TeamLease Services Ltd reported better than estimated numbers on all fronts for Q4FY18. The top-line grew by 19.6% yoy and 6.5% qoq to Rs977cr against consensus estimates of Rs966cr. EBITDA came in at Rs22.7cr, up 85.2% yoy and 27.2% qoq against consensus estimates of Rs20.3cr. EBITDA margin expanded by 82bps yoy and 38bps qoq to 2.3%. Reported PAT declined by 36% yoy but was up 15.3% qoq to Rs21.2cr against consensus estimates of Rs21cr.
General Staffing and Allied Services revenue grew by 13.1% yoy and 5.1% qoq. EBIT margins improved by ~7bps yoy but declined by ~26bps qoq to 1.7%.
Specialised Staffing Services revenue grew by 211.1% yoy and 24% qoq. EBIT margins declined by ~709bps yoy and ~196bps qoq.
Other HR Services were up 67.1% yoy and 14.4% qoq.
EBITDA margin expansion on yoy basis was on account of 103bps yoy decline in employee cost as a percentage of sales. This may be owing to better pricing.
PAT was lower on yoy basis because of tax reversal of Rs13.7cr in Q4FY17 vs. current quarter tax reversal of Rs0.5cr.
Team Lease Services Ltd is currently trading at Rs. 2,730, down by 22.6 points or 0.82% from its previous closing of Rs. 2,752.60 on the BSE.
The scrip opened at Rs. 2,738.10 and has touched a high and low of Rs. 2,920 and Rs. 2,703.75 respectively. So far 1,69,880 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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