Interim report
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Quess Corp Limited Quess Tower, Sky Walk Avenue, 32/4, Hosur Road, Roopena Agrahara, Bommanahalli, Bengaluru– 560068, Karnataka, India Tel: +91 080-49345666 I contactus@quesscorp.com I CIN L74140KA2007PLC043909 www.quesscorp.com QCL/SEC/2026-27/70 October 30, 2026 To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, Bandra- Kurla Complex, Bandra (East), Mumbai – 400 051 Security Code – 539978 NSE Symbol – QUESS Dear Sir/ Madam, Sub: Outcome of the Board Meeting held on October 30, 2026 We wish to inform that the Board of Directors at its meeting held today, i.e., on October 30, 2026, has inter- alia, considered and approved the following: 1. Financial Results: Unaudited Financial Results (Standalone and Consolidated) of the Company, together with the Limited Review Report thereon, issued by the Statutory Auditors , for the quarter and half -year ended September 30, 2026, pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations). A copy of the Unaudited Financial Results along with the Limited Review Report thereon is enclosed herewith. 2. Declaration of Interim Dividend: Declaration of payment of the interim dividend of Rs. 5/- per equity share (50%) of the face value of Rs. 10/- each for the Financial Year 2026-27. Pursuant to Regulation 42 of the SEBI Listing Regulations, the Company has fixed Friday, November 06, 2026, as the record date for determining the eligibility of shareholders entitled to receive the interim dividend for the Financial Year 2026 -27, and the said interim dividend will be paid on or before November 20, 2026. 3. Update on the proposed change in Registrar to an Issue and Share Transfer Agent (RTA) of the Company In view of the recent enhancement in the service standards of the existing RTA, i.e. MUFG Intime India Private Limited (MUFG), and to ensure continuity and uninterrupted servicing of shareholders, the Board has approved continuing with MUFG as the RTA of the Company. Accordingly, the Company will not proceed with the proposed change of the RTA, and our earlier intimation dated May 04, 2026, in this regard stands superseded by this disclosure.
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Quess Corp Limited Quess Tower, Sky Walk Avenue, 32/4, Hosur Road, Roopena Agrahara, Bommanahalli, Bengaluru– 560068, Karnataka, India Tel: +91 080-49345666 I contactus@quesscorp.com I CIN L74140KA2007PLC043909 www.quesscorp.com The above information will also be available on the website of the Company at www.quesscorp.com. Further, the Board Meeting commenced at 06:00 P.M. (IST) and concluded at 07:30 P.M. (IST). Kindly take the above information on record and oblige. Yours sincerely, For Quess Corp Limited Kundan K Lal Company Secretary & Compliance Officer Membership No.: F8393 Encl: as above
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Chartered Accountants Deloitte Prestige Trade Tower , Level 19 46, Palace Road, High Grounds Bengalu ru - 560 001 Karnataka, India Haskins & Sells LLP Tel: +91 80 6188 6000 Fa x : +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 1. 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"), for the quarter and half year ended 30 September 2026 ("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 ("the Listing Regulations"). 2. 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 and in compliance with the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. 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 Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities listed in Annexure 1 to this report. 5. Basis for Qualified Conclusion I As stated in note 5 to the Statement, certain tax deductions claimed by the Parent and recognised in computation of income tax expense in the current and preceding periods have been disallowed by the Income Tax Authority. The disallowance has been challenged by the Parent in a judicial forum. The Parent, supported by external opinions from legal counsel and other tax experts, has assessed the basis of the disallowances and concluded that it is probable that these deductions will be accepted upon ultimate resolution. In January 2024, as described in note 5, another regulatory authority has made certain observations (referred to as "n.ew information") on the applicability of certain deductions in the Income Tax Act and related reports submitted to the Income Tax Authority in respect of these deductions. The Parent has taken into consideration this new information and Regd. Office: Tower 3, 31st Floor, One International Center, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013
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Deloitte Haskins & Sells LLP continues to believe that it is probable that these deductions upon ultimate resolution will be accepted by the Income Tax Authority. As a result of the uncertainty in respect of the outcome in the aforesaid matter, pending ultimate resolution and acceptance by the Income Tax Authority, we are unable to comment whether any adjustments are necessary. This matter was also qualified in our report on the consolidated financial results for the quarter ended 30 June 2026, quarter and half yea_r ended 30 September 2025 an_d year ended 31 March 2026. 6. Qualified Conclusion 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 8 below , except for the possible effects of the matter described in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement, has not been 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, and has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 7. Emphasis of Matter We draw attention to note 4 of the Statement, regarding the demands received by the Parent in respect of provident fund and contingency related to the pend ing litigation on the said matter. Our conclusion on the Statement is not modified in respect of this matter. 8. We did not review the interim financial information/ financial results of 6 subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total assets of Rs. 6,470.68 million as at 30 September 2026 and, total revenues of Rs. 2,862.86 million and Rs. 5,792.59 million for the quarter and half year ended 30 September 2026 respectively, total net profit after tax of Rs. 177.63 million and Rs. 301.94 million for the quarter and half year ended 30 September 2026 respectively and total comprehensive income of Rs . 177 .63 million and Rs. 301.94 million for the quarter and half year ended 30 September 2026 respectively, and net cash outflows of Rs. 41.10 million for the half year ended 30 September 2026, 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 aud itors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter . 9. The consolidated unaudited financial results includes the financial information/ financial results of 16 subsidiaries which have not been reviewed by their auditors, whose interim financial information/ financial results reflect total assets of Rs. 1,299 .69 million as at 30 September 2026 and, total revenues of Rs. 667.26 million and Rs. 1,315 .17 million for the I
