TeamLease Q3 Review - Healthy Improvement In General Staffing Sequentially: ICICI Direct 
Employees work at a call centre. (Photographer: Dhiraj Singh/Bloomberg)

TeamLease Q3 Review - Healthy Improvement In General Staffing Sequentially: ICICI Direct 


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 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.

Click on the attachment to read the full report:

ICICI Direct Team Lease Q3FY21 Result Update.pdf


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 author entity and do not represent the views of BloombergQuint.

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