Latest news with #GuruprasadSrinivasan
Economic Times
2 days ago
- Business
- Economic Times
Quess Corp reports 4% rise in profits for June quarter
Business services provider Quess Corp on Monday reported a revenue of Rs 3651 crore, up 2% year-on-year, and a profit after tax (PAT) of 51 crore, up 4% year-on-year, for the June quarter. The company reported an earning per share (EPS) at Rs 3.40 for the ED & Group CEO Guruprasad Srinivasan said they have had a good start to this financial year with increased revenues and an EBITDA (earnings before interest, taxes, depreciation, and amortisation) at Rs 70 crore, up 10% year-on-year. Professional staffing segment posted its best-ever performance, recording double-digit EBITDA margins and maintaining strong revenue growth, led by the GCC segment which contributed 73% of total revenues. In general staffing, despite the challenging macro environment Quess ended the quarter with net additions, the CEO said. 'We are also seeing encouraging festive season demand as we step into the second quarter.' The general staffing segment posted revenue at Rs 3,122 crore with EBITDA at Rs 46 crore, adding 79 new contracts in the quarter. There are over 42,000 open headcount mandates in the second quarter with a strong growth momentum leading up to the festive season, the Bengaluru-headquartered company said in a professional staffing segment posted a stellar performance in tough macro conditions, with revenues of Rs 244 crore and EBITDA at Rs 25 crore, both up by 31% and 48% year-on-year, respectively. GCCs continue to be a significant growth driver which now contributes to 73% of the revenue, the statement overseas business segment posted revenue of Rs 284 crore, with an EBITDA at Rs 18 crore, driven by Middle East and Malaysia, along with additions of 32 new contracts during the quarter. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Will TCS layoffs open the floodgates of mass firing at Indian IT firms? Sebi's settlement with market intermediaries: More mystery than transparency? Indian IT firms never reveal the truth hiding behind 'strong' deal wins Did Meesho's Valmo really deliver a knockout punch to e-commerce logistics? Piaggio sues former employee for 'Coldplay' reference on CEO Apple has a new Indian-American COO. What it needs might be a new CEO. Stock Radar: This pharma stock breaks out from a 9-month long consolidation phase; likely to fresh record highs Understand 'Market Coupling Approved' before reacting to IEX stock price movement and making any decision
Time of India
2 days ago
- Business
- Time of India
Quess Corp reports 4% rise in profits for June quarter
Synopsis Company ED & Group CEO Guruprasad Srinivasan said they have had a good start to this financial year with increased revenues and an EBITDA (earnings before interest, taxes, depreciation, and amortisation) at Rs 70 crore, up 10% year-on-year.
Business Upturn
03-07-2025
- Business
- Business Upturn
Quess Corp joins ONDC Network, to add 2 million jobs and expand access to verified employment
By Aditya Bhagchandani Published on July 3, 2025, 10:55 IST Quess Corp Limited, India's largest staffing and workforce solutions company, announced its entry into the Open Network for Digital Commerce (ONDC) as an Anchor Network Participant in the Work Opportunities domain. With this integration, Quess aims to strengthen India's digital employment ecosystem and has pledged to add over 500,000 verified job listings annually through its mobile-first hiring platform, Hamara Jobs, onto the ONDC network. This initiative will facilitate access to over 2 million jobs over time, connecting job seekers—particularly from Tier II, Tier III, and rural areas—with verified employment opportunities. The platform addresses persistent challenges in the blue- and grey-collar job markets, such as information asymmetry, poor background verification, and slow recruitment cycles, by enabling seamless discovery of job seekers and recruiters across high-demand sectors like logistics, retail, and field services. 'Our integration with ONDC is a pivotal moment for our digital platform business. It opens new avenues for staffing, especially for MSMEs, while enabling millions of job seekers to access meaningful work at scale,' said Guruprasad Srinivasan, ED & CEO, Quess Corp. Echoing the sentiment, Vibhor Jain, Acting CEO & COO at ONDC, added, 'Employment is the next frontier for digital transformation in India. Quess Corp's participation as an Anchor Network Participant will redefine how jobs are discovered and matched, especially in the informal sector.' About Quess Corp Established in 2007, Quess Corp is a global leader in staffing, employing approximately 459,000 people across 8 countries and serving over 3,000 clients in industries such as BFSI, retail, telecom, manufacturing, and IT. Quess is India's #1 staffing company (SIA, 2025), ranked 37th globally, and has been certified a Great Place to Work for six consecutive years. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Mint
21-06-2025
- Business
- Mint
As job freeze grips India, mid-level managers feel the chill