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Deloitte Haskins & Sells LLP quarter and half year ended 30 September 2026 respectively, total net profit after tax of Rs. 22.71 million and Rs. 47.19 million for the quarter and half year ended 30 September 2026 respectively and total comprehensive income of Rs. 22.92 million and Rs. 46.99 million for the quarter and half year ended 30 September 2026 respectively and net cash outflows of Rs. 170.44 million for the half year ended 30 September 2026, as considered in the Statement. 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. Place: Bengaluru Date: 30 October 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. 117366W/W-100018 Gurvinder Singh Partner Membership No. 110128 UDIN: 26110128ZLLXQV4761
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Deloitte Haskins & Sells LLP ANNEXURE 1: Nature S. No. Entity name 1. Quess (Philippines) Corp . 2. Quess Corp Holdings Pte. Ltd. 3. Quessglobal (Malaysia) Sdn. Bhd . 4. Quess Corp Lanka (Private) Limited 5. Quess East Bengal FC Private Limited (under liquidation effective 02 September 2020) 6. Excelus Learning Solutions Private Limited 7. Quess Corp Vietnam LLC 8. Quesscorp Management Consultancies (formerly known as Styracorp Management Services) 9. Quesscorp Manpower Supply Services LLC (formerly known as S MS Manpower Supply Services (LLC)) 10. Billion Careers Private Limited 11. Quess Corp NA LLC Subsidiaries/Step- 12 . Stellarslog Technovation Private Limited down subsidiaries: 13 . Quess Recruit, Inc. (w.e.f. 01 January 2024) 14. Agency Pekerjaan Quess Recruit Sdn. Bhd . 15 . Quess Selection & Services pte Ltd (formerly known as Comtelpro Pte. Ltd.) 16 . Quesscorp Singapore Pte. Limited (formerly known as Comtel Solutions Pte. Limited) 17. Quess Malaysia Digital Sdn Bhd (formerly known as Comtelink Sdn. Bhd.) 18 . Quesscorp Solutions Pte. Ltd. (w.e.f. 11 October 2024) 19. Quesscorp Consulting Pte. Ltd. (w.e.f. 15 October 2024) 20. Quess International Services Private Limited 21. Quesscorp Manpower Supply Services - L.L.C - S.P.C (w.e.f. 1 Augu·st 2025) 22 . Quess Engineering Pte. Ltd (w.e .f. 12 November 2025) 23 . Quess Corp Limited Employees Welfare Trust (w.e.f. 02 April 2026) f
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Quess Corp Limired Registered Office: Quess Tower. Sky Walk .\venue. 32/.J Hosur Rd. Roopena Agrahara. Bommanahalli. Bengaluru. Karna1aka 560068 . Cl'.\ \o L7-l I.J0K..\2007PLC043909 Pai1 I : S1a1emen1 of consolidated unaudited financial ,esults fo, the quai1er and half year ended 30 Sep1embe1 2026 (/NU 111 11111/wm· e.n·epl pitr ,·hare dafUJ Consolidated ~I. :-io Particulars Quarter ended Half year ended Year ended 30 Se1>tember 2026 30 June 2026 30 Seotember 2025 30 Seotember 2026 30 Seolember 2025 31 :\'larch 2026 (l'naudited) (l"naudited) (lnaudited) (l naudited) (lnaudited) (.-\udited) I Income a) Revenue from operalions 43.964 85 -l I.8I6 .85 38.316 .08 85.781 70 7-1.830 26 1.53.05 I 87 b) Other income '0.'7 255.-17 40 38 275 74 87 59 164 94 Total income (a+ b) -13.985.12 -12.072.32 38.356.-16 86,057.-1-1 74,917.85 1,53,216.81 2 Expenses a) Employee benefits expense 41.805 8 I 39.591 93 36.600 79 81.397 74 70.943 -18 1.44.996 97 b) Finance costs 141 17 1-13 95 130 54 285 12 229 40 -192.20 c) Depreciation and amortisation e.'<pensc 89 94 98 08 102 18 188,02 207 12 -l 18 38 d) Other expenses 1.301.81 1,37953 948 32 2.681 34 2.H2 .39 4.930.52 Total expenses (a+ b + c + d ) -B.338.73 -11,213.-19 37,781.83 8-1,552.22 73,802.39 1,50,838.07 3 Profit before exceptional items and tax ( I - 2) 6-16.39 858.83 57-1.63 1,505.22 1,115.-16 2,378.7-1 4 Exceptional items loss - . 18.51 80.74 5 Profit before tax (3 - -1) 6-16.39 858.83 574.63 1,505.22 1,096.95 2,298.00 6 Tax expense/(credit) Current tax 46 61 18.94 18.55 65 55 33.05 71 68 Deferred tax charge/ ( credit) (146 83) 18.65 3836 (128 18) 36,32 4.31 Total tax expense/ (credit) (100.22) 37.59 56.91 (62.63) 69.37 75.99 7 Profit for the period/ year (5-6) 7-16.61 821.24 517.72 1,567.85 1,027.58 2,222.01 8 Osher com1>rehensive income/(loss) II) Items that will nol be reclassified subsequently 10 profit or loss Re•mcasurement losses on defined benefit plans ( 153.75) (88 ,69) (66 12) (242 44) ( 120 42) (356. 18) Income tax relating to items that will not be reclassified to profit or loss 38.75 2222 16 70 60 97 30 34 91 60 (II) Items that will be reclassified subsequently 10 profit or loss Foreign exchange differences on translating financial statements of 87 62 (33 45) 67 64 54 17 231 04 464 .02 foreign operations Other comprehensive (loss)/income for the period/year (net of (27.38) (99.92) 18.22 (127.30) 1-10.96 199.-1-1 tax) 9 Total comprehensive income for the period/year (7+8) 719.23 721.32 535.94 1,-140.55 1.168.5.J 2.Hl.-15 HJ Profit attributable to: Owners of the Company 746 70 818.99 515 98 1.565 69 1.025 07 2.216 23 '.'ion-conrrolling interests (0 09) 2.25 1 74 2 16 2 51 5 78 Total Profit for the period/year 746.61 821.2-1 517.72 1,567.85 1,027.58 2,222.01 11 Other comprehensive (loss)/ income attributable to: Owners of the Company (27 23) (99 ,84) 18 18 (127 07) 140 72 198 96 ~on-controlling interests (0 15) (0.08) 0.04 (0.23) 0.24 0.48 Total other comprehensive (loss)/income for the period/vea r (27,381 (99.92) 18.22 (127.30) 1-10.96 199.-14 12 Total comprehensive income attributable to: Owners of the Company 719.47 719 . 15 534 16 1,438 62 1.165 79 2.-115 19 Non-controlling interests (0.24) 2 17 1.78 1 93 2 75 6 26 Total comprehensive income for the period/year 719.23 721.32 535.94 1,-140.55 1,168.54 2,-'21.45 13 Paid-up equity share capital (Face value of INR 10 00 per share) 1.493,86 1.493,60 1,490.85 1.493 86 1.490 85 1.493.31 14 Reserves i.e, Other equity 10.171 33 15 Earning per equity shai·e (not annualised) (nol annualised) (nol annualised) (not annualised) (not annualised) (annualised) (a) Basic (in lNR) 5 05 5 50 3 -16 10 55 6 88 14 87 (b) Diluted (in lNR) 4,96 5 -15 3,45 10 38 6 86 14 85 See accompanying notes to the financial results
