Quess (BOM:539978, Financial). We have had a phenomenal run since we acquired our interest in Quess in 2013. Thomas Cook India invested $47 million in Quess in 2013, sold a 5.4% interest last year for $97 million and retains a 49% interest, which is currently worth over $700 million even after a significant drop in its stock price in 2018. Because of Quess’ great success, Thomas Cook India decided during 2018 to spin its holding in Quess out to its shareholders so that Quess can be run independently as a public company under the leadership of Ajit Isaac. Today, Quess is India’s leading integrated business services provider. With nearly 300,000 employees, the company has a pan-India presence with 65 offices across 34 cities, along with an overseas footprint in North America, the Middle East and South East Asia. It serves over 1,900 customers across three platforms – Workforce Management, Asset Management and Technology Solutions. Quess had outstanding financial results in the nine months ended December 2018: net revenue grew 36% to $156 million and profit before tax grew 10% to $40 million.
From Prem Watsa (Trades, Portfolio)'s fourth-quarter 2018 Fairfax Financial shareholder letter.
