Indian staffing firm, TeamLease Services Limited reported INR 21.7 billion (USD 264.7 million) in revenue from operations net of taxes in its fiscal first quarter ending 30 June 2023, up 15.5% when compared to the same period last year.

Revenue in general staffing was up 17.5% on a year-on-year basis.

Revenue by segment

Within general staffing, the group added net headcount of approximately 13,000 in Q1 2024 taking the total billable headcount to approximately 237,000. In its degree apprenticeship (DA) business, trainee headcount dropped by approximately 8,000 in the period on account of discontinuance of the NEEM (National Employability Enhancement Scheme) program.

In specialised staffing, the company said it saw headwinds in the IT industry.

Across HR services, seasonality in the EdTech business has impacted the revenues and profits of the segment for the period.

Ashok Reddy, managing director, TeamLease Services Limited, said, “With our improved sales and hiring capabilities, general staffing business is on strong growth trajectory driven by headcount addition on both new and existing clients. We expect DA business to turn net positive on headcount movement by the end of Q2 and continue the growth momentum thereon. Margin pressure continues on account of reduced contribution from specialised staffing and DA business, coupled with PAPM (per-associate-per-month) pressure in staffing.”

TeamLease Services shares closed at INR 2,390.10 (USD 29.14), down 0.96% on the day and 19.07% above the 52 week low of INR 2,007.25 (USD 24.47) set on 9 May 2023. The company has a market cap of INR 40.45 billion (USD 493.2 million).