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.