Next Story Devina Sengupta India's corporate sector is experiencing a significant hiring slowdown, affecting mid-level managers and driven by geopolitical crises and business realignment amid AI's impact. Hiring mandates have dropped by 18-20% across many sectors, with overall unemployment rising to 5.6%. The warning that the hiring mandates in the contract staffing space are going down comes within days of government data showing the unemployment rate rose to 5.6% in May from 5.1% in April. Gift this article From boardrooms to back offices, India Inc. is hitting the brakes on hiring. This time, it's not just about IT—mid-level managers are feeling the freeze, while top roles remain the only sure bet. From boardrooms to back offices, India Inc. is hitting the brakes on hiring. This time, it's not just about IT—mid-level managers are feeling the freeze, while top roles remain the only sure bet. The crisis in the Middle East, poor visibility and business realignment as companies measure the impact of artificial intelligence have caused hesitancy in the job market. Slower hiring in India's private sector mirrors the overall increase in unemployment, driven by fewer rural jobs. 'There is a degrowth in many sectors in terms of headcount addition. When compared quarter on quarter, most of the sectors have shown an 18-20% dip in hiring mandates," said Guruprasad Srinivasan, group chief executive officer (CEO) of staffing firm Quess Corp. 'The sectors are showing a kind of withdrawal symptom from hiring. The year-on-year numbers do not look encouraging either. Quess has about 1,300 open mandates in the IT and Global Capability Center (GCC) sector, about 18% down from the April-June period of last year. Banking and financial services (BFSI) mandates have fallen by at least 20%, while auto and engineering by 13% in the first quarter of the fiscal year, when compared on a like-for-like basis. Srinivasan pointed out that the consumer and retail sector remains flat, while the only sector showing some growth is manufacturing and construction. The drop in hiring mandates at contract staffing firms reflects the increase in the unemployment rate to 5.6% in May from 5.1% in April. It was the domino effect of a shift in rural employment away from agriculture, according to data released Monday by the ministry of statistics and programme implementation (MoSPI). According to the MoSPI, the contraction in agricultural activity affected both men and women in rural areas. Changing tack Quess' rival TeamLease Services has also cautioned about a damp hiring environment. 'There is a relative slowdown in private sector hiring. Of the 600 million people participating in India's labour force, 80 million are employed in the formal sector. When further distilled, 6 million of the 80 million fall into the third-party contract staffing space," said Balasubramanian A., senior vice-president and business head at TeamLease Services. 'There may not be large-scale layoffs, but a measured approach in hiring." Also read: TCS offers vendor bonus to speed up quality hiring According to the Teamlease Employment Outlook report, 47% of employers anticipate workforce expansion, 25% expect reductions, and 28% foresee no change, resulting in net employment change (NEC) of +2.8% in the April-September months of this fiscal. The NEC for the earlier six months (October 2024-March 2025) was +7.1%, signalling a 'deliberate pivot toward demand-sensitive and cost-conscious hiring". The hiring industry includes staffing firms that provide a third-party workforce, where the employee works for a firm but is on the payroll of the hiring vendor. Then, there are recruitment companies that place junior and middle-management executives in companies. Search firms look at hiring top-level executives. Mint detailed in May how large tech-enabled businesses such as Zomato, Cars24, and Gupshup, among others, have laid off employees over the past quarter. Many others, such as Swiggy and Flipkart, have pruned divisions and reassigned staff to other roles. Globally, too, big tech firms like Microsoft are pruning their workforce. Mid-level executives Job opportunities for the middle-order executives were scarce in the April-June period. 'There is a 15% dip in the hiring mandates of executives who have four to eight years of experience in the consumer, pharmaceutical, hospitality and financial services," noted Anshuman Das, chief executive and co-founder of Careernet, a talent solutions provider. But a year-on-year comparison may be unjustified, as Das pointed out. 'When one compares on a like-to-like basis, the drop in hiring mandates will widen because there were no tariff-related challenges and the global uncertainty was still limited to the Russia-Ukraine war." Leadership hiring is turning out to be a mixed bag and some businesses are urgently looking for CXOs. In fact, Mint wrote this week that even in the case of open positions, job seekers are hesitant about joining a new firm as they are afraid of sudden changes in the firm's need for a new person as the geopolitical climate and global economy play truant. The last man in will be the first one out—a fear that has gripped many. 'It is client specific and we are seeing good traction in industrial manufacturing, pharmaceutical, automotive and auto ancillary and Indian firms who want to set up base in Africa and Latin America," said K. Sudarshan, managing director for the search firm EMA Partners India Ltd. He pointed out that the FMCG hiring, on the other hand, is 'tepid". Topics You May Be Interested In Stay updated with the latest Trending, India , World and United States news. Get breaking news and key updates here on Mint!
