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ICICI Direct Report
TeamLease Services Ltd. results were above our expectation, especially on the profitability side.
While revenues fell 14.6% QoQ, Ebitda margins improved 70 basis points QoQ to 2.2%. This was mainly due to 20.5% QoQ fall in general staffing core employees and higher margins in specialised staffing.
General staffing core to associate ratio also improved from 264 to 283. The company has moved to the new tax regime, which has helped improve its cash flow. The overall cash conversion has improved to 80% in Q1 FY21.
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