Team Lease Services Ltd Management Discussions.

Indian Economic Scenario

The Indian economy is one of the fastest-growing emerging economies and is the 5th largest economy in the world in terms of GDP. Owing to various global as well as domestic factors, Indias GDP growth declined to 4.2% in FY 2019-20. This decline was primarily driven by slowdown in the manufacturing and construction sector as well as a decline in consumption.

Despite the slowdown, the country has improved its ranking in World Banks ‘Doing Business report and stood at the 63rd position in CY 2019, in comparison to its 142nd rank in CY 2014. This improvement was largely on account of measures such as corporate tax rate cuts, easing manufacturing policies to boost the ‘Make in India campaign and infusion of Rs 70,000 crore in public sector banks. With these initiatives, the PMI for the month of January 2020 rose to 55.3, taking it to an eight-year high.


The recent outbreak of Covid-19, which led to a country wide lockdown to curtail the spread of the virus, has posed a challenge and has altered the outlook for the Indian economy. The economy is further expected to experience slowdown and is projected to grow by a modest 1.9%1 in FY 2020-21. India and China appear to be the only two major economies likely to register growth with all other economies contracting to negative growth rates. The Government of India and the Reserve Bank of India (RBI) are nevertheless continuously working in tandem to revive the economy by addressing the demand side contraction and all efforts are being made to enhance rural incomes. Fiscal as well as monetary stimulus have been introduced by the government such as the Rs 20 lakh crore relief package. The measures are expected to decelerate this slowdown and help the economy grow in future. With these measures in place, the economy is expected to register a growth of 7.4%1 in FY 2021-22.

Industry Overview

Global Staffing Industry

Global staffing industry is projected to grow by 3% to reach $514 billion, marking a slight improvement over 2019 from $499 billion. The staffing industry is generally correlated with GDP growth, the stronger the economy, the stronger the staffing market. However, there are other important factors like regulatory changes that affect the industry.2

Developed Economies

The US staffing market is expected to achieve another year of single digit growth. This is largely due to scarcity of candidates across most occupations and trade uncertainty driving contraction in sectors such as manufacturing. The European region is expected to show some revival and the downward trend is expected to reverse. Of the major European staffing markets, Spain is expected to experience the strongest growth followed by the UK. Although, UK governments departure from the European Union may have an impact. The Japanese staffing market is also expected to grow at the same rate as 2019.

Emerging Markets and Developing Economies

The major markets with the strongest growth prospects will be China and India and are expected to grow by 18% and 10%, respectively. Other smaller markets in the APAC region and Latin American markets are also likely to achieve double digit growth.

However, given the current economic malaise created by the recent outbreak of COVID-19 has impacted manufacturing, services sector is expected to do better in comparison. Staffing markets with a greater balance of professional jobs (example – US, UK) have generally been less vulnerable to the macro headwinds than those with a dominant share of industrial occupations. Although the impact of the pandemic could be widespread and may hint towards a global slowdown, the markets are however expected to revive soon after the outbreak backed by fiscal and monetary stimulus packages announced by the economies globally.

Table 1: Growth forecast of the largest staffing markets

2019 2020
Global 2% 3%
US 3% 3%
UK 1% 3%
Japan 3% 3%
China 18% 18%
India 11% 10%

Indian Staffing Industry

The Indian staffing industry has grown to an extraordinary level, especially in the area of being a third-party payroll service provider. Staffing in India has shown much activity with the growth of business & commerce and is poised to make a giant leap in the coming years. The staffing industry in India essentially provides a platform for recognized employment, work choice, reasonable compensation, annual benefits, and health benefits for the temporary workforce. The industry is projected to grow by 10% in CY 2020 from 11%3 in CY 2019. While many jobs are being created, old jobs are being eliminated or replaced. Further, increasing government spending on infrastructure, growth in e-commerce, initiatives like Make in India and emerging start-ups are facilitating the creation of new jobs in the market. This implies that the employment landscape is majorly driven by government policies, demographic changes, a rising Industry 4.0 and increasing globalisation. These factors will have an insurmountable impact on industries such as BFSI, automotive, pharma and IT. These industries have already started showing a rise in the adoption of evolutionary technologies and have reported both a considerable change in existing job roles as well as creation of new jobs. For instance, the automotive sector has witnessed the role of a welder being eliminated due to efficient applications of big data analytics and robotics. Industries are looking for people with renewed skillsets and professional attitudes, which they often find is not available in the current talent market. This demand is led by the increasing opportunities with the emergence of digital innovation.

