Dear Shareholder(s),
Your Directors have the pleasure in presenting the Twenty Fifth (25th) Boards Report of your Company (TeamLease Services Limited/TeamLease) on business and operations of the Company along with the Audited Standalone and Consolidated Financial Statements and the Auditors Report for the year ended March 31, 2025 (Year under review). Consolidated performances of the Company, and its Subsidiaries have been referred to wherever required.
1. Corporate Overview
The Company was incorporated in 2000 and has thereafter transformed to being one of the leading human resource service companies in the organized segment. TeamLease is listed on BSE Limited and National Stock Exchange of India Limited since 2016, and has its corporate headquarters at Bangalore.
2. Financial Summary and Highlights
A summary of the Companys Financial Results for the Financial Year 2024-25 is as under:
| Particulars | Consolidated | Standalone | ||
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |
| Revenue from Operations | 11,155.87 | 9,321.53 | 10,236.29 | 8,440.80 |
| Other Income | 44.72 | 46.18 | 56.55 | 60.27 |
| Total Income | 11,200.59 | 9,367.71 | 10,292.84 | 8,501.07 |
| Profit before finance cost, depreciation, amortization and taxes | 182.81 | 176.98 | 145.57 | 145.24 |
| Depreciation and Amortization | 53.68 | 52.53 | 37.05 | 31.87 |
| Profit before finance cost and taxes | 129.13 | 124.45 | 108.52 | 113.37 |
| Finance Cost | 14.80 | 10.23 | 11.32 | 8.19 |
| Profit before share of profit/ (loss) from Associates | 114.33 | 114.22 | 97.20 | 105.18 |
| Share of profit from joint venture | 0.17 | - | - | - |
| Exceptional Item | - | 3.51 | - | 3.51 |
| Profit before tax | 114.50 | 117.73 | 97.20 | 108.69 |
| Income Tax (credit)/expense | 4.03 | 5.07 | 1.10 | 2.89 |
| Net profit for the year | 110.47 | 112.66 | 96.10 | 105.80 |
| Other Comprehensive Income/(Loss) for the Year | -0.30 | -1.09 | -0.37 | -0.31 |
| Total Comprehensive Income for the year | 110.17 | 111.57 | 95.73 | 105.49 |
| Earnings Per Equity Share of H 10 each | ||||
| Basic & Diluted (in H) | 64.86 | 66.65 | 57.31 | 62.87 |
3. Standalone and Consolidated Financial Statements
As mandated by the Ministry of Corporate Affairs, the Financial Statements for the year ended March 31, 2025, has been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as "The Act") read with the Companies (Accounts) Rules, 2014, as amended from time to time. The estimates and judgements relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Companys state of affairs, profits and cash flows for the year ended March 31, 2025. The Notes to the Financial Statements adequately cover the Standalone and Consolidated Audited Statements and form an integral part of this Report.
4. Review of Business Operations and Future Prospects / State of Affairs
Your Directors wish to present the details of Business Operations done during the year under review:
Standalone Operations
The Companys Revenue from Operations for the year ended March 31, 2025, on a Standalone Basis has increased to H 10,236.29 Crores from H 8,440.80 Crores during the previous year. The Company achieved an EBIDTA (excluding other income and exceptional items) of H 89.02 Crores during the current year as against the previous year EBIDTA (excluding other income and exceptional items) of H 84.97 Crores. The net profit after tax of the Company for the year ended March 31, 2025, was H 96.10 Crores as against the previous year profit after tax of H 105.80 Crores.
Consolidated Operations
The Companys Revenue from Operations for the year ended March 31, 2025, on a Consolidated Basis has increased to H 11,155.87 Crores from H 9,321.53 Crores during the previous year. The Company achieved an EBIDTA (excluding other income and exceptional items) of H 138.09 Crores during the current year as against the previous year EBIDTA (excluding other income exceptional items) of H 130.80 Crores. The net profit after tax of the Company for the year ended March 31, 2025, was H 110.47 Crores as against the previous year profit after tax of H 112.66 Crores.
Number of Associate Employees as on the date of closure of Financial Year of the Company was ~3,46,070 (including the NETAP Trainees of 47,300) as against the previous year Associate employees of ~3,10,030 (including the NETAP Trainees of 44,800).
Your Directors express their satisfaction on the overall financial performance and the progress made on different areas by the Company during the year under review.
From a business continuity purpose and in preparation for the future, cash flow availability and costs are key focus areas under the present circumstances. The Company is closely watching market conditions and evaluating all projects in pipeline and will pace them in line with market conditions. The revised timelines for the development plan will need to be re-assessed as the situation unfolds.
The Management, based on its assessment of the situation, has internally revised its business forecasts for the near term and assessed the cash flow required. The cash on books, the sanctioned lines of credit and the operating cash flows as per the forecast appear to be reasonably adequate to meet the debt servicing obligations and minimal capital spends in respect of the development pipeline for the year.
A comprehensive re-negotiation exercise is under way with our vendors and service providers; initial outcome of these discussions has been favourable.
The Company has the policy on the employment diversity which states the equal opportunity to everyone without any discrimination of gender, region, caste or religion.
5. Dividend Distribution Policy
As per the provisions of Regulation 43A of SEBI LODR Regulations, 2015, the top 1000 listed companies on the basis of market capitalization, shall formulate a Dividend Distribution Policy. Accordingly, the Dividend Distribution Policy was adopted to set out the parameters and circumstances that will be taken into account by the Board in determining the distribution of dividend to its Shareholders and/or retaining profits earned by the Company. The Policy is furnished herewith as Annexure I to the Boards Report and is also available on the Companys website at https://fe189aae. delivery.rocketcdn.me/wp-content/uploads/2021/04/ TeamLease-Dividend-Distribution-Policy.pdf.
6. Dividend and Reserves
Your Directors would like to use the profits earned for purpose of enhancing business and hence do not propose any dividend for the Financial Year under review. No amount has been transferred to reserves and the profit for the year has been retained in the surplus forming part of the reserves of the Company.
7. Transfer of Unclaimed Dividend to Investor Education and Protection Fund
There were no unpaid/unclaimed dividends declared and paid in previous years and hence the provisions of Section 125 of the Companies Act, 2013 do not apply for the year under review.
8. Subsidiary Companies/Joint Venture
Your Company has formulated a Policy for determining ‘Material Subsidiaries pursuant to the provisions of Regulation 16 of SEBI LODR Regulations, 2015. The said Policy is available on the Companys website https://fe189aae.delivery.rocketcdn.me/wp-content/ uploads/2021/04/Materiality-Policy_Amended.pdf.
The Company has six Subsidiaries, one Joint Venture and one Public-Private Partnership as on March 31, 2025. There are no Material Subsidiaries of the Company for the Financial Year 2024-25.
The details of Subsidiaries, Joint Venture and Public-Private Partnership are given below.
Name of the Company/ Entity
A. Subsidiaries
1. TeamLease Foundation (Formerly known as TeamLease Education Foundation) (TLF)
2. TeamLease Digital Private Limited (TDPL)
3. TeamLease HRTech Private Limited (Formerly known as TeamLease E-Hire Private Limited) (TL HRTech)
4. TeamLease Edtech Limited (Formerly known as School Guru Eduserve Private Limited) (TL Edtech)
5. TeamLease RegTech Private Limited (Formerly known as Avantis Regtech Private Limited) (TL RegTech)
6. TSR Darashaw HR Services Private Limited (TSR Darashaw)
B. Joint Venture
7. Crystal HR and Security Solutions Private Limited (Crystal HR)
C. Public-Private Partnership
8. TeamLease Skills University (TLSU)
Brief Details of Subsidiaries, Joint Venture and Public Private owned concerns of TeamLease are as below:
A. Subsidiaries
1. TeamLease Foundation (formerly known as TeamLease Education Foundation) (TLF), established on June 27, 2011, under the provisions of Companies Act, 1956 is an initiative of the TeamLease Group with a vision to create sustainable impact on the lives of underprivileged and underserved communities by empowering them through skilling initiatives. TLF views skilling, employability and employment as a continue that needs to be looked at as a whole and has made significant investments to develop skilling and capabilities in-house. TLF operates at the intersection of the 3Es - Education, Employability, and Employment.
