TeamLease Services stock surges ~2% post Q1FY23 performance

28 Jul 2022 , 09:16 AM

TeamLease Services Limited has announced its results for the first quarter (Q1FY23) of the Financial Year ending March 31, 2023.

Highlights of Q1FY23:

• At the group level, headcount and revenue grew over 30% on a YoY basis & 3% QoQ during this fiscal year. PBT improved from Rs24cr in Q1FY22 compared to Rs.28cr in Q1FY23, however, margins have dropped on account of an increase in associate salaries and investments in core teams. 
• General Staffing: We have added net 13k headcount in Q1FY23 with growth of 6% on QoQ basis and 30% on YoY basis. Revenue up 4% QoQ and 37% on YoY basis. 
• Degree Apprenticeship (NETAP): headcount is down by ~5k on back of absorption by a large client. Headcount grew by 30% on a YoY basis. 
• IT Staffing: headcount higher by 3% on QoQ basis and 25% on YoY basis. Revenue is flat on QoQ basis on account of product mix and higher by 26% YoY. 

Ashok Reddy, Managing Director, TeamLease Services Limited said, “The company has crossed 2 lakh billable headcount in staffing business with a net addition of 13k associates during Q1FY23. Our hiring capabilities over the last few years have increased substantially with over 50% of own hiring.

Our various businesses have acquired 125 new logos with a rigor on new client acquisition, hiring and service delivery. Volume growth and margin expansion continue to remain the primary goals for the company in upcoming quarters. ”

On Thursday morning trade, Team Lease Services was trading at Rs3765.75 per share 1.75% on the BSE.