Figure 1: The 4 industrial revolutions

Indias largest demographic – The Millennials

India is home to the worlds largest population under the age of 25 years, around 600 million people. The countrys largest demographic cohort – the millennials – belonging to the age bracket of 18-35 years, contribute nearly one half (~47%) of the countrys working population and is likely to remain the largest chunk of the Indian workforce in the foreseeable future. In addition to growing the size of the job market by creating new opportunities, it is crucial for the country to sufficiently equip these people with skills that enable them to seize these opportunities. Hence, millennials (and Generation Z, or the young demographic cohorts in general) should be encouraged as innovators, leaders, decision-makers, and the creators of ‘future India.

Reviving the role of Indian women at the workplace

The economics of bringing more women to the workplace has been established time and again as women constitute nearly ~48.1% of the total population of India. In order to monetize this vast pool and to enhance GDP growth, it is imperative to propel the participation of more women in the workforce. To bring this percentage at par with the global average, over the next 10 years, will be crucial for the industry. At present, only about 25% women are working. However, this number is expected to increase and the government has introduced several initiatives for incentivizing women employment under schemes such as MGNREGA, PMEGP and MUDRA. Along with that, ensuring safety at workplace and assertive policies like flexible working hours, upskilling programs for senior roles and mentorship for career growth can help attract women to work.

Major hiring trends expected in 2020

AI to become a standard tool for recruiters – In recent years, Artificial Intelligence (AI) powered HR solutions have become extremely popular. AI has significantly increased efficiency in hiring, removing the need for managers to manually browse through hundreds of applications. This provides hiring teams an opportunity to perform other tasks such as recruitment marketing, mentorship & training programs for candidates. In 2020, AI integration will be used across employee-facing applications and software to drive productivity and engagement within the organization. Further, virtual assistants powered by AI will be widely used at the workplace.

Growing usage of data analytics – Data analytics is anticipated to be widely used by HR teams to increase productivity, innovation, and revenue at the workplace. This will drive up the role and importance of data driven strategies and will facilitate the creation of employee-centric environments. For instance, HR personnel will be able to understand employee behavioural patterns with regard to retention, recruitment, development & engagement, satisfaction, performance and productivity, by accessing the organizations huge employee database. Along with that, HR managers can also track metrics such as offer acceptance rate, training expenses per employee, turnover rate, human capital risk, and revenue per employee. Data from these key metrics will improve employee experience, reduce attrition and make the workforce more productive. This may also help HR departments to identify future risks and vulnerabilities in the organization to find effective solutions for various problems.4

Increasing emphasis on background checks – The HR industry is collectively working to create a master blacklist to counter inaccuracies in candidate CVs and it is expected to be completed by June 2020. The list will include major and minor discrepancies in a candidates resume. The report is important as data shows that candidates frequently misrepresent their employment information. Further, the blacklist will be used to select qualified candidates and prevent incompetent employees from joining the workforce. Multinational companies now conduct background checks before hiring selected candidates and it is likely to be prevalent in the industry in the coming years.5

Demand for digitally skilled people set to rise– Demand for super-specialized skills like data science, analytics, AI, machine learning, NLP, data visualization, robotics and blockchain has been growing consistently. Candidates trained in these fields are in great demand and leading companies are ready to hire skilled employees at entry levels also. With an increasing cost pressure and an uncertain business environment, many companies may limit hiring processes but, the demand for tech-based jobs are likely to double in 2020.

Start-ups to contribute to hiring index – Start-ups are likely to increase the headcount in workplaces owing to their aggressive expansion and growth plans. Furthermore, hiring in technically skilled roles will propel the demand for niche skills.

Flexi Staffing Industry

The flexi staffing segment in India is gradually growing, especially with large companies concentrating on reducing wage costs. Start-ups, on the other hand, are willing to hire executives for short periods. Owing to these emerging trends in the staffing industry, flexi staffing is expected to grow by 22.7% between 2018 and 2021, to reach 6.1 million employees.6 Logistics, BFSI, IT/ITeS, retail and government will account for around 55% of the flexi labour workforce in 2021.7 The industry, which is at a nascent stage in the country, is likely to get a boost from the new labour reforms pursued by the government.

