Bengaluru, India, July, 2022- TeamLease Services Limited (NSE: TEAMLEASE, BSE: 539658), one of India’s largest staffing companies, today announced its results for the first quarter (Q1FY23) of the Financial Year ending March 31, 2023.
Summary of Consolidated Financial Results:
(all numbers in Rupees’ Crores except headcount & margins)
|
Particulars |
Q1FY23 |
Q4FY22 |
QoQ |
Q1FY22 |
YoY |
FY22 |
|
Headcount |
2,94,907 |
2,85,230 |
3.4% |
2,25,973 |
31% |
2,85,230 |
|
|
|
|
|
|
|
|
|
Total Revenue |
1,892 |
1,822 |
3.8% |
1,381 |
37% |
6,500 |
|
Operating Revenue |
1,879 |
1,817 |
3.4% |
1,377 |
37% |
6,480 |
|
EBITDA* |
25 |
41 |
-38% |
30 |
-14% |
142 |
|
EBITDA margin |
1.34% |
2.25% |
|
2.14% |
|
2.19% |
|
PBT* |
28 |
34 |
-19% |
24 |
16% |
117 |
|
PBT margin |
1.47% |
1.88% |
|
1.74% |
|
1.81% |
|
Net Profit (After exceptional) |
27 |
32 |
-16% |
27 |
-1% |
40 |
|
PAT margin |
1.40% |
1.74% |
|
1.95% |
|
0.61% |
|
EPS - Rs. |
15.5 |
18.1 |
|
15.8 |
|
22.5 |
*Before exceptional items
Highlights of Q1FY23:
1. At the group level, headcount and revenue grew over 30% on a YoY basis & 3% QoQ. PBT improved from Rs24cr in Q1FY22 to Rs.28cr in Q1FY23, however, margins have dropped on account of an increase in associate salaries and investments in core teams.
2. General Staffing: We have added net 13k headcount in Q1FY23 with growth of 6% on QoQ basis and 30% on YoY basis. Revenue up 4% QoQ and 37% on YoY basis.
3. Degree Apprenticeship (NETAP): headcount is down by ~5k on account of absorption by a large client. Headcount grew by 30% on a YoY basis.
4. IT Staffing: headcount up by 3% on QoQ basis and 25% on YoY basis. Revenue is flat on QoQ basis on account of product mix and up 26% YoY.
5. We continue to maintain staffing funding exposure at 13% and overall DSO at 21days.
6. PAPM has remained flat on a QoQ basis and FTE productivity has marginally improved from 346 in Q4FY22 to 350 in Q1FY23.
7. Drop in sequential margin is largely because of annual salary appraisal of core employees, seasonality in EdTech business and higher salary inflation of associates.
Management Comment
Mr. Ashok Reddy, Managing Director, TeamLease Services Limited commenting on the quarterly results said, “We have crossed 2 lakh billable headcount in staffing business with a net addition of 13k associates in the quarter. Our hiring capabilities over the last couple of years have improved substantially with over 50% of own hiring through a combination of technology interventions, verticalization and partnerships. 125 new logos have been acquired across our various businesses with a rigor on new client acquisition, hiring and service delivery. Volume growth and margin expansion continue to remain the primary goals for upcoming quarters. ”
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