TeamLease Q3 Review - Healthy Improvement In General Staffing Sequentially: ICICI Direct
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ICICI Direct Report
TeamLease Services Ltd.’s revenues increased 13% QoQ mainly led by 14% QoQ increase in general staffing, 2.6% QoQ increase in specialised staffing and 30.3% QoQ increase in other human resource services.
Ebitda margins fell 9 basis points QoQ to 1.9% in Q3 FY21. General staffing core to associate ratio also improved from 300 to 334.
We believe the introduction of labour laws and e-invoicing could boost the formalisation of the economy. We believe Teamlease will be a key beneficiary of the same.
In addition, an increase in temporary staffing, consolidation of market and market share gains are other long term revenue drivers for the company.
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