The Foundation works with corporates to ensure efficient use of CSR funds in the areas of education, skilling, and employment. Currently, TLFs portfolio of skilling initiatives include skilling and training programs in the BFSI, Mining, Pharmacy, Automotive, and IT sectors. As we move forward, we aim to leverage our expertise and expand into sectors beyond these as well.
2. TeamLease Digital Private Limited (TDPL) was established on July 04, 2016, under the provisions of Companies Act, 2013 for the purpose of entering into the IT staffing business. TDPL, a wholly-owned subsidiary of TeamLease Services Limited, has emerged as a leading force in Indias digital staffing landscape. Established to meet the rising demand for agile, tech-driven talent models, TDPL specializes in IT staffing and project-based workforce solutions.
In FY 2024–25, TDPL made significant strategic advancements:
Acquisition of Ikigai Enablers Pte. Ltd.:
This Singapore-based HRTech consulting firm adds global advisory capabilities and strengthens TDPLs presence in the Asia-Pacific region. It marks TDPLs first international growth, aligned with its long-term strategy of expanding value-added services beyond core staffing.
Platform Development – HireTech: TDPL initiated the in-house development of ‘HireTech, a proprietary recruitment platform designed to digitize and optimize the internal hiring cycle. Leveraging AI and automation, the platform will streamline sourcing, improve turnaround time, and offer predictive insights into talent pipelines.
Today, TDPL manages over 6,500 consultants across active clients, including Fortune 500 companies in BFSI, Manufacturing, Telecom, and IT Services. With its Build-Operate-Transfer (BOT) and Hire-Train-Deploy (HTD) models, the company enables clients to scale rapidly with domain-aligned, job-ready professionals.
Driven by the purpose of ‘Putting India to Work, TDPL continues to champion innovation in staffing, with a strong focus on gender parity, workforce skilling, and digital-first execution models. Backed by a seasoned leadership team and robust governance, TDPL is well-positioned to lead Indias tech staffing evolution in the years ahead.
3. TeamLease HRTech Private Limited (formerly known as TeamLease E-Hire Private Limited (TL HRTech) established on December 21, 2005, under the provisions of Companies Act, 1956, was an Associate Company w.e.f. June 01, 2017 with an investment of 30% stake in TL HRTech. Your Company further acquired additional 21% stake and pursuant to such an investment, TL HRTech became Subsidiary Company w.e.f. July 31, 2018. Your Company further acquired additional 25% stake on July 04, 2019 and 24% stake on June 09, 2020 bringing the total investment to 100% as on March 31, 2021.
The Bangalore headquartered freshersworld. com (A TeamLease Digital Company) is the leading job site for entry level hiring in India with about 14.5K unique visits every day along with 441K visitors per month. It has a database of 2 Million+ resumes with over 57.3K resumes added every month, 3,045.6K followers on social media with 21.87M number of page views in a year. According to the report it has over 26.8K registered employers/ recruiters this year and conducts 20-24 virtual recruitment drives every month.
4. TeamLease Edtech Limited (formerly known as School Guru Eduserve Private Limited) (TL Edtech) established on December 27, 2010, under the provisions of Companies Act, 1956, was an Associate Company w.e.f. December 01, 2017. Your
Company had acquired ~36.17% stake on September 08, 2020 and on December 23, 2020 the CCPS (Compulsorily Convertible Preference Shares) held in the name of your Company was converted to Equity. Pursuant to the said acquisition of additional stake and the conversion of CCPS into Equity, your Company now holds 77.67% stake in TL Edtech, thereby making it a Subsidiary with effect from the even date. Established in 2012, it is Indias premier technology-led specialized academic services organization. TL Edtech partners with Indian Universities to help them provide premium online and virtual courses for their students. TL Edtech solicits partnerships only from State / Central universities that are either an Open University (meant to run Distance Education Programs only) or have a significant Distance Education activity.
Their managed technology platform provides all the components that a University may need to run their Information and Communication Technology services for their students ranging from the hosting platform, the underlying ERP, admission and fee management, the content, the streaming services, student engagement and communication, student servicing and the expertise to manage the platform. The platform is mobile native and is designed to adopt innovations in machine learning, multi-reality, and analytics to offer personalized and effective learning to millions.
TL Edtech has incorporated a new Wholly Owned Section 8 Subsidiary named as TeamLease Edtech Foundation on February 06, 2025.
5. TeamLease Regtech Private Limited (formerly known as Avantis Regtech Private Limited (TL RegTech) is a Subsidiary of your Company. Established in October 12, 2018, under the provisions of Companies Act, 2013, TL Regtech is a B2B RegTech (Regulatory Technology) Company in India currently with 402 enterprise customers. Its solutions help Corporate India maintain compliance in a real-time environment, trusted by over 1,500 entities and 25,000 enterprise users across 45 industries.
As Indias premier regulatory technology firm, TL RegTech is transforming the compliance landscape. It offers a cloud-based, multi-tenant, web and mobile SaaS platform that enables organizations to track and manage compliance requirements efficiently. The platform now includes advanced workflows for the automation of labour and secretarial compliance processes.
In addition to its technology offerings, TL RegTech operates a dedicated compliance services vertical, providing end-to-end compliance support under various labour laws such as Professional Tax, Provident Fund, ESIC, Labour Welfare Fund, and CLRA. The company also offers services for registrations, renewals, and amendments under the Shops
& Establishments Act, Factories Act, and Trade Licenses, among others.
Through its services division, TL RegTech supports over 406 enterprise clients across Pan India.
6. TSR Darashaw HR Services Private Limited (TSR Darashaw), incorporated on April 23, 2018, under the provisions of Companies Act, 2013, is a Subsidiary of your Company. Your Company has acquired 90% stake in TSR Darashaw on December 20, 2024.
TSR Darashaw is recognized as a leading provider of outsourcing services in the industry. With over four decades of expertise and a steadfast commitment to Integrity, Service Quality, and Client Satisfaction, TSR Darashaw and its subsidiaries proudly serve some of the countrys most esteemed corporates. The core competency of TSR Darashaw HR Services lies in delivering value via highly customized payroll processing solutions to multi-locations, multi-business-unit requirements of clients.
B. Joint Venture
7. Crystal HR and Security Solutions Private Limited (Crystal HR), incorporated on September 26, 2011, under the provisions of Companies Act, 1956, is a Joint Venture of your Company. Your Company has acquired 30% stake in Crystal HR on January 06, 2025.
Crystal HR is revolutionizing workforce management by delivering comprehensive HR Tech software solutions, from hire to retire, under its brand "Wallet HR". These solutions are designed to be configurable, meeting the diverse needs of businesses across industries.
With a strong presence across multiple countries, Wallet HR supports over 3 lakh users and serves more than 400 customers across various verticals.
With over 35 years of combined experience in HRM software development, implementation, and consulting, the companys promoters have built a legacy of excellence. Supported by a team with deep domain knowledge, Crystal HR excels in understanding client needs, addressing specific HR challenges, ensuring transparency, and delivering exceptional post-sales support that builds long-term relationships and drives repeat business.
C. Public-Private Partnership
8. TeamLease Skills University (TLSU) is Indias First Skills University, established under Public-Private Partnership with Government of Gujarat under the Gujarat Private University Act with effect from April 22, 2013. The management of the University gratefully acknowledges the supportive action of the Government.
The University is sponsored by TeamLease Foundation (Formerly known as TeamLease Education Foundation) with a mission to facilitate willing individuals to acquire skills and capabilities, prepare them to get appropriate employment and ensure their competitiveness in national and international work environment.
TLSU offers different full-time skill-based degree programmes along with other diploma and certificate programmes using the novel concept of Four classrooms viz. On-Campus, Online, Onsite and On-Job training to make TLSU the hub of Skill Based Education in India. We have 100% student placement record over the past years.