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Quess Corp Limited Registered Ot1ice Quess Tower. Sky Walk Avenue. 32/4. Hosur Rd. Roopena Agrahara. Bommanahalli. Bengaluru. Karnataka 560068 _ CIN No L74l40KA2007PLC043909 Consolidot.:d llalnm:~ Shc~t as al 30 S.:ot.:mber 2026 (IN R in millions) Particulars 30 September 2026 31 :Viar 2026 (t"naudited) (Audited) A ,\$SF.TS I ·"on-curnmi nssers l'rop crt) . planl and :qulpm..:nl 76 11 84 75 Right-o f-use ass.:ts 1_163 94 1 150 87 Goodw1ll 2.665 58 2.624 76 Other intangible assets 20 02 6 83 Intangible assets under development 27 22 16 52 Financial assets Other financial assets 719 09 761 30 Deferred tax assets (net) 1,632 13 I .442 95 Income tax assets (net) 1.689 83 3.808.54 Other non-current assets 494.81 492, 19 Total non-current assets 8.488.73 10.388.71 2 Current assets Financial assets Investments 199 94 512.06 Trade receivables - Billed 8,387.47 8,079.80 - Unbilled 13,114 65 7.742 61 Cash and cash equivalents 4,167.95 1.781.28 Bank balances other than cash and cash equivalents above 275 27 287 45 Loans 21.49 9.46 Other financial assets 756 12 760 77 Other current assets 1.091.95 828.98 Total current assets 28,014.84 20.002.41 Total assets 36.503.57 30 391.12 B EQUTY AND LIABILITIES I Equity Equity share capital 1,493 86 1.493.31 Other equity I 0.340 73 10.171 33 Totul equity attributable to equity holders of the Company 11,834.59 11,664.64 INon-controlling interests 19 55 17 62 Tomi equity 11,854.14 11,682.26 2 Liabilities Non-current liabilities Financial liabilities Lease liabilities 965 43 1.013 04 Provisions 6,264 03 3.218 98 Total non-current liabilities 7,229.46 4,232.02 3 Current liabilities Financial liabilities Trade payables 27852 272.65 Lease I iabil ities 315,64 231 79 Other financial liabilities 12.971.94 9,893.52 Income tax liabilities (net) I 07.49 88.21 Provisions 106. 17 171.94 Other current liabilities 3.640 21 3,81873 Total current liabilities 17,419.97 14,476.84 Tota I liabilities 24,649.43 18,708.86 Total equity and liabilities 36.503.57 30.391.12 See accompanying notes to the financial results
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Quess Corp Limited Registered Office : Quess Tower. Sky Walk Avenue. 32/4. Hosur Rd. Roopena Agrahara. Bommanahalli . Bengaluru, Karnataka 560068 : CIN No L74 l 40KA2007PLC043909 Statement of Consolidated Cash flows for the half year ended 30 September 2026 Particulars Cash flows from operating activities Profit after tax Adjustments to reconcile net profit to net cash provided by operating activities: Tax (credit) /expenses Interest on income tax refunds Exceptional items - Employee stock option cost Interest on term deposits Amonised cost adjustments for financial instruments Loss/(Profit) on sale ofpropeny, plant and equipment. net Net gain on sale of investments in mutual funds and others Employee stock option cost Finance costs Depreciation and amortisation Expected credit loss on financial assets Deposits. written off Foreign exchange loss. net Operating cash flows before working capital changes Changes in operating assets and liabilities Changes in trade receivables and unbilled revenue Changes in loans. other financial assets and other assets Changes in trade payables Changes in other financial liabilities. other liabilities and provisions Cash generated from operations Refund received / income taxes (paid), net :--iet cash flows from operating activities (A) Cash flows rrom investing activities Expenditure on propeny , plant and equipment and intangibles Proceeds from sale ofpropeny , plant and equipment Investments in mutual funds and others Proceeds from sale of mutual funds and others Placement of bank deposits Redemption of bank deposits Interest received on term deposits ~et cash flow from/(used in) investing activities (B) Cash flows from financing activities Repayment of lease liabilities Repayment of working capital loan, net Shares issued on exercise of employee stock options Acquisition of treasury shares Dividend paid Interest paid Net cash used in financing activities (C) ~et increase/(decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Effect of exchange rate fluctuations on cash and cash equivalents Cash and cash equivalents at the end of the year Components of cash and cash equivalents Particulars Cast, a11d caslr eq11ivale11ts Cash in hand Balances with banks In current accounts ln deposit accounts (with original maturity of less than 3 months) Cash and cash equivalents in consolidated balance sheet ___J 0 (Amount in !:VR millions) For the half year ended 30 September 2026 30 September 2025 (l naudited) (l·naudited) 1.567.85 (62,63) (218.38) . ( 13.40) (5.32) 1.10 (9.43) 78.13 285.12 188.02 35.80 22.81 4.01 1,873.68 (5,715 .51) (296.13) 5.87 5,502.80 1,370.71 2,290.79 3,661.50 (58.77) - (22,522 .25) 22,843.80 (3.04) 70.04 6.71 336.49 ( 186.43) - 0.55 (451.44) (895.08) (86.38) (1,618.78) 2,379.21 1.781 28 7.46 4,167.95 As at 30 Seotember 2026 1.85 4.166 10 4,167.95 1.027.58 69.37 (24 54) 5 16 (20.42) (3.88) (0.89) (1.14) 23 50 229.40 207 12 ( 109 17) . 3.30 1.405.39 (595.45) (789.41) (294 .04) 2.260 .54 1,987.03 (403 .66) 1,583.37 (26.44) 0 89 (2.150 .00) 2.151.14 (344.39) 12 90 11.36 (344.54) ( 179. 12) (120.63) 1.66 - (893.80) (101.66) (1,293.55) (54.72) 2.491. 18 20. 12 2,456.58 (Amoun/ in INR millions; As at 30 September 2025 1. 14 2.445 .54 9.90 2,456.58
