India – Teamlease reports Q3 revenue up 29%

Filed under: News |

By memberservices@staffingindustry.com (Danny Romero)

Indian staffing firm TeamLease Services (TEAMLEASE:NSI) reported revenue for the third quarter ending 31 December 2016 of INR 8.1 billion (USD 120.3 million), an increase of 26% on an organic basis compared with INR 6.3 billion (USD 92.7 million) during the same quarter last year.

(INR millions)
Q3 2017
USD
Q3 2016
Change
Organic Change
Revenue
8,146.7
121.0
6,311.0
29.1%
26%
Net Profit
115.0
1.7
49
132%

EBITDA
148
2.2
62
139%
83%

TeamLease Services said that it’s growth in revenue was mainly attributable to an increase in its associate headcount by 16,500 year-on-year in Q3 and 8,700 quarter-on-quarter in its general staffing business.

“Our domain agnostic operations with diversified and long-standing client base contributed to consistent growth in revenue and headcount. Steps taken for margin expansion, both organically and inorganically, gained momentum during the quarter,” TeamLease Services Managing Director Ashok Reddy said.

“While we are prepared for the long term and short term trends and reforms, we stay true to our core objectives and metrics of sales growth, margin expansion, operating cash flows and capital frugality,” Reddy said.

The company said its acquisition of Bangalore-based niche IT staffing company Keystone Business Solutions was completed as of 1 February and will be integrated with Nichepro Tech under their IT staffing vertical.

TeamLease Services Limited provides staffing and human resource services. The company offers temporary staffing, permanent recruitment, payroll process outsourcing, regulatory compliances, assessment, and corporate training services. TeamLease Services conducts its business in India.

In trading yesterday, Teamlease Services closed at INR 973.8 (USD 14.46), up an impressive 9.7% on the day and 20.7% above its 52-week low of INR 806.6 (USD 11.9) set on 12 February 2016. Based on its current share price the company has a market value of INR 16.6 billion (USD 246.6 million).

Source:: India – Teamlease reports Q3 revenue up 29%

      

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