Performance and Financial Position of the Subsidiary Companies and Joint Venture:
Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a Report on the performance and financial position of the Subsidiary Companies and Joint Venture for the FY 24-25, as per the Companies Act, 2013 in the Form AOC-1 is furnished as Annexure II to the Boards Report.
The separate Audited Financial Statements in respect of each of the Subsidiaries and Joint Venture shall be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any member of the Company interested in obtaining the same.
The separate Audited Financial Statements in respect of each of the Subsidiaries and Joint Venture are also available on the website of the Company at https:// group.teamlease.com/investor/financial-statement-of-subsidiaries/.
Subsidiary Companies and Joint Venture Monitoring Framework:
All the Subsidiary Companies and Joint Venture of the Company are managed by their respective Boards and the Management. The Board of Directors and Audit Committee of the Company review the minutes of the Meetings, Financial Statements, investments made, significant transactions and arrangements of the unlisted Subsidiary Companies and Joint Venture in accordance with the SEBI LODR Regulations, 2015.
9. Management Discussion and Analysis (MD&A) Report
Pursuant to the provisions of Regulation 34 of the SEBI LODR Regulations, 2015, the Management Discussion and Analysis capturing your Companys performance, industry trends and other material changes with respect to your Companies and its Subsidiaries and Joint Venture, wherever applicable, are set out from pages 243 to 253 in this Annual Report.
The MD&A Report provides a consolidated perspective of economic, social and environmental aspects material to your Companys strategy and its ability to create and sustain value to your Companys key stakeholders and includes aspects of reporting as required by Regulation 34 of the SEBI LODR Regulations, 2015 on Business Responsibility and Sustainability Report (BRSR). Statutory section of Business Responsibility and Sustainability Report is provided from pages 192 to 242 of this Annual Report.
10. Corporate Governance
Your Company is committed to maintain the highest standards of corporate governance. We believe sound corporate governance is critical to enhance and retain investor trust. Our disclosures seek to attain the best practices in corporate governance as prevalent globally. We have implemented several best corporate governance practices in the Company to enhance long- term shareholder value and respect minority rights in all our business decisions. Corporate Governance Report for Financial Year 2024-25 is set out in pages 135 to 188 of this Annual Report. The requisite certificate from the Secretarial Auditors of the Company confirming compliance with the conditions of corporate governance asstipulatedunderRegulation34(3)readwithScheduleV of the SEBI LODR Regulations, 2015 is annexed to the Corporate Governance Report.
11. Deposits
Your Company has not accepted any deposit and as such no amount of principal and interest were outstanding as on the Balance Sheet date.
12. Particulars of Loans, Guarantees or Investments
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are furnished in the Note 8 to the Financial Statements, forming part of this Annual Report.
The Loans, Guarantees and Investments have been utilised by the Subsidiaries and Joint Venture for their working capital requirements.
13. Board of Directors, Committees of the Board and Key Managerial Personnel(s) (KMP(s))*
a. Board of Directors
As on March 31, 2025, your Companys Board of Directors comprises of two Executive Directors, seven Independent Directors and one Non-Executive and Non-Independent Director, including three Women Directors and the same is detailed in the Report on Corporate Governance, as set out in pages 135 to 188 of this Annual Report.
b. Lead Independent Director
Mr. Narayan Ramachandaran was appointed as Lead Independent Director of the Company from July 31, 2020. He will be in charge of the Boards shareholder engagement relationship on Corporate Governance matters. He shall review and provide input regarding the agenda for Board meetings; preside at all meetings at which the Executive Chairman is not present, including executive sessions of the Independent Directors, call meetings of the Independent Directors when necessary and appropriate and oversee the efficacy and the continued evolution of the Companys governance standards.
c. Committees of the Board
As required under the Companies Act, 2013 and SEBI LODR Regulations, 2015, the Board has formed five Committees viz.
Audit Committee,
Corporate Social Responsibility Committee, Nomination and Remuneration Committee, Risk Management Committee Stakeholders Relationship Committee and Management & Administration Committee (A voluntary committee formed by the Board for review and approval of operational items).
Keeping in view the requirements of the Companies Act, 2013 and SEBI LODR Regulations, 2015, the Board decides the terms of reference of these Committees and the assignment of members to various Committees. The recommendations, if any, of these Committees are submitted to the Board for approval.
Pursuant to Section 177(8) of the Companies Act, 2013, the composition of the Audit Committee as on March 31, 2025, is disclosed as under:
| Sl. No Members | Designation |
| 1 Mr. Subramaniam | Chairman |
| Somasundaram | (Independent Director) |
| 2 Mr. Narayan | Member |
| Ramachandran | (Lead Independent |
| Director & Non-Executive | |
| Chairman) | |
| 3 Mr. Rajnarayan | Member |
| Ramakrishnan | (Independent Director) |
| 4 Mrs. Meenakshi | Member |
| Nevatia | (Independent Director) |
| 5 Mr. Mekin | Member |
| Maheshwari | (Independent Director) |
| 6 Mrs. Latika | Member |
| Pradhan | (Independent Director) |
| 7 Dr. V. | Member |
| Raghunathan | (Independent Director) |
The recommendations of the Audit Committee were duly approved and accepted by the Board during the year under review.
The details of all the Committees of the Board along with their composition, number of meetings and attendance at the meeting as set out in Report on Corporate Governance, in pages 135 to 188 of this Annual Report.
d. Key Managerial Personnel(s) (KMP(s))
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel(s) (KMP(s)) of the Company are:
| Sl. No Members | Designation |
| 1 Mr. Manish Sabharwal | Whole Time Director & Executive Vice Chairman |
| 2 Mr. Ashok Reddy | Managing Director & CEO |
| 3 Ms. Ramani Dathi | Chief Financial Officer |
| 4 Ms. Alaka Chanda | Company Secretary & Compliance Officer |
e. Details of Directors and/or Key Managerial Personnel(s) (KMP(s)) who were appointed or have resigned during the year:
a. Retirement by Rotation
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Mr. Ashok Reddy (DIN: 00151814), Managing Director & CEO, retires by rotation at the forthcoming AGM and being eligible, offers himself for re-appointment. The details of Mr. Reddy are furnished in the Notice of the AGM. The Board recommends his re-appointment for the consideration of the Members of the Company at the forthcoming AGM.
b. Changes during the year under review:
i. Executive Directors: None
ii. Non-Executive Directors:
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Ms. Rituparna Chakraborty (DIN: 07332241) retired by rotation at the Twenty Fourth (24th) AGM held on September 20, 2024, and being eligible, offered herself for reappointment. The same was approved by the Members of the Company.
iii. Independent Directors: None iv. KeyManagerialPersonnel(s)(KMP(s)):
During the year under review, Key Managerial Personnel(s) (KMP(s)) who have tendered their resignation: None
During the year under review, Key Managerial Personnel(s) (KMP(s)) who have been appointed: None
Receipt of any commission by MD / WTD from Company or from its holding or Subsidiary Company/ Joint Venture
The Company has not paid any commission to any its MD/WTD. The Managing Director & Whole Time Director draw remuneration only from the Company and do not receive any remuneration or commission from any of its Subsidiary companies / holding Company. Further, none of the Subsidiaries of the Company has paid any commission to any of the Directors of the Company.
The Company has not paid any commission to its Executive and/or Non-Executive Directors for FY 24-25 except Independent Directors.
