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View All NewsIndia – TeamLease Q2 revenue slips 11.7%
TeamLease Services Ltd (TEAMLEASE:NSI), the India-based staffing firm, reported standalone revenue from operations (net of taxes) of INR 10.28 billion (USD 138.3 million), down 11.7% year-over-year in its fiscal second quarter ended 30 September 2020.
| INR millions) | Q2 2021 | Q2 2020 | Change | Q2 2021 (USD millions) |
| Revenue from operations (net of taxes) | 10,285.9 | 11,653.5 | -11.7% | 138.3 |
| Total Income | 10,419.9 | 11,745.6 | -11.2% | 140.1 |
| Profit before tax | 231.5 | 229.8 | 0.7% | 3.1 |
| Net Profit for the period | 207.7 | 226.8 | -8.4% | 2.8 |
The company is primarily engaged in the business of providing manpower services. It operates in the following reportable segments: General Staffing and Allied Services which is comprised of Staffing Operations, Temporary Recruitment and Payroll & NETAP (apprenticeship programme), and Other HR Services which is comprised of Permanent Recruitment, Regulatory Compliance and Training Operations.
Revenue by segment
| (INR millions) | Q2 2021 | Q2 2020 | Change | Q2 2021 (USD millions) |
| General staffing and allied services | 10,197.3 | 11,191.6 | -8.8% | 137.1 |
| Other HR services | 88.5 | 261.8 | -66.2% | 1.2 |
During the period, TeamLease Services announced that it had increased its minority stake in online learning company Schoolguru Eduserve from 40.2% to 76.37%.
Ashok Reddy, Managing Director, TeamLease Services said, “Our swift action on cost rationalisation and business reorganization during lockdown period has helped us continue margin expansion across businesses despite revenue slowdown. We have seen headcount growth in Staffing and NETAP businesses getting back on track from September and hope to continue the momentum for the rest of the year.”
Shares in TeamLease Services closed at INR 2,382.45 (USD 32.05), up 2.69% on the day. The company has a market cap of INR 40.92 billion (USD 550.2 million).