ICICI Direct: TeamLease Delivers Robust Performance On Margin Front 
Employees work at a office in Bengaluru, India (Photographer Karen Dias/Bloomberg

ICICI Direct: TeamLease Delivers Robust Performance On Margin Front 


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

TeamLease Services Ltd. results were above our expectation, especially on the profitability side.

While revenues fell 14.6% QoQ, Ebitda margins improved 70 basis points QoQ to 2.2%. This was mainly due to 20.5% QoQ fall in general staffing core employees and higher margins in specialised staffing.

General staffing core to associate ratio also improved from 264 to 283. The company has moved to the new tax regime, which has helped improve its cash flow. The overall cash conversion has improved to 80% in Q1 FY21.

Click on the attachment to read the full report:

ICICI Direct TeamLease Q1FY21 Result Update.pdf


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