Receipt of Commission by Independent Directors from Company or from its holding or Subsidiary Company/ Joint Venture
The Company has extended commission to its retiring Independent Director, details of which are as below:
| Sl. No. Name of the Director | Designation | Commission Paid | Remarks |
| 1 Mr. Zarir Batliwala | Independent Director | H 10,00,000 | Commission paid due to retirement as an Independent Director effective March 28, 2024 for the time devoted by him and for making invaluable contributions in functional areas such as business strategy, financial governance, corporate governance, research & innovation, monitoring of risk management and compliances amongst others. |
| 2 Mr. Narayan Ramachandran | Lead Independent Director and Non- Executive Chairman | - | No Commission paid during the year under review as the Directors are continuing as Independent |
| 3 Dr. V Raghunathan | Independent Director | - | Director. Commission will be |
| 4 Mrs. Latika Pradhan | Independent Director | - | extended on retirement to all |
| 5 Mr. S. Subramaniam | Independent Director | - | Independent Directors for their |
| 6 Mrs. Meenakshi Nevatia | Independent Director | - | contributions made during their |
| 7 Mr. Mekin Maheshwari | Independent Director | - | term. |
| 8 Mr. Rajnarayan Ramakrishnan | Independent Director | - |
14. Declaration by Independent Directors
All Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI LODR Regulations, 2015. The Independent Directors have also confirmed that they have complied with the Companys Code of Business Conduct & Ethics. The Independent Directors have also submitted a declaration to the Board on compliance of inclusion of name in Data Bank maintained by Indian Institute of Corporate Affairs (IICA) pursuant to Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019.
15. Declaration by the Board on the Independent Directors
In the opinion of the Board, the Independent Directors, fulfil the conditions of independence specified in Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI LODR Regulations, 2015 and possess the requisite integrity, expertise and experience, including the proficiency expected from the Independent Directors appointed on the Board.
The details of Directors, pertaining to the online proficiency test conducted by Indian Institute of Corporate Affairs (IICA) are as below:
| Sl. No. Director | Designation | Date of Registration | Validity of Registration* | Online Proficiency Test Requirement | Status of Online Proficiency Test |
| 1 Mr. Narayan Ramachandran** | Non- Executive Chairman and Lead Independent Director | 03/01/2020 | 02/01/2030 | Voluntary | - |
| 2 Mr. Manish Sabharwal | Whole Time Director & Executive Vice Chairman | 27/02/2020 | 26/02/2030 | Voluntary | - |
| 3 Mr. Ashok Reddy | Managing Director & CEO | Exempted | - | Exempted | - |
| 4 Mrs. Latika Pradhan** | Independent Director | 20/12/2019 | 19/12/2025 | Mandatory | Successfully qualified on Dec 03, 2020 |
| 5 Mr. Rajnarayan Ramakrishnan | Independent Director | 14/09/2023 | 13/09/2025 | Mandatory | Will be closed before the due date |
| 6 Dr. V. Raghunathan** | Independent Director | 23/12/2019 | 22/12/2025 | Voluntary | - |
| 7 Mrs. Meenakshi Nevatia | Independent Director | 06/07/2021 | 05/07/2026 | Mandatory | Successfully qualified on July 11, 2021 |
| 8 Mr. Mekin Maheshwari | Independent Director | 10/04/2021 | 09/04/2026 | Mandatory | Successfully qualified on May 04, 2021 |
| 9 Mr. Subramaniam Somasundaram | Independent Director | 14/07/2021 | Lifetime | Exempted | - |
| 10 Ms. Rituparna Chakraborty** | Non-Executive & Non- Independent Director | 11/04/2023 | Lifetime | Voluntary | Successfully qualified on March 13, 2025 |
*The Independent Directors will be re-registered with IICA on expiry of current validity period of registration.
** Mr. Narayan Ramachandran will cease to be an Independent Director of the Company pursuant to completion of his 2nd term on July 07, 2025 (End of business hours). However, he has been re-designated as Non- Executive- Non-Independent Director with effect from July 08, 2025, liable to retire by rotation. He is continuing as Non-Executive Chairperson of the Company.
Mrs. Latika Pradhan will cease to be an Independent Director of the Company pursuant to completion of her 2nd term on July 07, 2025 (End of business hours).
Dr. V. Raghunathan will cease to be an Independent Director of the Company pursuant to completion of his 2nd term on July 07, 2025 (End of business hours).
Ms. Rituparna Chakraborty had tendered her resignation as Non-Executive and Non-Independent Director of the Company effective May 21, 2025, and has ceased to be a Director of the Company with from the same date.
16. Board Evaluation
One of the key functions of the Board is to monitor and review the Board evaluation framework. The Board works with the Nomination and Remuneration Committee to lay down the evaluation criteria for the performance of the Chairman, the Board, Board Committees and Executive / Non-Executive / Independent Directors.
In terms of the requirements of the Companies Act, 2013 and pursuant to the provisions of the Companies Act, 2013 and Regulation 19 of SEBI LODR Regulations, 2015, read with SEBI LODR Amendment Regulations, the Board carried out the Annual Performance Evaluation of all the Directors individually, Board Committees and the Board as a whole. During the year, Board Evaluation cycle was completed by the Company with support of an external agency. To maintain transparency and to promote good corporate governance, from previous year the evaluation process was automated and implemented with help of an external service provider "Potentia" (https://fidemBoards. com/) who had partnered with TeamLease to facilitate the Board Evaluation process of the Company.
For facilitating the evaluation of performance, questionnaires were framed separately for the evaluation of Board, the Committees, the individual directors and the Chairperson. The questionnaires were circulated to the Board members via individual emails with user specific login credentials for all Board Members. On completion of Board Evaluation process, the Report and summary results of the filled-in questionnaires pertaining to the Board Evaluation for Financial
Year 2024-25 was submitted to the Nomination and Remuneration Committee Chairman for his onward discussion with Board Members. The Evaluation process focused on various aspects of the functioning of the Board and Committees such as composition of the Board and Committees, experience and competencies, performance of specific duties and obligations, governance issues, etc. Separate exercise was carried out to evaluate the performance of individual Directors on parameters such as attendance, contribution and independent judgment. It is specifically informed that directors subject to evaluation did not participate in the own evaluation process.
The results of the evaluation were shared with the Board, Chairman of respective Committees and individual Directors. Based on the outcome of the Evaluation, the Board and Committees have agreed on an action to further improve the effectiveness and functioning of the Board and Committees. The Chairman of respective Board Committees also shared the results of evaluation with the respective Committee Members.
The Nomination and Remuneration Committee also formulated the additional criteria of independence and independent judgment for the assessment of the performance of Independent Directors along with other criteria such as qualification, experience relevant to the industry, knowledge & competency, fulfillment of functions, ability to function as a team, initiative, availability and attendance, commitment, contribution and integrity as required under the guidelines provided by SEBI in respect of Board Evaluation.
This evaluation was led by the Chairman of the Nomination and Remuneration Committee with specific focus on the performance and effective functioning of the Board. The Board evaluation framework has been designed in compliance with the requirements under the Companies Act, 2013 and SEBI LODR Regulations, 2015, and in consonance with Guidance Note on Board Evaluation issued by SEBI in January 2017. The Board evaluation was conducted through questionnaire having qualitative parameters and feedback based on ratings.
Evaluation of the Board
Evaluation of the Board was based on criteria such as composition and role of the Board, communication and relationships between the Board of Directors, functioning of Board Committees, review of performance and compensation to Executive Directors, succession planning, strategic planning, etc.
Evaluation of Directors
Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings, representation of shareholder interest and enhancing shareholder value, experience and expertise to provide feedback and guidance to top management on business strategy, governance and risk, understanding of the organizations strategy, risk and environment, etc.
Evaluation of Committees
Evaluation of Committees was based on criteria such as adequate independence of each Committee, frequency of meetings and time allocated for discussions at meetings, functioning of Board Committees and effectiveness of its advice/recommendation to the Board, etc.
Evaluation of the Independent Directors
The Performance Evaluation of the Independent Directors was carried out by the entire Board.
Some of the performance indicators, based on which the Independent Directors are evaluated include:
The ability to contribute to and monitor our corporate governance practices.
The ability to contribute by introducing international best practices to address business challenges and risks.
Active participation in long-term strategic planning.
Commitment to the fulfilment of a Directors obligations and fiduciary responsibilities; these include participation in Board and Committee meetings.
Performance of the directors.
Fulfillment of the independence criteria as specified in these regulations and their independence from the management.
