ICICI Direct: TeamLease Margins Remain Healthy Despite Challenging Q2
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ICICI Direct Report
TeamLease Services Ltd.’s results were broadly in line with our expectations.
Revenues and margins posted marginal decline QoQ. Revenues declined 0.6% QoQ at Rs 1,129 crore (versus our Rs 1,138 crore estimate) while margins fell 13 basis points QoQ to 2.0% (versus our estimate of 2.1%).
General staffing core to associate ratio also improved from 283 to 300.
The company added approximately 7000 employees in National Employability Through Apprenticeship Program, which means there are green shoots in manufacturing and auto.
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