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Quess Corp Limited Registered Office: Quess Tower. Sky Walk Avenue. 32,4. 1-losur Rd. Roopena Agrahara. Bommanahalli. Bengaluru. Karnataka 560068 . CIN No L 74140KA2007PLC043909 Based on the "management approach" as defined in Ind AS 108 - Operating Segments. the Chief Operating Decision Maker evaluates the Group performance and allocates resources based on an analysis or various performance indicalors by business segmenls . Stalement of consolidated unaudiLed segment wise revenue. resulls. assets and liabi Ii ties for the quarter and half year ended 30 September 2026 (/.\iii m 11111/wmJ SI. :-.o Pa rticu la rs Consolidated Quarter ended Hair vear ended Year ended 30 September 30 June 2026 30 September 30 September 30 September 31 :Vlarch 2026 2026 2025 2026 2025 ( r naudited) (lnaudited) (l'naudited) (lnaudited) ( t: naudited) (Audited) I Segment revenue a) General Staffing 38.227 15 35.964 76 33,168 .89 74.191 91 64,389 65 1,31 ,758 -18 bi Professional staffing 2,540 68 2,521 23 2,238 54 5.061 91 -l,680 12 9.298 84 c) Overseas business 3.180 .58 3,328.48 2,903.87 6,509.06 5,746.68 11.973. 16 d) Digital Platforms 16 44 2 38 4.78 18 82 13.81 21 39 Total Income From operations 43,964.85 41,816.85 38,316.08 85,781.70 74,830.26 1,53,051.87 2 Segment results a) General Staffing 568 50 511 71 461 88 1,080 21 917.35 1,886 86 b) Professional staffing 266.91 278.66 273,38 545 57 522 49 I, 105.58 c) Overseas business 219 79 206 12 178 87 425 91 355.44 766 75 d) Digital Platforms 15. 17 ( 17 64) (20.98) (2.47) (44.19) (73 04 1 Total 1,070.37 978.85 893.15 2,049.22 1,751.09 3,686.15 Less: (i) Unallocated corporate expenses 213. 14 133.46 126. 18 346.60 286.70 561.77 Less: (ii) Depreciation and amortisation expense 89 94 98 08 102 18 188.02 207 12 418 38 Less: ( 11 i) Finance costs 141.17 143 95 130.54 285.12 229.40 492.20 Add: (iv) Other income 20 27 255 47 40 38 275 74 87.59 164.94 Profit before exceptional items and tax 646.39 858.83 574.63 1,505.22 1,115.46 2,378.74 Exceptional items loss - 1851 80 74 Profit before tax 646.39 858.83 574.63 1,505.22 1,096.95 2,298.00 3 Segment assets a) General Staffing 18.284 48 17,363.07 13,606 85 18,284.48 13.606.85 12,973 77 b) Professional staffing 2,768.47 2,846 14 2,608.87 2,768.47 2,608.87 2,560.33 c) Overseas business 4,884 60 4,822 69 4,280 70 4.884 60 -l,280 70 4,645 47 d) Digital Platforms I 88.40 66,23 13 75 188.40 13 75 62 88 e) Unallocated 10,377 62 9,574.94 10,017 53 I 0,377 62 10,017 53 10,14867 Total 36,503.57 34,673.07 30,527.70 36,503.57 30,527.70 30,391.12 4 Segment liabilities a) General Staffing 20,615.49 18,439 17 14,873 49 20,615.49 14,873 49 14,333 30 b) Professional staffing 1,365 72 1,393 02 1,37651 1,365.72 1,376.51 1,265 -17 c) Overseas business 1,601 46 1,651 64 1,577 73 1,601 46 1,577 73 1,684 53 d) Digital Platforms 98,64 77 37 41 .99 98,64 41 99 63 13 e) Unallocated 968. 12 1,494 51 1.493.53 968.12 1,493 53 1,362 43 Total 24,649.43 23,055.71 19,363.25 24,649.43 19,363.25 18,708.86 See accompanying notes to the financial results
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Quess Corp Limited Registered Otlice: Quess Tower. Skv Walk Avenue, 32/4. Hosur Rd. Roopena Agrahara. Bommanahalli. Bengaluru. Karnataka 560068 . CIN No L74 l-+0KA2007PLC043909 :\oles for the quarter and hair year ended 30 September 2026: The consolidated financial information orQuess Corp Limited ("the Company") and its subsidiaries (collectively known as the "Group") as mentioned in Appendi., I to these notes for the quarter and half year ended 30 September 2026 have been taken on record by the Board of Directors at its meeting held on 30 October 2026 The statutory auditors have expressed a qualilied review conclusion on the financial results for the quarter and half year ended 30 September 2026. These consolidated financial results have been extracted from the interim consolidated financial information 2 The consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act. 2013. read with the Companies (Indian Accounting Standards) Rules. 2015. as amended. and in terms of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015. as amended 3 The consolidated unaudited financial results and the review report of the Statutory Auditors is being tiled with Bombay Stock Exchange ("SSE") and National Stock Exchange ("NSE") and will be made available on the Company's website www quesscorp corn, 4 During fiscal year 2020. the Regional PF Commissioner ("RPFC") passed an order under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act. 1952 ("Act") demanding INR 716.56 million on the grounds that the Company failed to remit Provident Fund ("PF") on wages for its employees for the period from April 2018 to March 2019 for certain components of salary The Company filed an appeal before the Central Government Industrial Tribunal ("CGIT") under section 7-1 or 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 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 and directed RPFC to submit the relevant calculations for the order. The matter has been adjourned and next date or hearing is scheduled to IO November 2026 The Company has taken external independent legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and therefore will not be sustained on ultimat e resolution 5 Income tax matters: The Company had received assessment orders in the current and preceding periods for fiscal 2017 to 2023 in which primarily deduction under section 80JJAA of the Income Tax Act ('IT Act') and depreciation on goodwill has been disallowed , The Income Tax department disallowed the claim under section 80JJAA of the IT Act on the grounds of non-existence of employer - employee relationship in respect of associate employees of the Company, Additionally, the Income Tax Department also disputed the interpretations adopted by the Company for computing the deduction under section 80JJAA by disallowing claims for: • additional employees whose emoluments exceed Rs 25.000 in a month but the average emoluments for these additional employees does not exceed Rs 25.000 in a month during the service period: • additional employees who have served more than 240 days in a year but are not an employee on March 31 of the respective financial year for which the claim is availed: and • employees for whom the employer's contribution of provident fund for any part of the year is paid by the Government under Employee Pension Scheme (EPS) bu\ the entire employers contribution