TeamLease Services Ltd.
Q4FY23 Quarterly Result Announced for TeamLease Services Ltd.
Commercial Services company TeamLease Services announced Q4FY23 results:
- At the group level, revenue grew over 22% on a YoY basis & 1% QoQ.
- General Staffing: We have added net ~8k headcount in Q4FY23 with net headcount addition of 29k with 15% YoY growth. Revenue up 23% on YoY basis and 1% QoQ.
- Degree Apprenticeship (DA): Headcount dropped by 9k on account of discontinuance of the NEEM program. Including the impact of Q3 headcount, net revenue drops by Rs 5 crore in Q4FY23.
- Specialised Staffing: Headcount is down by ~600 in Q4FY23 owing to headwinds in the IT Industry. We have taken up cost control measures in both Specialised staffing and DA.
- HR Services: Revenue is up by 16% QoQ contributed by catchup of deferred billing in the University P&L. Annual revenue growth of EdTech vertical stood at 18% and RegTech at 51%.
Mr. Ashok Reddy, Managing Director, TeamLease Services Limited commenting on the quarterly results said, “General staffing business has witnessed uniform growth across industry verticals with a strong outlook for upcoming quarters. Margins have come under pressure due to external variables impacting the higher margin businesses of Specialized staffing and DA.
“Ritu will be stepping down from her executive role and transitioning to a non-executive Board member. This transition, after having built TeamLease for 20 years will give her the space to pursue a different set of challenges in the years ahead. She leaves TeamLease as a far larger, stronger organization and we will always be grateful for her contribution & commitment to TeamLease and to our Cause of "Putting India to Work". Thank you Ritu for the many years of work, passion, and commitment and for building TeamLease to where we are today.”