Flexi-staffing offers an interesting proposition for both employees as well as employers. While employees have the option to work as and when they feel like, companies have an option to recruit ‘on a need basis, rather than on a permanent basis. Also, companies can hire extra employeesaccordingtotheirrequirementandemployees stand to gain much needed experience and training within short periods. Recruitment and replacement also becomes easier with temporary staffing solutions. The flexi-staffing segment grew at 16.3% to reach 3.3 million in 20188 and this acceleration was mainly on account of government reforms related to the Goods and Services tax (GST) and demonetisation in 2016.

Offering efficient business solution – The demand for emerging technology such as Artificial Intelligence, Machine Learning and Big Data is quite high in the IT industry. Based on project requirements, companies can hire flexi-staffing staff to meet varied requirements. A flexi-workforce also allows a company to retain its competitive edge. E-commerce companies also prefer flexi-staff to meet their seasonal requirements.

Labour reforms - Labour reforms are likely to aid the staffing sector and bolster growth. Labour reforms like the New Wage Code and the National Floor Minimum Wages are expected to be introduced in the short term and it is expected to favour people bound by contractual employment terms [like abolishing The Contract Labour (Regulation & Abolition) Act, 1970]. It will also increase the adoption of flexi-staffing. Although, many companies are now apprehensive about the flexi-staffing culture, new laws and labour reforms are likely to make the process transparent and simple. Global push for a Gig economy – The gig economy is redefining work culture across the globe. With an increasing demand for flexible working hours and the ability to work from anywhere in the world, the flexi-staffing industry is likely to immensely benefit in times to come. It will also improve availability of freelancers, adding a new dimension to this segment. Benefits of the flexi-staffing trend – With about 83% of the total workforce in India working in the informal sector, labour reforms are expected to have a profound impact on the flexi-staffing industry. India has one of the largest staffing markets globally and due to policy reforms around 11.03 million jobs shall be formalised by 2021. Along with that, introduction of GST and demonetisation have also significantly contributed to the overall flexi-staff size.

IT Flexi Staffing Industry

With more companies reducing their bench strength, removing people who are not working on ongoing projects, the Indian IT industry is renewing its push towards flexi staffing. The sectors flexi workforce is expected to grow to 720,000 by 2021 from half a million in 2018, registering an increase of 44%.9 This is largely driven by increasing demand for digital technology skills, a waning bench and cost-efficiency mandates. Growth in flexi workforce is helping to deliver projects faster and is also shifting the trend beyond legacy businesses, thereby prompting automation across ranks and employee operation levels.

People with skills in artificial intelligence, machine learning and other emerging skills want to be a part of the gig economy and companies are also seeking faster deployment for certain niche skills. Enterprises today have realised that the future of work will be much more technology driven. Flexi staffing is becoming a way of life for many as more organisations, both in technology and non-technology sectors, see a fast-paced shift. Demand for niche skills is rising as the challenge to find the right talent becomes quite difficult. Given the changing industry dynamics, businesses that adopt subcontract and flexi hiring models will be at an advantage.

Graph 3: Impact of reforms on Flexi staffing (values in millions)

Number of jobs accounted to Flexi for Reforms

Key drivers for adoption of Flexi Workforce: -

Niche skill requirements on project basis Reduced bench strength Irregular flow of assignments

Increasing cost for non-core activities like customer support and administration Government push for technology adoption in states like Andhra Pradesh, Karnataka and Maharashtra With emerging technologies such as AI and Big Data, new skill requirements are fulfilled by flexi-staffing solutions Helps to retain competitive edge without massive investments

Online Recruitment Industry

To cope with an evolving recruitment industry, recruitment companies in India are constantly changing hiring practices. E-hiring or online recruitment of employees is picking up pace and popularity across the globe, due to the convenience it provides to job aspirants as well as employers. Due to the unforeseen circumstances created by the Coronavirus pandemic, the recruitment industry in general has been impacted. As result, companies are now resorting to online portals and intelligent automated systems with a virtual screening environment to conduct remote interviews.

