Quess Corp Shares Stay Volatile Post Karnataka HC's Landmark Verdict on ₹180 Crore Tax Demand
The court's decision removes various demands and penalties issued by the Indian Income Tax Department for assessment years 2015-16 to 2018-19.
Quess Corp Ltd. shares were trading with losses on Thursday, December 26, following the Karnataka High Court's decision to quash tax demands and penalties amounting to ₹180.05 crore against its subsidiary, E-NXT Financials Ltd.
Key Highlights:
-
Court Verdict:
- The Karnataka High Court invalidated tax demands and penalties for the assessment years 2015-16 to 2018-19.
- The demands included penalties for non-compliance with the Income Tax Act, 1961, such as non-submission of responses and other alleged violations.
-
Stock Performance:
- Shares of Quess Corp traded 0.23% lower at ₹658.50 apiece on the NSE.
- Despite the favorable court ruling, the stock remains volatile.
-
Brokerage Analysis:
- Antique Stock Broking initiated coverage on Quess Corp with a ‘Buy’ rating and set a price target of ₹1,000, the highest among analysts.
- Other targets include ₹960 by Phillip Securities and ₹940 by IIFL Institutional Equities.
-
Growth Drivers Identified by Analysts:
- Increased formalization of India’s economy due to labor reforms.
- Expansion of the gig economy.
- Manufacturing growth fueled by the China+1 strategy.
- Opportunities in tier-II cities and a rise in staffing penetration.
- Capital expenditure push through PLI (Production Linked Incentive) schemes.
-
Revenue Growth Outlook:
- Analysts project Quess Corp's revenue to grow at a CAGR of 12%–14% between FY24 and FY27.
- Out of nine analysts covering the stock, eight recommend a ‘Buy,’ with one suggesting a ‘Hold.’
Conclusion:
The Karnataka HC's judgment offers a significant relief to Quess Corp’s subsidiary and potentially strengthens the company’s financial position. Despite this, market sentiment remains cautious, with shares experiencing minor losses. Analysts remain optimistic about the company’s growth prospects, underpinned by positive hiring trends and macroeconomic shifts.
Investors may want to watch how Quess Corp navigates this volatile phase while leveraging key growth opportunities in the staffing solutions market.
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