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TeamLease Q1-FY22 Results

TeamLease Q1-FY22 Results

Bengaluru, India - TeamLease Services Limited (NSE: TEAM LEASE, BSE: 539658), one of India’s largest staffing companies, today announced its results for the first quarter (Q1FY22) of the financial year ending March 31, 2022.

Summary of Consolidated financial results:

       (all numbers in Rupees’ Crores except headcount & margins)

Particulars

Q1FY22

Q1FY21

YoY
Growth

Q4FY21

QoQ
Growth

Headcount #

   2,26,000

     1,88,610

20%

2,28,150

-1%

 

 

 

 

 

 

Total Revenue

   1,381.3

     1,140.55

21%

1,349.8

2%

Operating Revenue

   1,376.8

     1,136.45

21%

1,340.5

3%

EBITDA (before exceptional)

         29.5

             24.3

21%

         26.0

14%

EBITDA margin

2.1%

2.1%

 

1.9%

 

PBT (before exceptional)

         24.0

             17.6

36%

         25.4

-5%

PBT margin

1.7%

1.5%

 

1.9%

 

PBT (after exceptional) *

         26.6

             17.6

51%

         25.4

5%

Profit After Tax

         26.9

             17.1

57%

         19.6

37%

PAT margin

2.0%

1.5%

 

1.5%

 

EPS (Basic and Diluted) - Rs.

         15.7

             10.0

57%

         11.5

37%

* Net impact of exceptional items to the tune of Rs. 2.6cr in Q1FY22.

 

Highlights of Q1FY22 performance:

  1. Billable headcount has grown by 20% on YoY basis. Despite COVID second wave, overall headcount remained flat on a sequential basis.
  2. 47 new logos added during Q1FY22 in general staffing with largest contribution from Ecommerce, Telecom and Consumer verticals.
  3. Specialized staffing had a net associate addition of over 10% and 27 new logos in the current quarter. NETAP business had 24 new logos added in Q1FY22 across diverse industries.
  4. EBITDA has improved both on YoY and QoQ basis in terms of absolute and percentage margin.
  5. Operating cash flow conversion to EBITDA is 130% for Q1FY22, excluding tax refunds and withholding taxes.
  6. We have increased our investment in Avantis RegTech to 60% with performance linked structure and completed acquisition of 100% stake in IMSI Staffing.

 

Management Comment

 

Mr. Ashok Reddy, Managing Director, TeamLease Services Limited commenting on the quarterly results said, “We have managed to sustain our headcount during the second wave across all of our employment businesses. We believe the market opportunity rebounds post Covid and we would drive for aggressive growth through headcount addition. Our operating margin has reached pre-Covid levels, and we continue to focus on margin expansion. In our endeavor to the highest standards of corporate governance and board effectiveness, we are moving to a non-executive chairman and expanding our board with diverse independent directors.”

 

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