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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.
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