Companies have established virtual platforms to help talent acquisition teams stay in touch with candidates, conducting the entire process via video calls to connect with candidates in real time. This has provided a significant boost to the online recruitment industry in India.

Graph 4: Expected Flexi Workforce in IT & ITeS (In millions)

Skilling Industry

Skill requirement

Indiastotalpopulationis1.38billion10anditsdemographic composition makes it one of the ‘youngest countries in the world. A majority of its population belongs to the 15-59 years age group. However, only about 2% of the total workforce have undergone formal skills training. The country has a great opportunity to meet future demand and become a hub for skilled workforce. Along with an ever-increasing problem of labour migration, from agriculture to manufacturing & services, reaching out with skills training for a million plus people can be a huge challenge. The Government of India has launched a number of schemes to empower the young, but there is a need for effective implementation of schemes at the grass root level, with equal participation from all stakeholders.

Initiatives taken by the Government of India for Skill development

Pradhan Mantri Kaushal Vikas Yojana - The flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE), Pradhan Mantri Kaushal Vikas Yojana (PMKVY), enables a large number of Indian youth to take up industry-relevant skill training that can help them to secure a better livelihood.

Skills Acquisition and Knowledge Awareness for Livelihood (SANKALP) – This project is designed to operationalise the sub-missions under the National Mission. It is a centrally-sponsored scheme with a project outlay of $675 million, including World Bank assistance of $500 million.

Entrepreneurship Development Programme (EDP) under PMEGP – It is a scheme offered for Prime Ministers Employment Generation Programme (PMEGP) beneficiaries and focuses directly on skill development needed for entrepreneurship. It does this through Rural Development and Self Employment Training Institutes (RUDSETI)/(RSETIs) and Khadi and Village Industries Commission (KVIC), KVIB training centres as well as other national level Entrepreneurship Development Institutes (EDIs).

Skills Strengthening for Industrial Value Enhancement (STRIVE) - This scheme is a World Bank assisted - Government of India project which seeks to improve the relevance and efficiency of skills training provided through Industrial Training Institutes (ITIs) and apprenticeships.

Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDUGKY) - Started by the Ministry of Rural Development (MoRD), this scheme is a part of the National Rural Livelihood Mission (NRLM) tasked with dual objectives of adding diversity to the income of poor families in rural areas and catering to the career aspirations of rural youth.

RegTech (Regulatory Technology) Industry


The Global RegTech market revenue is expected to reach $16 billion by 2025 from $ 6.3 billion in 2020.11 Companies in the banking and financial services sector operate in a highly regulated environment and continuously face new regulations to prevent money laundering and restrict terrorist funding. In the event of non-compliance, financial institutions such as banks have to pay hefty fines. As a result, over the last couple of years, the FinTech industry has realized the importance of RegTech software to simplify and implement regulations for financial institutions. This software offers solutions that include compliance management, reporting, identity management, and risk management. The RegTech market growth is primarily driven by various factors, such as the increased cost of compliance, rising need for faster transactions, regulatory sandbox approach to support RegTech innovations, and lower entry barriers with Software as a Service (SaaS)-based offerings.

Traditional tools for compliance have been found to be quite inadequate for responding to regulatory changes. RegTech is expected to largely impact the financial service organizations as they need to strictly adhere to compliances and monitor transparency in monetary transactions to avoid huge penalties. However, the adoption rate of RegTech is not uniform across the market. Europe has the highest adoption rate due to its strict rules and regulations. But in the coming days, RegTech is expected to be adopted by various countries in the Asia Pacific region, in places such as India, Singapore and Hong Kong.


Indian FinTech continues to be regulated by newer laws, leading to a growing prominence of the Regulatory Technology space. As per Tracxn, private investment in this space has increased to $43.5 million in 2019, as compared to $7.26 million in 2018, marking an increase of over five times. It is an extremely efficient and cost-effective mechanism for managing regulatory processes.

RegTech, with the use of cloud computing and software-as-a-service (SaaS), is helping financial institutions with regulatory reporting, monitoring, and compliance.

