TeamLease Services Limited announces results for Q2FY23

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Bengaluru, India, November 10, 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.

Summary of Consolidated Financial Results:

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

 

Particulars Q2FY23 Q1FY23 QoQ
Growth %
Q2FY22 YoY
Growth %
H1FY23 H1FY22 YoY
Growth %
Headcount 3,01,444 2,94,907 2% 2,51,200 20% 3,01,144 2,51,200 20%
 
Total Revenue 1,967 1,892 4% 1,529 29% 3,859 2,910 33%
Operating Revenue 1,955 1,879 4% 1,524 28% 3,834 2,900 32%
EBITDA 32 25 25% 34 -7% 57 64 -11%
EBITDA margin 1.6% 1.3% 2.2% 1.5% 2.2%
PBT 32 28 15% 27 19% 60 51 18%
PBT margin 1.6% 1.5% 1.8% 1.6% 1.8%
PBT (after exceptional) 32 28 15% (48) 60 (21)
PAT / (Loss) 32 27 19% (49) 58 (22)
PAT margin 1.6% 1.4% -3.2% 1.5% -0.8%
EPS – Rs. 18 16 -29 34 -13

 

Highlights of Q2FY23:

  1. 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.

  1. 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.

  1. Degree Apprenticeship (NETAP):headcount is upby ~3k in Q2FY23. Headcount grew by 4% on a QoQbasis.

  1. IT Staffing: headcount is down by 9% on QoQbasis. Revenue is down 3% on QoQ basis and up 5% YoY.
  2. We continue to maintain staffing funding exposure at 13% and overall DSO improved to17days.
  3. PAPM has remained flat on a QoQ basis and FTE productivity has marginally improved from Q1FY23 to Q2FY23.
  4. Skills business have been reclassified from operating segment to non-operating segment because of which unallocated EBITDA is impacted by Rs.4cr.

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