental contribution by recent acquisitions. The
long-term prospects of the company stand bright given the high-growth
opportunities, aggression shown on expansion and flawless execution.
Key triggers
GST-related pick-up driving higher growth in the general staffing business
Significant margin turnaround in Brainhunter and MFX boosting overall margins
Broad-based and consistent growth driven across business segments
26 October 2017
6

Quess Corp
Key risks
Integration of current/future acquisitions going wrong
Inability to manage diverse portfolio of businesses, leading to inferior growth
Economic downturn, leading to a proportional and direct impact on business
Exhibit 6: Fair value of INR1,040/share based on DCF
Discount rate
Terminal growth rate
PV FCF
PV of terminal value
NPV
Cash and cash equivalents
Deployed in acquisitions
Sales acquired
EBITDA acquired
EBITDA in FY19
Value of acquired EBITDA
Cash not deployed
Less: Debt
Total equity value
Per share
PV FCF
PV of terminal value
NPV
Cash deployed in acquisitions
Cash not utilized
Less: Debt
Total equity value
NOSH m
CMP
Target price
Upside (%)
12.0%
5.0%
37,685
94,056
131,741
10,827
8,661
7,218
541
650
12,992
2,165
6,530
140,368
278
694
973
96
16
48
1,036
135
873
1,040
19%
Source: MOSL
Exhibit 7: We assume 12% WACC and 5% terminal growth rate
WACC/g
990
10%
11%
12%
13%
14%
3.0%
1,180
1,010
870
770
680
4.0%
1,330
1,110
940
820
720
Sensitivity analysis
5.0%
1,530
1,240
1,040
890
770
6.0%
1,830
1,430
1,160
970
830
7.0%
2,330
1,710
1,330
1,090
910
26 October 2017
7

Quess Corp
Story in charts
Exhibit 8: Revenue CAGR of 46% over the last five years
Revenue (INRm)
34,350
4.2%
20,536
6,370
10,012
15,194
3.0%
41,574
Exhibit 9: Margins have expanded by 110bp over the same
period
EBITDA margin (%)
4.3%
4.3%
5.1%
4.4%
5.4%
2,749
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY11
FY12
FY13
FY14
FY15
FY16
FY17
Source: Company, MOSL
Source: Company, MOSL
Exhibit 10: Growth has been organic and driven by
acquisitions, enabling presence in multiple segments
Integrated
Facility
Management,
10%
Industrials,
6%
Exhibit 11: Addition of higher margin businesses expected to
further improve profitability
7.0%
EBIT margin (%), as of FY17
4.6%
4.9%
7.6%
Global
Technology
Solutions,
31%
People &
Services, 54%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Expect a cumulative 130bp EBITDA margin
expansion over the next three years
EBITDA margin change (YoY, bp)
123
74
7
4
(68)
96
48
46
38
Exhibit 13: Consequently leading to stellar PAT growth
PAT (INRm)
159%
94%
Growth (YoY, %)
177%
4,484
72%
313
538
3,294
51%
812
40%
1,133
3,142
5%
36%
121
Source: Company, MOSL
Source: Company, MOSL
26 October 2017
8