Due to changing compliance and regulation frameworks, Indian companies have swiftly adopted technology to avoid problems. Companies with in-house RegTech are better equipped to deal with challenges, creating a solid demand for RegTech in India. Exponential growth of digital transactions poses several threats associated with money laundering and other fraudulent activities. RegTech companies are set to play a crucial role in safeguarding interests of financial institutions and delivering substantial return on investments through effective risk & compliance management, facilitating KYC management through AI & automation. While the importance of RegTech is slowly being realized by companies, regulators in India have also started to acknowledge the issue. Market regulator SEBI also intends to set up of a committee to understand the usage of RegTech in the country.12


Indias employment landscape in the coming years will be significantly influenced by increasing globalization, demographic changes, emerging technologies, regulatory frameworks and geopolitical scenarios. The Government of India plans to increase investments to foster skill development in the country. Initiatives like Skill India and various efforts to ramp up micro-entrepreneurship models and the start-up ecosystem augur well for the growth of this sector.

In addition, organizational structures and operations are rapidly changing with a shift in the technology environment. Repetitive and low-skilled jobs are increasingly being automated using technologies like Robotics, Artificial Intelligence and Machine Learning. New arrangements are being made for the labour market through the ‘Gig economy, by introducing key emerging digital technologies. The Gig economy operates beyond corporate boundaries, encompassing short, flexible and part-time work. All these changes certainly pose an increased threat for workforce replacement and therefore, it is time to identify and understand the requirements of a changing employment landscape.

In times to come, industries such as e-commerce and BFSI are expected to ramp up hiring. Moreover, the countrys sunshine sector, IT along with ITeS, BPO and KPO is also expected create multiple job opportunities in 2020. (For details refer graph 5). However, the overall hiring sentiment in India is likely to witness an adverse impact in the short term with 60-65% of interviews getting delayed, especially in the services sector, following the slowdown across industries triggered by the coronavirus pandemic. With industries such as hospitality and consumer durables taking a hit, hiring is expected to suffer some collateral damage although, fiscal and monetary policy measures adopted by the Government of India will help decelerate the negative impact of the pandemic and help revive the economy.

Graph 5: Hiring intent in 2020 by industry

Corporate Overview

A Fortune 500 company, TeamLease Services is one of Indias leading people supply chain companies. The Company offers a wide range of solutions to over 3500 employers to ensure efficiency in their hiring processes, improve employee productivity and empower them with tools to overcome challenges. The Company delivers staffing services across sectors such as Consumer Goods and Durables, Chemicals, Manufacturing, Media and Telecom, Retail, Banking, Financial Services, Insurance, e-commerce, Pharmaceuticals and Healthcare. TeamLease has hired over 18 lakh employees since its inception in 2002 and has over 2 lakh open jobs. The Company also operates Indias first Vocational University and a PPP National Apprenticeship Program. It offers solutions across the 3Es, employment (over 1.5 lakh employees), employability (2 lakhs+ students) and E-workforce (1000+ employers), to large, medium and small businesses across the country.

The Company in partnership with the Government of Gujarat has setup TeamLease Skills University (TLSU), which is the countrys first vocational university, at Vadodara. At present, the Company has over 2 lakh associates/trainees spread across the country in over 7000+ locations across the country.

Financial Highlights

Particulars FY 2019-20 FY 2018-19 Comments
Revenue 5,20,072.26 4,44,759.94 16.93%
EBITDA 9,300.92 9,408.48 (1.14)%
PAT 3,497.53 9,803.00 (64.32)% (*)
EPS 20.46 57.34 (64.32)% (*)

(*)Refer note 11(Note 1) to the Consolidated Financial Statements)

Key Ratios

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations 2018, the Company is required to provide details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefor. The key financial ratios are given below:

Ratios FY 2019-20 FY 2018-19
Debtor Turnover 4.45 4.36
Current Ratio 0.99 1.15
Debt Equity Ratio 1.19 1.02
Operating Profit Margin 1.17% 2.12%
Net Profit Margin 0.67% 2.20%
Return on Net Worth 6.11% 18.18%

