Business services provider Quess Corp Ltd on Monday (January 13) announced the receipt of an income tax refund order for the assessment year 2017-18.
| Company | Value | Change | %Change |
|---|
The order, issued by the Deputy Commissioner of Income Tax under Section 154 of the Income Tax Act, 1961, confirms a refundable amount, including interest, totalling ₹20.74 crore. The company received the order today, January 13, 2025.
“…we wish to inform that the Company has received today the Order passed by Deputy Commissioner of Income-tax under Section 154 of the Income Tax Act, 1961 (IT Act) intimating about the balance refundable amount including interest aggregating to ₹20.74 crores for the Assessment year 2017-18,” Quess Corp said in a regulatory filing.
Also Read: Quess Corp receives ₹124.80 crore Income Tax refund for FY24
Quess Corp reported a 6% year-on-year (YoY) increase in net profit at ₹32 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Quess Corp posted a net profit of ₹71 crore. The company’s revenue from operations was up 9.1% to ₹5,179.3 crore against ₹4,748.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA grew 16.2% to ₹195.5 crore in the second quarter of this fiscal over ₹168.3 crore in Q2 FY24. The EBITDA margin stood at 3.8% in the reporting quarter versus 3.5% in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Quess Corp has reported a cash position increase in Q2 FY25, with net cash reaching ₹334 crore, an increase of ₹102 crore from March 2024. The company also achieved a strong operational performance, as indicated by the operating cash flow to EBITDA ratio at 86% for H1 FY25. Gross debt was reduced by ₹117 crore during the same period, bringing it to ₹253 crore.
Also Read: Quess Corp shares remain choppy after Karnataka HC quashes ₹180 crore tax demand against unit
Shares of Quess Corp Ltd ended at ₹602.30, down by ₹21.20, or 3.40%, on the BSE.
(Edited by : Shoma Bhattacharjee)