Mint
21-06-2025
- Business
- Mint
Talent freeze: CXOs get picked, mid-level left waiting
From boardrooms to back offices, India Inc. is hitting the brakes on hiring. This time, it's not just about IT—mid-level managers are feeling the freeze, while top roles remain the only sure bet. The crisis in the Middle East, poor visibility and business realignment as companies measure the impact of artificial intelligence have caused hesitancy in the job market. Slower hiring in India's private sector mirrors the overall increase in unemployment, driven by fewer rural jobs. 'There is a degrowth in many sectors in terms of headcount addition. When compared quarter on quarter, most of the sectors have shown an 18-20% dip in hiring mandates," said Guruprasad Srinivasan, group chief executive officer (CEO) of staffing firm Quess Corp. 'The sectors are showing a kind of withdrawal symptom from hiring. Also read: Big Four feel the heat as promotions drop, clients tighten purse strings The year-on-year numbers do not look encouraging either. Quess has about 1,300 open mandates in the IT and Global Capability Center (GCC) sector, about 18% down from the April-June period of last year. Banking and financial services (BFSI) mandates have fallen by at least 20%, while auto and engineering by 13% in the first quarter of the fiscal year, when compared on a like-for-like basis. Srinivasan pointed out that the consumer and retail sector remains flat, while the only sector showing some growth is manufacturing and construction. The drop in hiring mandates at contract staffing firms reflects the increase in the unemployment rate to 5.6% in May from 5.1% in April. It was the domino effect of a shift in rural employment away from agriculture, according to data released Monday by the ministry of statistics and programme implementation (MoSPI). According to the MoSPI, the contraction in agricultural activity affected both men and women in rural areas. Changing tack Quess' rival TeamLease Services has also cautioned about a damp hiring environment. 'There is a relative slowdown in private sector hiring. Of the 600 million people participating in India's labour force, 80 million are employed in the formal sector. When further distilled, 6 million of the 80 million fall into the third-party contract staffing space," said Balasubramanian A., senior vice-president and business head at TeamLease Services. 'There may not be large-scale layoffs, but a measured approach in hiring." Also read: TCS offers vendor bonus to speed up quality hiring According to the Teamlease Employment Outlook report, 47% of employers anticipate workforce expansion, 25% expect reductions, and 28% foresee no change, resulting in net employment change (NEC) of +2.8% in the April-September months of this fiscal. The NEC for the earlier six months (October 2024-March 2025) was +7.1%, signalling a 'deliberate pivot toward demand-sensitive and cost-conscious hiring". The hiring industry includes staffing firms that provide a third-party workforce, where the employee works for a firm but is on the payroll of the hiring vendor. Then, there are recruitment companies that place junior and middle-management executives in companies. Search firms look at hiring top-level executives. Mint detailed in May how large tech-enabled businesses such as Zomato, Cars24, and Gupshup, among others, have laid off employees over the past quarter. Many others, such as Swiggy and Flipkart, have pruned divisions and reassigned staff to other roles. Globally, too, big tech firms like Microsoft are pruning their workforce. Mid-level executives Job opportunities for the middle-order executives were scarce in the April-June period. 'There is a 15% dip in the hiring mandates of executives who have four to eight years of experience in the consumer, pharmaceutical, hospitality and financial services," noted Anshuman Das, chief executive and co-founder of Careernet, a talent solutions provider. But a year-on-year comparison may be unjustified, as Das pointed out. 'When one compares on a like-to-like basis, the drop in hiring mandates will widen because there were no tariff-related challenges and the global uncertainty was still limited to the Russia-Ukraine war." Also read: Jumping jobs? A Supreme Court judgement just made it tough, for freshers Leadership hiring is turning out to be a mixed bag and some businesses are urgently looking for CXOs. In fact, Mint wrote this week that even in the case of open positions, job seekers are hesitant about joining a new firm as they are afraid of sudden changes in the firm's need for a new person as the geopolitical climate and global economy play truant. The last man in will be the first one out—a fear that has gripped many. 'It is client specific and we are seeing good traction in industrial manufacturing, pharmaceutical, automotive and auto ancillary and Indian firms who want to set up base in Africa and Latin America," said K. Sudarshan, managing director for the search firm EMA Partners India Ltd. He pointed out that the FMCG hiring, on the other hand, is 'tepid".