Evaluation of the Chairman and Managing Director
The Performance Evaluation of the Chairman and Managing Director was carried out by the Independent Directors.
The evaluation process endorsed the Board Members confidence in the ethical standards of the Company, the resilience of the Board and Management in navigating the Company during challenging times, cohesiveness amongst the Board Members, constructive relationship between the Board and the Management and the openness of the Management in sharing strategic information to enable the Board Members to discharge their responsibilities. It is specifically informed that directors subject to evaluation did not participate in the own evaluation process.
The Board has received improved ratings on its overall effectiveness, including higher rating on Board communication, relationships and Board Committees. The Board has also noted areas requiring more focus in the future.
The Independent Directors had their meeting on May 21, 2025 to assess the performance of the Board and Committees as a whole and for the assessment of Executive Vice Chairman, Executive Director, Independent Directors & Non- Executive
Non- Independent Directors.
The Board was largely satisfied with the effectiveness and governance standards as well as the performance of the Board, Board Committees, and the individual Directors. Suggestions of the Board members to further strengthen the Board effectiveness were noted and taken up for implementation.
17. Meetings of the Board
The meetings of the Board are scheduled at regular intervals to decide and discuss on business performance, policies, strategies and other matters of significance.
The schedules of the meetings are circulated in advance, to ensure proper planning and effective participation in meetings. In certain exigencies, decisions of the Board are also accorded through Circular Resolution.
The Board during the Financial Year 2024-25 met Six (6) times. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013. Detailed information regarding the meetings of the Board are included in the report on Corporate Governance, as set out in pages 135-188 of this Annual Report.
Board Retreat
The Company organises Board retreat meeting as part of annual strategy planning process to deliberate on various topics related to strategic planning, review of ongoing strategic initiatives, risks associated with the strategy execution and review of the need for new strategic programs to achieve the long-term objectives of the Company. The Board retreat meeting provides a platform for the Board members to bring their expertise to various strategic initiatives, while also providing an opportunity for them to understand detailed aspects of execution and challenges relating to the various business segment of the Company. During the Board retreat, detailed presentation is made by the Senior Management covering key business segments of the Company and its Subsidiaries.
During the Financial Year 2024-25, the Board retreat was held on 21st March 2025 at ITC Windsor, 25 Windsor Square, Golf Course Road, Bangalore where the Board conducted a detailed strategic review of the Companys business segments and discussed various governance related matters. This allows the Board members to interact closely with the senior leadership of the various business segments of the Company and its Subsidiaries.
18. Auditors
| Statutory Auditor | As per the provisions of Section 139 of the Companies Act, 2013, M/s. S.R. Batliboi & Associates LLP, Chartered Accountants (FRN: 101049W/E300004), Bangalore were appointed as Statutory Auditors of the Company in the Annual General Meeting held on July 07, 2017 for a period of five consecutive years up to the conclusion of 22nd AGM, at a remuneration mutually agreed upon by the Board of Directors and Statutory Auditors. |
| The Board of Directors at their meeting held on May 18, 2022, had considered and recommended re-appointment of M/s. S.R. Batliboi & Associates LLP as Statutory Auditors of the Company for a period of five consecutive years from the conclusion of the 22nd AGM basis the recommendation of Audit Committee. The shareholders had approved the recommended re-appointment of M/s. S.R. | |
| Batliboi & Associates LLP as Statutory Auditors of the Company for a period of five consecutive years commencing from the conclusion of the 22nd Annual General Meeting held in the year 2022 till the conclusion of the 27th Annual General Meeting to be held in the year 2027 on such remuneration plus applicable taxes and out of pocket expenses and remuneration for other certifications as may be mutually decided by the Board of Directors in consultation with the Statutory Auditors of the Company based on recommendation of the Audit Committee. | |
| Statutory Auditors Report | |
| The Auditors Report on the Financial Statements of the Company for the year ended March 31, 2025 is unmodified i.e., it does not contain any qualification, reservation or adverse remark. The Statutory Auditors Report is enclosed with the Financial Statements forming part of the Annual Report. | |
| Secretarial Auditor | Pursuant to the provisions of Section 204 of the Act and Rules made thereunder, the Company had appointed M Siroya & Company, Practicing Company Secretaries, Mumbai bearing Membership Number: 5682 to undertake the Secretarial Audit of the Company for FY 24-25. |
| Section 204 of the Companies Act, 2013, inter- alia, requires every listed Company to annex with its Boards Report, a Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form. The Board of Directors appointed Mr. Mukesh Siroya, M Siroya & Company, Practicing Company Secretaries, Mumbai, bearing Membership Number: 5682 as Secretarial Auditor to conduct the Secretarial Audit of the Company for FY 2024-25 and his Report is annexed to this Board Report as Annexure III. | |
| Secretarial Auditors Report | |
| Internal Auditor | There are no disqualifications, reservations, adverse remarks or disclaimers in the Secretarial Auditors report. Your Company has continued its engagement with M/s. Grant Thornton Bharat LLP, to conduct internal audit across the organization. We have also strengthened the in-house internal audit and compliance team to supplement and support the efforts of M/s. Grant Thornton Bharat LLP. Your Company conducted 6 (Six) meetings of the Audit Committee during the year under review. |
Secretarial Compliance Report of TeamLease Services Limited for the year ended March 31, 2025
As per Regulation 24A of SEBI LODR Regulations, 2018, read with SEBI Circular dated February 08, 2019; the listed entities are required to submit the Annual Secretarial Compliance Report with BSE Limited & National Stock Exchange of India Limited within sixty days of the end of the year. The same was submitted to the respective Stock Exchange(s) within the stipulated date and a copy of the same is hosted at our website at https:// fe189aae.delivery.rocketcdn.me/wpcontent/uploads/ 2025/05/TeamLeaseAnnualSecretarialCompliance Report 31032025.pdf
Explanation or Comments on Qualifications, Reservations or Adverse Remarks or Disclaimers made by the Statutory Auditors and the Practicing Company Secretary in their respective Reports
In connection with the Statutory Audit of the Company for the year under review, there was no qualification, reservation or adverse remark in the report by the Statutory Auditors, save and except disclaimer made by them in discharge of their professional obligation.
No frauds are reported by the Statutory Auditor under sub section (12) of Section 143 of the Companies Act, 2013.
In connection with the Secretarial Audit of the Company for the year under review, there was no qualification, reservation or adverse remark in the report by the Secretarial Auditors, save and except disclaimer made by them in discharge of their professional obligation.
Internal Financial Control
The Company has laid down certain guidelines, processes and structures, which enable implementation of appropriate internal financial controls across the organization. Such internal financial controls encompasses policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of business, including adherence to its policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of accounting records and the timely preparation of reliable financial information.
These include control processes both on manual and IT applications wherein the transactions are approved and recorded. Appropriate review and control mechanisms are built in place to ensure that such control systems are adequate and are operating effectively. Because of the inherent limitations of internal financial controls, including the possibility of collusion or improper management override of controls, material misstatements in financial reporting due to error or fraud may occur and not be detected.
Also, evaluations of the internal financial controls are subject to the risk that the internal financial control may become inadequate because of changes in conditions, or that the compliance with the policies or procedures may deteriorate. The Company has, in all material respects, an adequate internal financial controls system and such internal financial controls were operating effectively based on the internal control criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Control over Financial Reporting issued by the Institute of Chartered Accountants of India.
Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Companys internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to Grant Thornton, our Internal Auditors. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism. The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairperson of the Audit Committee.
Details in respect of adequacy of Internal Financial Controls with reference to the Financial Statements
Your Company has in place adequate financial controls with reference to Financial Statements. During the year under review, such controls were reviewed and it did not observe any reportable material weakness in the design or operation of financial controls.
Reporting of Frauds
There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Companies Act, 2013 and Rules framed thereunder.
Maintenance of Cost Records
The Company is not required to maintain cost records as specified by the Central Government under sub- section (1) of Section 148 of the Companies Act, 2013.