is not reimbursed by the Government during the year. For fiscal 2018 to 2022, the Company has tiled an appeal before the Income Tax Appellate Tribunal against the assessment orders The Company has liled an appeal before CIT(A) against the assessment order passed for liscal 2017 and additionally, filed objections against the draft assessment order for liscal 2023 with the Dispute Resolution Panel (DRP). The Company believes that the tax treatment availed by the Company for deductions under 80JJAA and depreciation on goodwill are valid and will be sustained on ultimate resolution supported by external opinions from legal counsel and other tax experts. In January 2024. National Financial Reporting Authority CNFRA ' ), in an Order relating to certification for fiscal 2019 to 2021 by an external Chartered Accountant pertaining to claims under 80JJAA made by the Company. has made certain observations on the applicability of certain conditions in the Income Tax Act and related reports submitted to the Income Tax Authority in respect of these deductions This order was subsequently stayed by the Hon' ble Delhi High Court As specified above. the Company continues to believe that its claim under 80JJAA is valid and intends to vigorously contest its position and interpretative stance of these sections on merits and based on external third-party assessments of the claim made. believes that the deduction under S0JJAA will be sustained upon ultimate resolution by the Income Tax Authority Pending resolution of these Income Tax disputes. the Company has assessed INR 3.879.94 million as contingent liabilities towards demands including interest in the order for these fiscal years. The Company continues to maintain its stand on the manner of claiming the section S0JJAA deduction and accordingly has claimed section 80JJAA deduction (reduced from taxable income) of INR 1.447 00 million for quarter ended 30 September 2026 and INR 2.152 63 million for half year ended 30 September 2026 For tiscal 2024, 2025 and 2026. the Company had also claimed deduction under section 80JJAA aggregating to INR I 0,030.50 million for which assessment is yet to be completed The Company believes that such deduction. including its quantum. has been validly and consistently claimed, in conformity with its interpretation of the statute
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6 The Board of Directors at their meeting held on 30 October 2026 declared interim dividend of INR 5.00 per equity share (face value of INR IO 00 each) for the financial year 2026- 27 aggregating to INR 746 93 million 7 Impact of Labour Codes: Effective 21 November 2025. the Government of India notified the four new Labour Codes ("·New Labour Codes"), replacing the existing 29 labour laws. Based on the guidance issued by the Institute of Chartered Accountants of India. along with the Rules and FAQs released by the Ministry of Labour & Employment. the Company has assessed and accounted the incremental impact on its employee benefit liabilities arising from these changes using the best information currently available In the consolidated unaudited financial results for the quarter ended 30 September 2026. for billable employees. the incremental impact relating to New Labour Codes. resulting from wage restructuring/revised arrangements with its customers is recognized under "Employee Benefit Expense". with a corresponding credit to revenue. as these costs are contractually recoverable from customers and therefore do not impact the profit for the period Upon notification of the remaining state Rules to the New Labour Codes by the Government. any further clarification from the Government on other aspects of the New Labour Codes and the confirmation from the remaining customers regarding contractual terms of billable employees. the Company will evaluate and account for differential impact. if any. in subsequent periods for and on behalf of Executive Director (Who/;-lime director) and Group Chief Executive Officer DIN: 07980280 Place: Bengaluru Date: 30 October 2026 App'ndi • I "iature Subsidiaries/Step down subsidiaries: S. '.'lo. 1 2 Entity name Quess (Philippines) Corp Quess Corp Holdings Pte Ltd 3 Quessglobal (Malaysia) Sdn. Bhd 4 Quess Corp Lanka (Private) Limited 5 Quess East Bengal FC Private Limited (under liquidation effective 02 September 2020) 6 Excelus Learning Solutions Private Limited 7 Quess Corp Vietnam LLC 8 Quesscorp Management Consultancies (formerly known as Styracorp Management Services) 9 Quesscorp Manpower Supply Services LLC [formerly known as S M S Manpower Supply Services (LLC)] 10 Billion Careers Private Limited 11 Quess Corp NA LLC 12 Stellarslog Technovation Private Limited 13 Quess Recruit, Inc (we f I January 2024) 14 Agency Pekerjaan Quess Recruit Sdn. Bhd 15 Quess Selection & Services Pte Ltd (formerly known as Comtelpro Pte Ltd) I 6 Quesscorp Singapore Pte Limited (formerly known as Comtel Solutions Pte Limited) 17 Quess Malaysia Digital Sdn Bhd (formerly known as Comtelink Sdn. Bhd .) I 8 Quesscorp Solutions Pte. Ltd. (we f 11 October 2024) 19 Quesscorp Consulting Pte Ltd (we f. 15 October 2024) 20 Quess International Services Private Limited 21 QuessCorp Manpower Supply Services - L LC- S.P C (w,e f 0 I August 2025) 22 Quess Engineering Pte Ltd (we f 12 November 2025) 23 Quess Corp Limited Employees Welfare Trust (w e.f 02 April 2026)
