TeamLease Services Ltd (TEAMLEASE:NSI), the India-based staffing firm, reported operating revenue on 6 November of INR 28.08 billion (USD 332.9 million), up 22.8% year-over-year in its fiscal second quarter ending 30 September 2024.

Ashok Reddy, managing director, TeamLease Services, said, “Profit expansion is the key focus area this year, and we are confident of maintaining strong double-digit growth in the sequential profits. Our planned investments in Hiretech and Hrtech solutions, through organic and inorganic route, will give us enhanced capabilities in the coming quarters.”

EBITDA margin stood at 1.2%, down from 1.4% the year prior.

Revenue by segment

At the group level, TeamLease added approximately 18,000 headcount during the quarter largely led by BFSI (banking, financial services and insurance)and Consumer. EBITDA recovery is backed by operating leverage in Staffing business and growth in EdTech billing.

Added net approximately 16,000 headcount in Q2FY24 and approximately 31,000 in H1FY24, with a strong contribution from across all the sectors.

General Staffing revenue growth was backed by headcount growth across sectors.

The group stated that headwinds in the IT industry continue to impact the growth in specialised staffing. While there has been consistent growth in GCC (Global Capability Centres) clients, net positive headcount growth is dependent on recovery in IT services. GCC now accounts for 61% of the total specialized Staffing revenue.

On 6 November, TeamLease Services shares closed at INR 2,846.65 (USD 33.76), up 6.41% on the day and 21.07% above the 52-week low of INR 2,351.20 (USD 27.88) set on 6 November 2023. The company has a market cap of INR 45.07 billion (USD 534.4 million).