Thomas Cook to be demerged by December, says Quess Corp

Quess Corp, a business services provider, has posted a 5 per cent increase in net profit to ₹65 crore during the second quarter largely because of good traction in its core workforce management.

Its revenues grew 27 per cent to ₹2,650 crore with the headcount growing 27 per cent to 3.77 lakh.

A statement from the company said the demerger of Thomas Cook India Ltd (TCIL) is expected to be completed by December 2019. Post demerger, Quess will be directly held by Fairfax Holdings (33 per cent), with public shareholding going up to 44 per cent from 28 per cent currently. The board has also approved the appointment of Krishna Suraj Moraje as an Executive Director and Group Chief Executive Officer (designate) with effect from November 4, 2019. He will succeed Subrata Nag as the Group Chief Executive Officer, upon his retirement in 2020.

Quess initiated an exercise to rationalise inter-company loans and advances, which stood at ₹560 crore in the previous quarter. It successfully reduced ₹117 crore of loans in the quarter, while another ₹274-crore reduction is underway.

“This quarter saw us executing successfully on multiple fronts. While we delivered a strong operating performance with 27 per cent growth, we also made significant strides in our businesses by resolving the Trimax issue, simplifying our overall entity structure, downsizing our inter-company loans and reducing the debt on our books,” said Quess Chairman and MD, Ajit Isaac.