ICICI Direct: TeamLease Margins Remain Healthy Despite Challenging Q2
Employees work at a call centre. (Photographer: Dhiraj Singh/Bloomberg)

ICICI Direct: TeamLease Margins Remain Healthy Despite Challenging Q2

Bookmark

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

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.

Click on the attachment to read the full report:

ICICI Direct Team Lease Q2FY21 Result Update.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.