19. Material changes and commitments, if any, affecting the Financial Position of Company occurred between the end of the Financial Year to which this Financial Statements relate and the date of the Report.
No changes and commitments have occurred after the closure of the Financial Year 2024-25 till the date of this Report, which would materially impact the financial position of your Company.
20. Acquisition of Companies / Investment in Associates/Subsidiaries/Joint Venture during the year under review
a. During the year under review, the Company had made the following acquisitions:
TSR Darashaw HR Services Private Limited (TSR Darashaw): Your Company has acquired 90% stake in TSR Darashaw on December 20, 2024.
TSR Darashaw is recognized as a leading provider of outsourcing services in the industry. With over four decades of expertise and a steadfast commitment to Integrity, Service Quality, and Client Satisfaction, TSR Darashaw and its subsidiaries proudly serve some of the countrys most esteemed corporates. The core competency of TSR Darashaw HR Services lies in delivering value via highly customized payroll processing solutions to multi-locations, multi-business-unit requirements of clients.
Crystal HR and Security Solutions Private Limited (Crystal HR): Your Company has acquired 30% stake in Crystal HR on January 06, 2025.
Crystal HR is revolutionizing workforce management by delivering comprehensive HR Tech software solutions, from hire to retire, under its brand "Wallet HR". These solutions are designed to be configurable, meeting the diverse needs of businesses across industries.
With a strong presence across multiple countries, Wallet HR supports over 3 lakh users and serves more than 400 customers across various verticals.
With over 35 years of combined experience in HRM software development, implementation, and consulting, the companys promoters have built a legacy of excellence. Supported by a team with deep domain knowledge, Crystal HR excels in understanding client needs, addressing specific HR challenges, ensuring transparency, and delivering exceptional post-sales support that builds long-term relationships and drives repeat business.
b. During the year under review, the Company had made the following Equity Investments:
Same as Point (a) above.
21. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
| Conservation of Energy | The Company being in the service industry does not have any power generation units and does not produce/ generate any renewable or conventional power. However, Company has taken all steps to conserve energy in the work places by using energy saving lamps at all work stations and educating the employees to conserve energy. |
| Technology Absorption | The Company being in Service Sector has adopted all new technology in terms of software and hardware for the better working and efficient reporting. The Company has an in house Information Technology team which constantly works on the adoption and implementation of new technology into the businesses of the Company. |
| Foreign Exchange Earnings and Outgo | During the year under review, the Company on standalone basis has incurred H 0.001 Crores towards expenditure in foreign currencies and earned NIL towards export of services. |
22. Research and Development
The Company has not undertaken any Research and Development activity in any specific area during the year under review, and hence no cost has been incurred towards same.
23. Whistle Blower and Vigil Mechanism Policy
The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. Pursuant to Section 177(9) of the Companies Act, 2013 and Regulation 22 of the SEBI LODR Regulations, 2015, a Whistle Blower and Vigil Mechanism Policy was established for directors, employees and stakeholders to report to the management instances of unethical behaviour, actual or suspected, fraud or violation of the Companys Code of Conduct or ethics policy, genuine concerns, to provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee. No person has been denied access to the Chairperson of the Audit Committee. The said Policy is hosted on the website of the Company at the following link https://group.teamlease. com/wp-content/uploads/2021/04/TeamLease-Whistle-Blower-and-Vigil-Mechanism-Policy.pdf
24. Statement concerning development and implementation of Risk Management Policy of the Company
Pursuant to Regulation 21 of the SEBI LODR Regulations, 2015, the Company has constituted Risk Management Committee comprising of the following Members mentioned below to frame, implement and monitor the Risk Management plan for the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuous basis.
The Risk Management Committee Members as on March 31, 2025, are as below:
| Sl. No Members | Designation |
| 1 Mr. Narayan Ramachandran | Chairman (Lead Independent Director & Non-Executive Chairman) |
| 2 Mr. Subramaniam Somasundaram | Member (Independent Director) |
| 3 Mr. Rajnarayan Ramakrishnan | Member (Independent Director) |
| 4 Mrs. Meenakshi Nevatia | Member (Independent Director) |
| 5 Mr. Mekin Maheshwari | Member (Independent Director) |
| 6 Mrs. Latika Pradhan | Member (Independent Director) |
| 7 Dr. V Raghunathan | Member (Independent Director) |
Risk management is embedded in your Companys operating framework. Your Company believes that managing risks helps in maximizing returns. The Companys approach to addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks. The risk management framework is reviewed periodically by the Board and the Audit Committee.
The Company has put in place an enterprise wide Risk Management Framework with an object of timely identification of risks, assessment and evaluation of the same in line with overall business objectives and define adequate mitigation strategy. The Risk Management Committee reviews critical risks on a rotation basis in line with the mitigation progress/ effectiveness and its impact on overall risk exposure of the Company, all the critical risk areas are covered at least once a year. Annually, all critical risk areas identified are re-evaluated.
25. Insider Trading Regulations
Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the Code of Conduct for Insider Trading (Code), as approved by the Board is in force by the Company. The Company also adopts the concept of Trading Window Closure, to prevent its Directors, Officers, designated employees, their relatives and other connected employees from trading in the securities of the Company at the time when there is access to Unpublished Price Sensitive Information (UPSI). The Company also has formulated a comprehensive Policy for Determination of Legitimate Purposes pertaining to Unpublished Price Sensitive Information and a comprehensive Policy for enquiry of leak of Unpublished Price Sensitive Information.
26. Policies on Appointment of Directors and Remuneration of Directors, Key Managerial Personnel(s) (KMP(s)) and Employees
In accordance with the provisions of Section 134(3) (e) of the Companies Act, 2013 read with Section 178(2) of the Act and Regulation 17 of the SEBI LODR Regulations, 2015, the Board of Directors have framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel(s) (KMP(s)) and Senior Management of the Company. The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-Executive Directors (by way of sitting fees), Key Managerial Personnel(s) (KMP(s)), Senior Management and other employees. The Policy also provides the criteria for determining qualifications, positive attributes and independence of Director and criteria for appointment of Key Managerial Personnel(s) (KMP(s)) / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors while making selection of the candidates.
The Companys current Nomination and Remuneration Policy recommends having an appropriate mix of Executive and Independent Directors to maintain the independence of the Board and separate its functions of governance and management. As on March 31, 2025, the Board consists of Ten Directors, majority of them being Independent Directors. Besides the Vice Chairman and Managing Director who are the Promoters, the Board comprises of Seven Independent Directors and One Non-Executive and Non-Independent Director. The Board periodically evaluates the need for change in its composition and size. The Policy of the Company on Directors Appointment and Remuneration, including criteria for determining qualifications, positive attributes, independence of a Director and other matters as required under sub-section (3) of Section 178 of the Companies Act, 2013 are formulated by the Nomination and Remuneration Committee.
Your Company has also adopted the Policy on appointment of directors and senior management and Policy on Remuneration of Directors, Key Managerial Personnel(s) (KMP(s)) and Employees of the Company in accordance with the provisions of sub-section (4) of Section 178 of the Companies Act, 2013, and the same is furnished in Annexure IV of this Boards Report.
27. Board Diversity
A diverse Board enables efficient functioning through differences in perspective and skill, and also fosters differentiated thought processes at the back of varied industrial and management expertise, gender, knowledge and geographical background. The Board recognizes the importance of a diverse composition and has adopted a Board Diversity Policy which sets out the approach to diversity. The Policy is available at the web-link:https://fe189aae.delivery.rocketcdn.me/wp-content/ uploads/2021/04/3.-POLICY-ON-BOARD-DIVERSITY.pdf.
28. Details of Policy developed and implemented by the Company on its Corporate Social Responsibility (CSR) initiatives
Pursuant to the provisions of Section 135, read with Schedule VII of the Companies Act, 2013, your Company has duly constituted the Corporate Social Responsibility Committee. The said Committee comprises of:
| Sl. No Members | Designation |
| 1 Mr. Mekin Maheshwari | Chairman (Independent Director) |
| 2 Mr. Rajnarayan Ramakrishnan | Member (Independent Director) |
| 3 Mr. Manish Sabharwal | Member (Executive Vice Chairman & Whole Time Director) |
At TeamLease, CSR has been an integral part of our business since its inception, by the very nature of the business being that of a Social Enterprise.
