TeamLease Q4 Review - General Staffing Revenue Surpasses Pre-Covid Levels: ICICI Direct

Employees work at a office in Bengaluru, India (Photographer: Karen Dias/Bloomberg.

TeamLease Q4 Review - General Staffing Revenue Surpasses Pre-Covid Levels: 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 revenue increased 5.1% QoQ (up 0.8% YoY) mainly led by 5.5% QoQ growth in general staffing and 32.9% QoQ growth in other human resource services, partially offset by 3.5% QoQ decline in specialised staffing.

Ebitda margins were flat QoQ at 1.9% in Q4 FY21 (versus our expectation of 2.0%).

General staffing core to associate ratio also improved from 334 to 352.

We expect revenue to be impacted in Q1 FY22E mainly due to lockdown.

However, we expect revenue to improve from Q2 FY21E onwards led by a gradual recovery in the economy and improved traction in healthcare, education, e-commerce, manufacturing, essential retail and IT.

Click on the attachment to read the full report:

ICICI Direct TeamLease Q4FY21 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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