TeamLease Services Ltd (TEAMLEASE:NSI) yesterday reported revenue from operations of INR 24.45 billion (USD 294.2 million) for the third quarter ended 31 December 2023, an improvement of 21.7% compared to the same period last year.

EBITDA (before exceptional items) stood at INR 360 million (USD 4.3 million), up 14% over the year. The EBITDA margin stood at 1.5%, down from 1.6% the year prior.

General Staffing: Added net approximately 35,000 headcount during the nine-month period, taking the total billable headcount to approximately 258,000.

TeamLease Degree Apprenticeship is India's apprenticeship program. Degree Apprenticeship trainee headcount growth is a net positive for the third quarter driven by NAPS (National Apprenticeship Promotion Scheme) and WILP (Work Integrated Learning Program).

Within Specialised Staffing, the group saw headwinds in the IT industry, however the segment sustained revenues and profits with a diversified portfolio of captives and services companies.

In HR Services, revenue growth for the quarter was impacted due to edtech revenue deferrals.

Ashok Reddy, Managing Director, TeamLease Services Limited, said, “The outlook continues to be quite strong in the general staffing for the coming quarters. Degree Apprenticeship has turned net positive for the first time after the withdrawal of NEEM (National Employability Enhancement Mission) scheme and will continue to grow consistently. Our operating margins are improving steadily despite sluggish demand in specialised staffing.”

TeamLease Services shares closed at yesterday at INR 2,791.75 (USD 33.58), 16.05% below its 52-week high of INR 3,325.30 (USD 40.00), set on 12 January 2024. The company has a market cap of INR 49.66 billion (USD 597.40 million).