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View All NewsIndia – TeamLease Q1 revenue up 21%, announces new board level appointments
TeamLease Services Limited reported INR 13.76 billion (USD 185.3 million) in revenue from operations net of taxes in its fiscal first quarter ending 30 June 2021, up 21% when compared to the same period last year.
General Staffing also reported growth of 21% while Specialised Staffing revenue was up 13.3%.
| (INR millions) | Q1 2022 | Q1 2021 | Change | Q1 2022 (USD millions) |
| Revenue from operations (net of taxes) | 13,767 | 11,364 | 21.1% | 185.3 |
| Total Income | 13,813 | 11,405 | 21.1% | 185.9 |
| EBITDA | 295 | 243 | 21.4% | 3.9 |
| Profit before tax | 266 | 269 | 51.1% | 3.5 |
| Net Profit for the period | 269 | 171 | 57.4% | 3.6 |
Billable headcount has grown by 20%, year on year. Despite the second wave, overall headcount remained flat on a sequential basis.
Ashok Reddy, Managing Director, TeamLease Services Limited, said, “We have managed to sustain our headcount during the second wave across all of our employment businesses. We believe the market opportunity rebounds post Covid and we would drive for aggressive growth through headcount addition.”
| (INR millions) | Q1 2021 | Q1 2020 | Change | Q1 2021 (USD millions) |
| General staffing and allied services | 12,397 | 10,234 | 21.1% | 166.8 |
| Specialised Staffing | 1,143 | 1,008 | 13.3% | 15.3 |
| Other HR services | 227 | 121 | 87.0% | 3.0 |
TeamLease also announced the appointment of Narayan Ramachandran as the new Chairman (non-executive) of the company. Ramachandran is currently the Lead Independent Director and has been on the Board of the company since 2015.
Manish Sabharwal, the Executive Chairman of the Company has transitioned to the role of Executive Vice Chairman.
The company has also inducted Meenakshi Nevatia, Mekin Maheshwari and S. Subramaniam as new Independent Directors on the Board. Ramani Dathi will continue to serve as the Chief Financial Officer of the company.
“Our operating margin has reached pre-Covid levels, and we continue to focus on margin expansion. In our endeavor to the highest standards of corporate governance and board effectiveness, we are moving to a non-executive chairman and expanding our board with diverse independent directors,” Reddy said.
Shares in TeamLease closed yesterday at INR 3,771.95 (USD 50.78), down 2.5% on the day. The company has a market cap of INR 67.24 billion (USD 905.24 million).