Bengaluru, India, November 09, 2022- TeamLease Services Limited (NSE: TEAMLEASE, BSE: 539658), one of India’s largest staffing companies, today announced its results for the second quarter (Q2FY23) of the Financial Year ending March 31, 2023.
- At the group level, revenue grew over 29% on a YoY basis & 4% QoQ. PBT improved from Rs27cr in Q2FY22 to Rs.32cr in Q2FY23. EBITDA margins have improved on QoQ basis.
- General Staffing: We have added net ~5k headcount in Q2FY23 with growth of 2% on QoQ basis and 22% on YoY basis. Revenue up 5% QoQ and 31% on YoY basis.
- Degree Apprenticeship (NETAP): headcount is up by ~3k in Q2FY23. Headcount grew by 4% on a QoQ basis.
- IT Staffing: headcount is down by 9% on QoQ basis. Revenue is down 3% on QoQ basis and up 5% YoY.
- We continue to maintain staffing funding exposure at 13% and overall DSO improved to 17days.
- PAPM has remained flat on a QoQ basis and FTE productivity has marginally improved from Q1FY23 to Q2FY23.
- Skills business have been reclassified from operating segment to non-operating segment because of which unallocated EBITDA is impacted by Rs.4cr.
Management Comment
Mr. Ashok Reddy, Managing Director, TeamLease Services Limited commenting on the quarterly results said, “We had a net headcount growth of ~6.5k for the quarter and ~16k for the half-year. Headwinds in IT industry have started impacting the specialized staffing growth and may continue for a while. Our HRtech business is gearing up on new sales, product enhancement and digital solutions. Revenue growth and tighter cost control will be the focus areas for the next few quarters.”
