Quess Corp (QUESS)'s 2QFY22 revenue growth (8% QoQ / +23% YoY) was in line with our estimates. However, the adjusted EBITDA margin at 4.8% (+40bp QoQ) was ahead of our estimates. Adj PAT grew 81% YoY to INR766m, while reported PAT declined 17% YoY to INR412m (expectation of INR702m). RPAT was impacted by 1) ECL provisions of INR440m (government training and other government business), 2) the reversal of ineligible GST credit (INR480m), and 3) receivables write-offs...