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ICICI Direct Report
Teamlease Services Ltd. reported healthy revenue growth in Q1 FY22.
General staffing revenues increased 1.3% QoQ. The company has added 47 new logos with largest contribution from e-commerce, telecom and consumer verticals.
Revenues in specialised staffing segment increased 17.0% QoQ to Rs 114.3 crore. Margins in the quarter were impacted due to hiring.
Revenue in HR services increased 21.1% QoQ.
The company expects HR services profitability to improve led by shutting of recruitment business, sunset in government business and Ed tech companies turning positive.
TeamLease has adopted a new tax regime that has led to zero taxation and no cash outflow for the company.
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