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Deloitte Haskins & Sells LLP INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF QUESS CORP LIMITED Chart ered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Ground s Benga luru - 560 00 1 Karnataka, India Tel: +91 80 6188 6000 Fax : +91 80 6188 6011 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of QUESS CORP LIMITED ("the Company"), which includes interim financial information of Quess Corp Limited Employees Welfare Trust for the quarter and half year ended 30 September 2026 (''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 ("the Listing Regulations"). 2. 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 and in compliance with the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagem .ents (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. 4. Basis for Qualified Conclusion As stated in note 6 to the Statement, certain tax deductions claimed by the Company and recognised in computation of income tax expense in the current and preceding periods have been disallowed by the Income Tax Authority. The disallowance has been challenged by the Company in a judicial forum. The Company, supported by external opinions from legal counsel and other tax experts, has assessed the basis of the disallowances and concluded that it is probable that these deductions will be accepted upon ultimate resolution. In January 2024, as described in note 6 to the Statement, another regulatory authority has made certain observations (referred to as "new information") on the applicability of certain conditions in the Income Tax Act and related reports submitted to the Income Tax Authority in respect of these deductions. The Company has taken into consideration this new information and continues to believe that it is probable that these deductions upon ultimate resolution will be accepted by the Income Tax Authority. As a result of the uncertainty in respect of the outcome in the aforesaid matter, pending ultimate resolution and acceptance by the Income Tax Authority, we are unable to comment whether any adjustments are necessary. Regd. Office : Tower 3, 31st Floor, One International Center, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013
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Deloitte Haskins & Sells LLP This matter was also qualified in our report on the financial results for the quarter ended 30 June 2026, quarter and half year ended 30 September 2025 and year ended 31 March 2026. 5. Qualified Conclusion Based on our review conducted as stated in paragraph 3 above, except for the possible effects of the matter described in paragraph 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been 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, and has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Emphasis of Matter We draw attention to note 5 of the Statement, regarding the demands received by the Company in respect of provident fund and contingency related to the pending litigation on the said matter. Our conclusion on the Statement is not modified in respect of this matter . Place: Bengaluru Date: 30 October 2026 For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm's Registration No. /70018 Gurvinder Singh Partner Membership No. 110128 UDIN: 26110128PUZORL4631
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Quess Corp Limited Registered Office: Quess Tower. Sky Walk '\venue. 32/4. Hosur Rd. Roopena Agrahara. Bommanahalli. Bengaluru. Kamataka 560068 . CIN \o. L74140KA2007PLC043909 Part I: Statement of standalone unaudited financial results for the quaI1er and half year ended 30 September 2026 (/NU 111 mrllums except per \·hare data) Standalone SI. 'io Particulars Quarter ended Hairvear ended Year ended 30 September 2026 30 ,June 2026 30 September 2025 30 Sentember 2026 30 Seotember 2025 31 March 2026 (Lnaudited ) (Lnaudiled) (Unaudited) (Lnaudited) (Llnaudited) (Audited) I Income a) Revenue from operations 40.762 96 38.482,8 I 35.406.44 79.245 77 69.068 ,28 1.41.053 85 b) Othe, income 128 35 386,51 172.89 514 86 363,60 645 35 Total income (a+ b) -l0,891.31 38,869.32 35,579.33 79,760.63 69,431.88 1,41,699.20 2 Expenses a) Employee benefits expense 39.005 76 36.672.74 34.00 1.89 75.678 50 65.769 ,76 1.34.373. 77 b) Finance costs 137.04 138.62 123.48 275.66 217,61 467 31 c) Depreciation and amortisation expense 89 58 91 . 17 96,31 180 75 195.59 388.87 d) Other expenses 1.072 42 1.15 1.5 I 806,83 2,223.93 2.153 .51 4.272.56 Total expenses (a+ b + c + d) 40.304.80 38,054.04 35.028.51 78.358.84 68.336.47 1,39.502.51 3 Profit before exceptional items and tax (1 - 2) 586.51 815.28 550.82 1,401.79 1,095.41 2,196.69 4 Exceptional items /reJer nole 9/ (44. 12) 9.87 241.46 (34 25) 260,97 346.67 5 Profit before lax (3 - 4) 630.63 805.41 309.36 1,436.04 834.44 1,850.02 6 Tax expense/ (credit) Current tax - . - Deferred tax (134. 14) 18.65 38.36 ( 115.49) 36.32 (41.22) Total lax expense/ (credit) (134.14) 18.65 38.36 (115.49) 36.32 (41.22) 7 Profit for the period/year 15-6) 764.77 786.76 271.00 1.551.53 798.12 1 .891.24 8 Other comprehensive (loss)/ income Items that will not be reclassified subsequently to profit or loss Re-measurement losses on defined benefit plans (153.96) (88.28) (66.31) (242.24 ) (120.52) (364.16) Income tax relating to items that will not be reclassified to profit or loss 38.75 12 22 16.69 60.97 30.33 91.65 Total Other Comprehensive (loss) (115.21) (66.06) (49.62) (181.27) (90.19) (272.51) 9 Total comprehensive income for the period/ vear {7+8) 649.56 720.70 221.38 1,370.26 707.93 1,618.73 10 Paid-up equity share capital 1,493.86 1.493.60 1.490 85 1,493 86 1.490 85 1.493,3 I (Face value of!NR 10 00 per share) I I Reserves i.e Other equity 7.824.53 12 Earnings per equity share (not annualised) (not annualised) (not annualised) (not annualised) (not annualised) (annualised) (a) Basic (in INR) 5, 18 5 28 1.82 10 46 5 36 12.69 (b) Diluted (in INR) 5.08 5,23 1.81 10.29 5 34 12.67 See accompanying notes to the financial 1esults
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Quess Corp Limited Registered Otlice: Quess Tower, Sky Walk Avenue. 32/4. Hosur Rd, Roopena Agrahara, Bommanahalli, Bengaluru, Karnataka 560068 . CIN No. L74140KA2007PLC043909 Standalone Balance Sheet as at 30 September 2026 Particulars A ASSETS 1 '.'ion-current assets Property, plant and equipment Right-of-use assets Other intangible assets Intangible assets under development Financial assets Investments Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Total non-current assets 2 Current assets Financial assets Investments Trade receivables -Billed - Unbilled Cash and cash equivalents Bank balances other than cash and cash equivalents above Loans Other financial assets Other current assets Total current assets Total Assets B EQUTY A'.'iD LIABILITIES 1 Equity Equity share capital Other equity Total Equity 2 Liabilities Non-current liabilities Financial liabilities Lease liabilities Provisions Total non-current liabilities 3 Current liabilities Financial liabilities Lease I iabil ities Trade payables Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises Other financial liabilities Provisions Other current liabilities Total current liabilities Total Liabilities Total Equitv and Liabilities See accompanying notes to the standalone financial results (INR in millions) As at As at 30 Sep 2026 31 March 2026 (lnaudited) (Audited) 59,52 64,95 1.072.08 1.056 59 100 35 98.68 15 71 16 52 2.432 .33 2.432 .33 481.76 496 .20 1.587 04 1.410 58 1,607.69 3.729 .32 491 .55 488 .87 7.848.03 9.794.04 199.94 512.06 7,001 01 6,691 77 12,107 01 6,929 .3 1 3.375 . 13 777.18 188 49 201 37 15.69 4.47 730.77 744 69 783 09 504 98 24.401.13 16,365.83 32.249 .16 26.159.87 1.493 86 1,493 31 7.925 10 7,824 .53 9.418.96 9.317.84 955 61 939 46 6.118 17 3.087 79 7.073.78 4.027.25 23022 208 58 105.61 43.05 58 02 132 52 12. 159.44 9,042 .09 16 91 16 89 3,186 22 3.371 65 15,756.42 12,81-t78 22,830.20 16,842.03 32.249. 16 26.159.87 £;,_ /~/ - Ii t"' ,-3 - - ~ ·<::.' .,.r ?~·