Quess Corp
Financials and Valuations
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
Income Statement
2013
10,012
57.2
431
4.3
44
387
176
32
0
243
72
29.6
50
121
121
94.1
2013
300
383
682
879
-66
1,660
244
159
85
0
0
2,909
4
1,580
234
1,091
1,583
1,548
36
1,325
1,660
2014
10,060
0.5
398
4.0
42
356
88
21
0
289
97
33.7
13
179
179
48.0
2014
962
884
1,846
641
-50
2,437
319
201
118
4
0
3,080
4
1,246
291
1,539
1,496
1,461
35
1,585
2,437
2015
25,671
155.2
1,305
5.1
101
1,203
218
57
0
1,042
370
35.5
0
672
672
276.3
2015
258
2,267
2,525
2,170
-35
4,660
604
415
189
0
0
5,869
4
2,755
818
2,292
2,502
2,355
147
3,367
4,660
2016
34,350
33.8
1,511
4.4
144
1,367
310
91
0
1,147
335
29.2
0
812
812
20.8
2016
1,133
2,433
3,566
3,783
-1,345
6,005
1,043
541
502
24
37
8,573
18
6,926
1,094
536
5,151
4,812
339
3,423
6,005
2017
41,574
21.0
2,228
5.4
264
1,964
465
153
0
1,651
518
31.4
0
1,133
1,133
39.6
2017
1,268
7,094
8,362
7,304
-1,658
14,017
1,363
779
583
77
2,976
13,721
57
8,337
3,013
2,314
7,128
6,676
453
6,593
14,017
2018E
56,191
35.2
3,281
5.8
337
2,944
392
440
0
2,992
-150
-5.0
0
3,142
3,142
177.2
2018E
1,377
18,975
20,352
6,530
-1,658
25,233
1,913
1,116
796
97
2,976
25,415
57
11,428
10,827
3,104
7,840
7,228
612
17,575
25,233
2019E
71,161
26.6
4,485
6.3
427
4,058
(INR Million)
2020E
85,393
20.0
5,706
6.7
512
5,194
347
356
0
4,066
773
19.0
0
3,294
3,294
4.8
2019E
1,377
22,268
23,646
5,783
-1,658
27,779
2,463
1,543
919
117
2,976
29,908
57
14,472
11,466
3,912
9,929
9,154
775
19,979
27,779
304
512
0
5,403
918
17.0
0
4,484
4,484
36.1
2020E
1,377
26,753
28,130
5,061
-1,658
31,541
3,013
2,056
957
137
2,976
35,598
57
17,367
13,493
4,680
11,914
10,985
930
23,683
31,541
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
26 October 2017
9

Quess Corp
Financials and Valuations
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Ratios
2013
1.1
1.5
6.0
0.0
0.0
2014
1.6
1.9
16.3
0.0
0.0
2015
5.9
6.8
22.3
0.0
0.0
2016
7.2
8.4
31.5
0.0
0.0
121.9
27.7
3.0
67.3
0.0
2017
10.0
12.3
73.8
0.0
0.0
87.3
11.8
2.5
46.3
0.0
19.0
12.6
21.1
3.0
73
1
6
0.2
2017
2,228
154
-759
-802
-66
756
-379
376
0
-5,457
-5,836
3,704
3,726
-430
0
7,000
1,920
1,093
3,013
2018E
27.7
30.7
179.6
0.0
0.0
31.5
4.9
1.7
28.8
0.0
21.9
16.7
32.1
2.2
74
0
6
-0.4
2018E
3,281
440
-3,169
150
440
1,142
-570
572
0
0
-570
8,848
-774
-392
-440
7,242
7,814
3,013
10,827
2019E
29.1
32.8
208.6
0.0
0.0
30.0
4.2
1.3
20.8
0.0
15.0
12.7
26.8
2.6
74
0
6
-0.4
2019E
4,485
356
-1,764
-773
356
2,659
-570
2,089
0
0
-570
0
-747
-347
-356
-1,450
640
10,827
11,466
2020E
39.6
44.1
248.2
0.0
0.0
22.1
3.5
1.1
15.9
0.0
17.3
15.1
30.6
2.7
74
0
6
-0.4
2020E
5,706
512
-1,677
-918
512
4,135
-570
3,565
0
0
-570
0
-722
-304
-512
-1,538
2,027
11,466
13,494
19.9
22.3
24.1
6.0
58
0
2
0.9
2013
431
24
-454
-200
38
-161
-44
-205
0
0
-44
0
323
-174
0
148
-57
290
233
14.1
12.4
13.2
4.1
45
0
2
0.2
2014
398
21
-52
-249
35
153
-92
61
-657
15
-734
965
-237
-90
0
638
58
233
291
30.8
22.6
25.9
5.5
39
0
6
0.5
2015
1,305
64
-942
-412
9
24
-145
-120
-525
375
-295
0
1,015
-217
0
798
527
291
818
26.7
17.1
22.3
5.7
74
0
7
0.7
2016
1,511
91
-1,622
-482
8
-495
-226
-721
0
129
-97
34
1,137
-304
0
867
275
818
1,093
Cash Flow Statement
(INR Million)
26 October 2017
10

Quess Corp
NOTES
26 October 2017
11

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
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Quess Corp
Disclosure of Interest Statement
Analyst ownership of the stock
Quess Corp
No
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www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
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Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
26 October 2017
12