Risk Management

Risks Mitigation
Changing economic and geopolitical conditions With a robust business strategy, the Company embraces advanced technology to achieve the next level of growth. To manage and efficiently operate the business, the Company adopts a balanced approach to adapt to changing circumstances while retaining its agility to deal with clients and candidates. The ongoing digital transformation creates opportunities for innovative HR solutions and the Company seeks to reiterate its position as a leading HR service provider with its unique capabilities.
Macroeconomic volatility and geopolitical uncertainty continue to affect employment regulations, talent mobility, and consumers views on temporary employment as well as recruitment outsourcing. These could increase business cost and possibly reduce demand.
Attracting and Retaining Clients The Company emphasizes the importance of acting as a partner to clients to help meet their workforce requirements. To ensure efficient services, client Net Promoter Score (NPS) is measured regularly. The results are thereafter used to train and support sales teams, to draft and execute sales action plans, and to further improve the services delivered by the Company. At the same time, efforts to improve the delivery channels and optimise sales processes are undertaken to enhance client attraction and retention.
The results and prospects of the Company depend on attracting and retaining clients. Client satisfaction, on the basis of services delivered, is a key indicator of client retention and therefore, needs to be monitored closely.
Talent acquisition and retention The Company aims to attract the best talent through traditional as well as online recruitment platforms. The Company not only ensures career development through recruitment, it also provides adequate training with reskilling and upskilling opportunities. It helps candidates to secure jobs in lucrative fields such as the digital and IT industry. The Company also regularly measures candidate NPS to identify and respond to their requirements.
The Company depends on its ability to attract and retain candidates and associates who possess skills and expertise to meet varied client needs. With talent shortage in certain highly qualified skill sets, finding suitable associates may be challenging.
Compliance with regulatory framework, legal requirements and codes of conduct Compliance with labour legislation and regulations is integral to the Companys business. The Company remains accountable to all its stakeholders under the legal and regulatory requirements applicable to its business. It is committed to assure the highest standards of integrity, fairness, ethical behaviour and transparency in its business. The Company ensures that its governance and compliance structures function effectively, independently and objectively, abiding by regulatory and legal obligations.
The HR solutions industryope rateswithinanappropriate regulations framework designed to be beneficial for society, workers, private employment agencies and their clients. A changing political environment might lead to inappropriate or unbalanced regulation, potentially impacting the Companys business model.


Risks Mitigation
Data protection and cyber security TeamLease Group is continually investing in processes and systems that ensure cyber security. With investments in compliance resources, business processes and technology, the Company complies with relevant data privacy principles, as per established laws. To mitigate risks, a privacy strategy has been defined and it embeds security in day-to-day operations, ensuring compliance with applicable laws and the Company aims to utilize these strategies as a competitive advantage.
With increasing digitalisation, the ability to provide a data environment that abides by the highest security and regulatory standards is critical. Any failure to do so, whether due to a lack of appropriate technology and/ or controls or human error, could result in a loss of trust among candidates, associates, employees and clients.
It may also result in financial penalties.
Technological disruptions The Company has adopted a technology driven business model which enables it to adapt to changing market requirements and stay ahead of competition.
Technological disruption threatens traditional recruitment and staffing procedures. New delivery platforms and non-traditional competitors are gradually making a mark in the market. The Company is making relevant investments in digital programs to support its service portfolio and accelerate demand. It is also relying on technology to successfully recruit candidates for various positions, establishing itself as a differentiated player in a highly competitive space.
Credit risk The Company has established best practices with regard to invoicing and credit control. On a regular basis, the collection status is monitored and reported, with allowances made for expected credit losses. With tighter credit and collection practices, the need for operating working capital is also reduced.
Delay in client payments will lead to greater usage of operating working capital and increased interest costs.
Workplace health and safety The Company has implemented a comprehensive Employee Health & Safety Policy. This policy aims to promote health and safety of employees, with a sharp focus on reducing untoward incidents at the workplace.
Employees work at clients premises, where safety conditions may vary. As a result, the staff may be exposed to hazardous working conditions and it may lead to increased absenteeism, worker strikes and medical expenses. As a trusted HR partner, the Company strives to improve awareness about health and safety procedures among clients and encourages them to follow global standards to improve employee satisfaction and build a reputation in the industry.

Cautionary statement

The statements made in this report describing the Companys objectives, estimations, expectations, projections, outlooks, constitute forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ from such expectations, projections, among others, whether express or implied. The statements are based on certain assumptions and future events over which the Company has no direct control. The Company assumes no responsibility to publicly amend, modify and revise any of the statements on the basis of any subsequent developments, information or events.