As part of its initiatives under Corporate Social Responsibility (CSR), the CSR Committee has been entrusted with the prime responsibility of recommending to the Board about Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of Companies Act, 2013, the amount of expenditure to be incurred on CSR activities and monitoring the implementation of the framework of the CSR Policy. The CSR Policy has been placed on the Website of the Company and can be accessed through the https://group.teamlease.com/wp-content/uploads/2021/04/TeamLease-Corporate-Social-Responsibility-Policy.pdf.
During the year under review, your Company had allocated a limit equivalent to 2% of the average net profits of its three immediately preceding Financial Years for implementation of CSR activities as per the Companies Act, 2013 totalling to a sum of H 1.70 Crores towards CSR.
Out of the amount of H 1.70 Crores that has been spent this Financial Year on CSR, H 0.85 Crores was contributed towards Research Initiatives of National Council of Applied Economic Research, H 0.57 Crores was incurred towards TLSU assets purchase and the balance amount of H 0.28
Crores was done via NAPs quota/ Internal deployment of Trainees pursuant to MCA circular dated 24.05.2022 on CSR fund for Apprenticeship Training which include expenditure on Basic Training and stipend payable to apprentices, under The Apprentices Act, 1961.
The details along with the statutory disclosures pursuant to Rule 8 of Companies (Corporate Social Responsibility Policy) Rules, 2014 with respect to CSR activities forms part of this Annual Report and is annexed herewith as Annexure V.
29. Policy on Preservation & Archival of Documents
This Policy is implemented as per Regulation 9 read with Regulation 30(8) of the SEBI LODR Regulations, 2015, for preservation of the documents inter alia to aid the employees in handling the documents efficiently either in physical form or electronic form. This Policy is intended to provide guidelines for the retention of records, preservation of relevant documents for such duration after which the documents shall be archived and safe disposal/ destruction of the documents. This Policy is available on the Companys website https://group.teamlease.com/ wp-content/uploads/2021/04/TeamLease-Preservation-of-Documents-and-Archival-Policy_Final.pdf. It not only covers the various aspects on preservation, but also archival of documents.
30. Business Responsibility and Sustainability Report
Pursuant to Regulation 34(2)(f) of the SEBI LODR Regulations, 2015, the Business Responsibility and Sustainability Report (BRSR) of your Company for the FY 2024-25 is set out in pages 192-242 and forms an integral part of this Annual Report.
31. Particulars of Contracts or Arrangements made with Related Parties
The Company in the normal course of its business enters into Related Party Transactions with its Subsidiaries and/or Group Companies. The Company has a robust framework in place for identification and monitoring of such Related Party Transactions.
All transactions entered with Related Parties for the year under review were on arms length basis and thus a disclosure in Form AOC-2 in terms of Section 134 of the Companies Act, 2013 is not required. Further, there are no material Related Party Transactions during the year under review with the Promoters, Directors or Key Managerial Personnel(s) (KMP(s)). All Related Party Transactions are mentioned in the notes to the accounts. The Company has developed a framework through Standard Operating Procedures for the purpose of identification and monitoring of such Related Party Transactions.
Company has formulated a Policy on "Materiality of Related Party Transactions" and on "the process of dealing with such transactions", which are in line with the provisions of Section 188 of the Companies Act, 2013 and Regulation 23 of SEBI LODR Regulations, 2015. The same is also available on the web-link: https://fe189aae. delivery.rocketcdn.me/wp-content/uploads/2025/01/ TeamLease-Policy-on-related-party-transactions.pdf. Prior omnibus approval from the Audit Committee is obtained for transactions which are repetitive and also normal in nature. Further, disclosures on related party contracts and arrangements are made to the Audit Committee and the Board on a quarterly basis. During the year under review, there were no material Related Party Transactions under Regulation 23 (4) of SEBI LODR Regulations, 2015 entered into by the Company, which necessitates approval of Shareholders.
None of the Directors have any pecuniary relationship or transaction with the Company except for receiving remuneration/sitting fees.
32. Disclosures of Transactions of the Listed Entity with any Person or Entity belonging to the Promoter/Promoter Group which hold(s) 10% or more Shareholding in the Listed Entity, in the format prescribed in the relevant Accounting Standards for Annual Results
Your Company has not entered into any transactions with any person or entity belonging to Promoter/Promoter Group holding 10% or more of the shareholding in your Company. Therefore, the same is not applicable to your Company.
33. Extracts of Annual Return
Pursuant to Section 134 and Section 92 of Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014, the details https://group. teamlease.com/investor/teamlease-annual-return/.
34. Credit Ratings
The Company continues to maintain its credit ratings.
Pursuant to Schedule V, Part C of SEBI LODR Regulations, 2015 read with Amendments thereof, it is informed that the Company continues to maintain its credit ratings.
The Credit Rating Information Services of India Limited (CRISIL) & Investment Information and Credit Rating Agency (ICRA) has continued to assign the ratings to the Companys various credit facilities and debt instruments during the Financial Year 2024-25 and they are as below:
| Long-term Fund-based Facilities | 150.00 Crores | Rated ICRA A (Stable) |
| Long-term – Non- fund Based | 38.00 Crores | Rated ICRA A (Stable) |
| Facilities Bank loan rating for bank facilities | 195.00 Crores | Long-term rating of CRISIL A/Stable and short-term rating of CRISIL A1 is assigned by CRISIL. |
35. Directors Responsibility Statement
Based on the framework of internal financial controls established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors and external agencies, the reviews performed by Management and the relevant Board Committees, the Board, with the concurrence of the Audit Committee, is of the opinion that the Companys internal financial controls were adequate and effective as on March 31, 2025.
To the best of knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134 of the Companies Act, 2013:
(i) that in the preparation of the Annual Accounts for the year ended March 31, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
(ii) the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the profit of the Company for the year ended on that date;
(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis;
(v) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
(vi) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
36. Compliance with Secretarial Standards
The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.
37. Listing on Stock Exchange
The Equity Shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited since 2016.
38. Suspension of Securities of the Company
The securities of the Company have not been suspended from trading in any of the Stock Exchanges.
39. Details of Significant and Material orders passed by the Regulators or Courts or Tribunals Impacting the Going concern status and Companys operations in future
During the year under review, there were no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Companys operations in future.
40. Shares
A1. Share Capital
As on March 31, 2025, the Authorized Share Capital of the Company is H 2,330.00 Lakhs and Paid-up
Share Capital is H 1,676.89 Lakhs.
The Company does not have any outstanding paid up preference share capital as on date of this report. During the year under review, the Company has not issued any shares. The Company has not issued shares with differential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company. Further, during the year under review, none of the promoters acquired or off-loaded any shares of the Company.
Non-Executive Director, Ms. Rituparna Chakraborty held 70,643 Shares, Mr. Narayan Ramachandran; Non-Executive Chairman and Lead Independent Director held 9,835 Shares and Mr. Subramaniam Somasundaram; Independent Director held 28 Shares in the Company as on March 31, 2025.
B. Buy Back of Securities
The Company has not bought back any of its securities during the year under review.
C. Sweat Equity
The Company has not issued any Sweat Equity Shares during the year under review.
D. Issue of Bonus Shares
The Company during the year under review has not issued/ allotted any bonus shares.
E. Employee Stock Option Plan (ESOP)
Nomination and Remuneration Committee of the Board, inter alia, administers and monitors the Companys Employees Stock Option Plan (ESOP Plan) in accordance with SEBI (Share Based Employee Benefits) Regulations, 2014 (SBEB
Regulations). The ESOP Plan is implemented through TeamLease ESOP Trust (ESOP Trust).