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Quess Corp Limited Registered Office: Quess Tower, Sky Walk Avenue, 32:4, Hosur Rd, Roopena Agrahara, Bommanahalli, Bengaluru. Karnataka 560068 . CIN No L74140KA2007PLC043909 Standalone statement of cash flows for the half year ended 30 September 2026 Particulars Cash nows rrom operating activities Profit after tax Adjustments to reconcile net profit to net cash provided by operating activities: Tax (credit)/expense Interest on tax refunds Interest on term deposits Fair value loss adjustments through profit and loss account Loss/(Profit) on sale of property, plant and equipment, net Dividend income on investments in subsidiaries Net gain on sale of investments in mutual funds and others Interest on loans given to related parties Employee stock option cost Finance costs Depreciation and amortisation Expected credit loss on financial assets, net Exceptional items (refer note 9) - Impairment of loan and advances of subsidiaries - Employee stock option cost Foreign exchange (gain) Deposits written off Operating cash flows before working capital changes Changes in operating assets and liabilities Changes in trade receivables and unbilled revenue Changes in loans, other financial assets and other assets Changes in trade payables Changes in other financial liabilities, other liabilities and provisions Cash generated from opera lions Refund received! income taxes (paid), net l'iet cash flows rrom operating activities (A) Cash nows from investing activities Expenditure on property, plant and equipment and intangibles Proceeds from sale of property, plant and equipment and intangibles Investments in mutual funds and GILT Proceeds from sale of mutual funds and GILT Dividend received (net of tax deducted at source) Placement of bank deposit Redemption of bank deposit Loans and advances given to related parties Repayment of loans and advances by related parties Interest received on loans to related parties Interest received on term deposits and others "let cash rrom / (used in) investing activities (B) Cash nows from financing activities (Repayments) of working capital loan, net Acquisition of treasury shares Shares issued on exercise of employee stock options Repayment of lease liabilities Interest paid Dividend paid "let cash used in financing activities (C) '.'.et increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equiva tents Balances with banks In current accounts In deposit accounts (with original maturity of less than 3 months) Cash and cash equivalents as per standalone balance sheet (I.VI? in m,1/wnsi For the half year ended As at As at 30 Sep 2026 30 Sep 2025 (lnaudited) (t·naudited) 1,551.53 798 12 ( 115 49) 36 32 (218 38) (24 54) (24 35) ( 19 68) I 10 97) . 1 12 (0 87) ( 136 84) ( 162.75) (9 43) (1 14) (6.19) 78 13 23 50 275.66 217.61 180 75 195 59 (60.07) (94.14) (34 25) 242.46 5.16 (0 40) (2.47) 22.81 1,499.82 1,206.98 (5,426 87) (545 31) (332.02) (781 34) (11 94) (274.24) 5,579 95 2,078 24 1,308.94 1,684.33 2,340.01 (365 18) 3,648.95 1,319.15 (36.40) (22.73) 0 87 (22,524.84) (2,150.00) 22,867 47 2,151 14 136 84 162.75 (3.04) (340 45) 70 75 12 90 ( 11.99) (2 17) 38.49 2. 17 11 62 . 1.76 11 58 550.66 (I 73.94) . ( 123.49) (451.44) - 0.55 1.66 ( 176.53) ( 167 61) (79.16) (92.26) (895.08) (892.72 1 (1,601.66) (1,274.42) 2,597.95 (129.21) 777.18 1.709 67 3,375.13 1,580.46 3,375.13 1,570 56 - 9.90 3,375.13 1,580.46 - J) \ ..,J /(, ,; ,~- fl,_'' ~ /
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Quess Corp Limited Registered Office: Quess Towe r. Sky Walk Avenue. 3214. Hosur Rd, Roopena Agrahara, Bommanahalli, Bengaluru, Karnataka 560068, CINNo L741 ➔ 0KA2007PLC043909 'lotes for the quarter and hair year ended 30 September 2026: The standalone financial information orQuess Corp Limited ("the Company") which includes the financial infonnation ofQuess Corp Limited Employees Welfare Trust, for the quaner and half year ended 30 September 2026 have been taken on record by the Board of Directors at its meeting held on 30 October 2026 The statutory auditors have expressed a qualified review conclusion on the financial results for the quan er and half year ended 30 September 2026 These standalone financial results have been e,tracted from the standalone tinancial information 2 The standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reponing" prescribed under Section 133 of the Companies Act, 2013. read with the Companies (Indian Accounting Standards) Rules, 20 I 5, as amended, and in terms of Regulation 33 of the SEBI (Listi ng obligations and Disclosure Requirements) Regulations. 2015, as amended 3 Pursuant to the provisions 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 reports 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 segments, segment information has been provided in the consolidated unaudited financial results of the Company and therefore no separate disclosure on segment information is given in these standalone unaudited financial results 5 During fiscal year 2020, the Regional PF Commissioner ("RPFC") passed an order under Section 7-A of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") demanding INR 716,56 million on the grounds that the Company failed to remit Provident fund ("PF") on wages for its employees for the period from April 2018 to March 2019 for certain components of salary 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. 