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Motilal Oswal Report
TeamLease Ltd.'s revenue rose 2.7% QoQ (inline). Revenue growth was affected by HR services (down 6% QoQ), specialized staffing (flat QoQ) and a partial impact of discontinuation of National Employability Enhancement Mission (~20,000 trainees released).
General staffing revenue was up 3% QoQ/13% YoY. Ebitda margin (at 1.6%) was in line with our estimate. Margin in specialized staffing (down 280 bps QoQ) was affected by furloughs and lower working days.
TeamLease did not see the seasonal uptick in revenue as festive demand was muted in Q3 FY23 (likely due to weak macro). Discontinuation of the NEEM program (part of National Employability Through Apprenticeship Program) was negative and should be a drag on Q4 FY23 with the full quarter impact.
On the other hand, specialized staffing is expected to revert to growth in Q4 FY23, aided by the reversal of furloughs. HR services is expected to deliver strong Q4 FY23 as it recovers billing lost in Q3 FY23.
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