TeamLease Services Q3 consolidated PAT down at Rs 29 crore

NewsDrum Desk
25 Jan 2023

Mumbai, Jan 25 (PTI) TeamLease Services on Wednesday reported a 3.33 per cent decline in its December quarter consolidated profit after tax at Rs 29 crore.

The company's Profit After Tax (PAT) stood at Rs 30 crore in the year-ago period, it said in a statement.

Total revenue of the HR services company grew by 14.20 per cent during the October-December quarter at Rs 2,018 crore as compared to Rs 1,767 crore in the same period last year.

"Weak festive demand in general staffing and headwinds in specialised staffing impacted our growth rates this quarter both on a QoQ and YoY basis.

"We have started working on alternative placement of apprentices under the National Employability Enhancement Mission (NEEM) program. Margins will be under pressure for the coming quarters given the soft demand, realisation pressure, NEEM impact," TeamLease Services Managing Director Ashok Reddy said.

Core employee headcount has been reduced by 9 per cent on account of digitisation and tighter cost control, he added.

Shares of the company on Wednesday closed 1.06 per cent lower at Rs 2,412.35 apiece on the BSE. PTI SM SHW

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