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ICICI Securities Report
While TeamLease Services Ltd.'s provision for bad debts had hitherto been a recurring problem, it is comforting to note that, for FY21 , most of these provisions were reversed and cash collections were not impacted.
Despite good increase in headcount (up 5% QoQ), revenue (up 6% QoQ) and productivity (from 334 in December-2020 to 352), normalised general staffing Ebitda margin was largely stagnant.
This was driven by the discounts-led pressure on mark-ups, which is likely to continue through FY22.
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