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View All NewsIndia – TeamLease third-quarter revenue down 5%, net profit tumbles 9%
TeamLease Services Ltd (TEAMLEASE:NSI) reported revenue from operations of INR 12.75 billion (USD 174.6 million) for the third quarter ended 31 December 2020, a decrease of 5.6% compared to the same period last year.
| (INR millions) | Q3 2021 | Q3 2020 | % change | Q3 2021 (USD millions) |
| Revenue from operations (net of taxes) | 12,754 | 13,514 | -5.6% | 174.6 |
| Total income | 12,852 | 13,586 | -5.4% | 175.9 |
| EBITDA | 244 | 271 | -9.9% | 3.3 |
| Net profit for the period | 231 | 255 | -9.4% | 3.1 |
TeamLease is primarily engaged in the business of providing manpower services. The company reports in three segments including: General Staffing and Allied Services which comprises of staffing operations, temporary recruitment and payroll & NETAP (apprenticeship program), Specialised Staffing Services – which comprises of IT Staffing Operations and telecom staffing operations and Other HR Services, which comprises of permanent recruitment, regulatory compliance, training operations, job portal and education technology.
Segment revenue
| (INR millions) | Q3 2021 | Q3 2020 | % change | Q3 2020 (USD millions) |
| General staffing and allied services | 11,602 | 12,161 | -4.6% | 158.8 |
| Specialised staffing services | 1,011 | 1,046 | -3.3% | 13.8 |
| Other HR services | 140 | 306 | -54.2% | 1.9 |
Billable headcount has gone up by 8% quarter-on-quarter with Staffing and NETAP contributing to a 16,000 addition in Q3.
Ashok Reddy, Managing Director, TeamLease Services Limited, said, “Headcount and revenue growth are getting aligned to pre-Covid levels across all businesses. Free cash reserves have improved substantially on account of operating cash flows and tax refunds.”
Shares in TeamLease closed at INR 2,819.25 (USD 38.60), up 1.63% on the day. The company has a market cap of INR 48.89 billion (USD 669.41 million).