As on March 31, 2025, the ESOP Trust held 6,050 Equity Shares of the Company. During the year ended March 31, 2025 there has been no material change in the Companys existing plan and the plan is in compliance with SBEB Regulations. Note 37 of Standalone Financials Statements to be referred for information as required under SBEB Regulations read with SEBI Circular CIR/CFD/POLICYCELL/2/2015 dated June 16, 2015.
(a) any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during that year stands NIL; and
(b) identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant stands NIL
The Company has received a certificate from the Secretarial Auditor of the Company that the ESOP Plan has been implemented in accordance with SEBI Share Based Employee Benefits (SBEB) Regulations, 2014 and in line with the resolutions passed/ approved by the Shareholders in this regard. The said Certificate shall be available at the Annual General Meeting for inspection by the Members.
Detailed disclosure on ESOP is hosted in the website at https://group.teamlease.com/investor/ esop-declarations/.
41. Particulars of Employees
The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is furnished in Annexure VI of the
Boards Report.
Pursuant to Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 20 14 the particulars of top 10 employees in terms of remuneration drawn are available for inspection by the shareholders. Further, the Annual Reports are being sent to the Members excluding the aforesaid particulars. In terms of Section 136 of the Act, the said particulars are open for inspection at the Registered Office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary at corporateaffairs@teamlease.com.
42. Disclosure under Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013
At TeamLease Services Limited, all employees are of equal value. There is no discrimination between individuals at any point on the basis of race, colour, gender, religion, political opinion, national extraction, social origin, sexual orientation or age. All employees (permanent, contractual, temporary and trainees) are covered under this policy. The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The following is a summary of sexual harassment complaints received and disposed off during the year under review. The same were investigated in accordance with procedures prescribed and adequate steps were taken to resolve them.
| Members | Numbers |
| No. of complaints received during the Financial Year 2024-25: | 29 |
| No. of complaints disposed off during the Financial Year 2024-25: | 26 |
| The number of cases pending for a period exceeding ninety days: | 9* |
*Closure of certain cases was delayed due to extended investigation timelines and coordination requirements.
43. Disclosure under Maternity Benefit Act, 1961
Your company complies with the provisions under the Maternity Benefit Act, 1961 and provides all applicable benefits to eligible employees.
44. Human Resources
The Human Resource function works as a strategic partner of the business.
The Company has all required policies under the required laws for the time being in force and as required under the Companies Act, 2013 and SEBI LODR Regulations, 2015 the policies pertaining the Code of Conduct and Business Ethics Policy for employees, senior management team and directors, Policy on Succession Plan and Prevention of Sexual Harassment Policy as required under the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, Whistle Blower and Vigil Mechanism Policy, Anti-Bribery Policy, Policy on Insider Trading as required under SEBI Prohibition of Insider Trading Regulations, 2015 and subsequent Amendments made thereon, etc. and all the Policies/Codes have been uploaded in the Website of the Company https://group. teamlease.com/investor/policies-and-guidelines/.
Your Company ensures that employees are aligned with the organizational culture and values whilst never losing sight of our business objectives.
Technical and safety training programmes are given periodically to workers. The Company has a robust performance evaluation process through which individual goals are aligned to organizational goals so that the individuals and the organisation grow in tandem.
During the year under review, the Industrial relations remained generally cordial.
45. Statutory Disclosures
None of the Directors of your Company are disqualified as per the provisions of Section 164(2) of the Companies Act, 2013. Your Directors have made necessary disclosures, as required under various provisions of the Companies Act, 2013 and SEBI LODR Regulations, 2015.
The Company has received a Certificate pursuant to Schedule V(10)(i) of SEBI LODR Amendment Regulations, 2018 from Mr. Mukesh Siroya, M Siroya & Company, Practicing Company Secretaries, Mumbai, bearing Membership Number: 5682, that none of the directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority during the period under review.
The certificate is annexed to the Boards Report as Annexure VII.
46. Change in Nature of Business
There has been no change in the nature of business of the Company. Your Company continues to one- stop provider of human resources services to various industries and diverse functional roles, offering staffing, payroll processing, recruitment, compliance and training services. Your Company set in motion the larger Company mission of ‘Putting India to Work by focusing on its vision of 3 Es – Employment, Employability and E-workforce.
47. Cyber Security
TeamLease strictly practices the principles of ‘Security by Design and ‘Privacy by Design and has a well-defined information security and data privacy framework. A comprehensive ISMS (Information Security Management System) has been designed as per ISO27001:2013 and NIST Risk Management Framework and the privacy controls have been designed as per GAPP (Generally Accepted Privacy Principles).
48. Declaration on Code of Conduct
The Company has adopted the Code of Conduct for all its Senior Management Personnel and Directors and the same is affirmed by all the Board Members and Senior Management Personnel as required under Regulation 34 read with Part D of Schedule V of the SEBI LODR Regulations, 2015. A declaration signed by Mr. Ashok Reddy, Managing Director of the Company affirming the compliance with the Code of Conduct of the Company for the Financial Year 2024-25 as set out in Corporate Governance Report in pages 135-188 of this Annual Report.
49. MD and CFO Certification
As required by SEBI LODR Regulations, 2015, the Managing Director and Chief Financial Officer have given appropriate certifications to the Board of Directors and the same forms part of the Corporate Governance Report.
50. MOA & AOA
During the year under review, there is no change in the Memorandum of Association and Articles of Association of the Company.
51. Cautionary Statement
Statements in this Boards Report and Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include changes in Government regulations, Tax regimes, economic developments within India and other ancillary factor.
52. Integrated Reporting
The Company being one of the top companies in the country in terms of market capitalization, has voluntarily provided Integrated Report, which encompasses both financial and non-financial information to enable the Members to take well informed decisions and have a better understanding of the Companys longterm perspective. The Report also touches upon aspects such as organisations strategy, governance framework, performance and prospects of value creation based on the six forms of capital viz. financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital and natural capital.
Reporting boundary and period
This Integrated Annual Report includes the Statutory Reports, Audited Financial Statements, and covers the financial and non-financial performance of our operations for the period April 01, 2024, to March 31, 2025 (unless otherwise stated).
Reporting on ESG
This Integrated Report provides an integrated view of how we embed sustainability into our business strategy, decisions, and operations. The Report contains our ESG commitment, outlook, and impact. It is guided by priority sustainability topics identified through a comprehensive stakeholder engagement.
Reporting frameworks
This Integrated Report has been prepared in reference to the Guiding Principles and Content Elements of the International Framework of the International Integrated Reporting Council and the Global Reporting Initiative (GRI) Standards 2021. The Report also includes the Business Responsibility and Sustainability Report (BRSR), prepared in accordance with the guidelines issued by the Securities and Exchange Board of India (SEBI).
Responsibility statement
This report is a fair representation of our Companys financial, non-financial, sustainability, and operational performance for FY 2024, and has been approved by the Board. Assurance on Financial Statements has been provided by the Statutory Auditors, M/s. S. R. Batliboi
& Associates LLP on pages 255-398 of this Integrated Annual Report.
53. General
Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these matters during the year under review:
No proceeding pending under the Insolvency and Bankruptcy Code, 2016.
No instance of one time settlement with any Bank or Financial Institution.
54. Acknowledgements
Your Directors sincerely thank the Central and State Government Departments especially the Ministry of Labour, for the help and co-operation extended by them during the year. The Directors place on record their sincere appreciation towards various organizations and agencies for their continued support. Your Directors also gratefully acknowledge all stakeholders of the Company viz. Shareholders, customers, dealers, vendors, banks and other business partners for the excellent support received from them during the year.
Your directors also wish to place on record their appreciation for the contribution made by the employees at all levels for their unstinted commitment and continued contribution to the Company. Our consistent growth was made possible by their hard work, solidarity, co-operation and support.
| For and on behalf of Board of Directors | ||
| Ashok Reddy | Subramaniam Somasundaram | |
| Place: Bangalore | Managing Director | Independent Director |
| Date: May 21, 2025 | DIN: 00151814 | DIN: 01494407 |
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