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 and directed RPFC to submit the relevant calculations for the order. The matter has been adjourned and next date of hearing is scheduled to 10 November 2026 The Company has taken external independent legal advice as per which the EPFO's order is prima facie erroneous and unsustainable in law and therefore will not be sustained on ultimate resolution 6 Income Tax matters: The Company had received assessment orders in the current and preceding periods for fiscal 2017 to 2023 in which primarily deduction under section 80JJAA of the Income Tax Act ('IT Act") and depreciation on goodwill has been disallowed The Income Tax department disallowed the claim under section 80JJAA of the IT Act on the grounds of non-ex istence of employer - employee relationship in respect of associate employees of the Company Additionally, the Income Tax Department also disputed the interpretations adopted by the Company for computing the deduction under section 80JJAA by disallowing claims for: • additional employees whose emoluments exceed Rs.25,000 in a month but the average emoluments for these additional employees does not exceed Rs.25,000 in a month during the service period; • additional employees who have served more than 240 days in a year but are not an employee on March 31 of the respective financial year for which the claim is availed; and • employees for whom the employer's contribution of provident fund for any part of the year is paid by the Government under Employee Pension Scheme (EPS) but the entire employers contribution is not reimbursed by the Government during the year For fiscal 2018 to 2022, the Company has filed an appeal before the Income Tax Appellate Tribunal against the assessment orders The Company has filed an appeal before CIT(A) against the assessment order passed for fiscal 20 I 7 and additionally, filed objections against the draft assessment order for fiscal 2023 with the Dispute Resolution Panel (DRP). The Company believes that the tax treatment availed by the Company for deductions under 80JJAA and depreciation on goodwill are valid and will be sustained on ultimate reso lution supported by external opinions from lega l counsel and other tax experts . In January 2024, National Financial Reporting Authority ('NFRA"), in an Order relating to certification for fiscal 2019 to 2021 by an external Chartered Accountant pertaining to claims under 80JJAA made by the Company, has made certain observations on the applicability of certain conditions in the Income Tax Act and related reports submitted to the Income Tax Authority in respect of these deductions . This order was subsequently stayed by the Hon"ble Delhi High Court As specified above, the Company continues to believe that its claim under 80JJAA is valid and intends to vigorously contest its position and interpretative stance of these sections on merits and based on external third-party assessments of the claim made, believes that the deduction under 80JJAA will be sustained upon ultimate resolution by the Income Tax Authority Pending resolution of these Income Tax disputes, the Company has assessed INR 3,879 94 million as conting ent liabilities towards demands including interest in the order for these fiscal years The Company continues to maintain its stand on the manner of claiming the sect ion 80JJAA deduction and accordingly has claimed section 80JJAA deduction (reduced from taxable income) of!NR 1,447.00 million for quarter ended 30 September 2026 and INR 2,152.63 million for half year ended 30 September 2026 For fiscal 2024, 2025 and 2026, the Company had also claimed deduction under section 80JJAA aggregating to INR 10,030 50 million for which assessment is yet lo be completed . The Company believes that such deduction, including its quantum , has been validly and cons,stcntly claimed, in conformity with its interpretation of the statute , ~ /4 <') (t;y ,::;,'
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7 The Board of Directors at their meeting held on 30 October 2026 declared interim dividend of INR 5 00 per equity share (face value of INR IO 00 each) for the financial year 2026- 27 aggregating to INR 746 93 million 8 Impact of Labour Codes: Effective 2 I November 2025, the Government of India notified the four new Labour Codes c·New Labour Codes"), replacing the existing 29 labour laws, Based on the guidance issued by the Institute of Chartered Accountants of India, along with the Rules and FAQs released by the Ministry of Labour & Employment, the Company has assessed and accounted the incremental impact on its employee benefit liabilities arising from these changes using the best information currently available In the standalone unaudited financial results for the half year ended 30 September 2026, for billable employees, the incremental impact relating to New Labour Codes, resulting from wage restructuring/revised arrangements with its customers is recognized under "Employee Benefit Expense", with a corresponding credit to revenue, as these costs are contractually recoverable from customers and therefore do not impact the profit for the period. Upon notification of the remaining state Rules to the New Labour Codes by the Government, any further clarification from the Government on other aspects of the New Labour Codes and the confirmation from the remaining customers regarding contractual tenns of billable employees, the Company will evaluate and account for differential impact, if any, in subsequent periods. 9 Exceptional item: During the quarter and half year ended 30 September 2026, the Company recovered a loan, including interest receivable , amounting to INR 44, I 2 million from its subsidiary, which had been impaired in previous periods , Accordingly, the Company has recognised reversal of impairrnent loss. During the half year ended 30 September 2026, the Company assessed the recoverable value of loan (including interest receivable) for its subsidiaries and recognised an impairrnent loss of INR 9.87 million , l:~tecu11ve IJ1reclor (Whole-t11ne J,reclnr) and Group Clue/ J,:recu/ rve Officer DIN: 07980280 Place: Bengaluru Date: 30 October 2026 ...