Commercial Services company TeamLease Services announced Q4FY24 results:
At the group level, we added ~10,000 headcount during the quarter. Revenue declined by 1% QoQ and EBITDA grew by 2%.
110 new logos were added during the quarter.
Net cash stands at Rs 345 crore, including free cash of Rs 265 crore. Outstanding Income Tax receivable is Rs 264 crore.
General Staffing:
Added net ~44,000k headcount in FY24 taking the total billable headcount to ~2.67 lakhs.
Staffing revenue is flat on QoQ largely because of festive billings in Q3FY24.
Degree Apprenticeship (DA):
Trainee headcount growth is positive, net of NEEM loss, for the current quarter driven by NAPS (National Apprenticeship Promotion Scheme) and WILP (Work Integrated Learning Program).
We expect the balance of NEEM trainees (~6k) to fully attrite by Q1FY25.
Specialized Staffing:
Headwinds in the IT industry continue to impact on the growth and profitability in specialized staffing
HR Services:
Revenue for the quarter grew by 36% and EBITDA by 41% owing to seasonality in the Edtech business.
On a full-year basis, revenue grew by 14% and EBITDA by 92% YoY
Ashok Reddy, Managing Director, TeamLease Services Limited commenting on the quarterly results said, “The volume growth momentum in Staffing is quite positive across FMCG, FMCD, Retail, Ecommerce, Telecom, and other emerging verticals. While we have had a slight setback on BFSI hiring for the past few months, the outlook from the second quarter of FY25 is shaping up well. DA business has now turned positive on headcount, net of exit of NEEM trainees.
We enter the year with growth momentum on revenue, but in the short run will have the business impact of salary hikes, full NEEM exit and seasonality of the EdTech business in Q1FY25 which will get adjusted in the second half of the year.”
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Company share prices and volatile and keep changing according to the market conditions. As of Jul 16, 2024 03:58 PM the closing price of Team Lease Services Ltd was Rs.2,834.40.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of Jul 16, 2024 03:58 PM, the market cap of Team Lease Services Ltd stood at Rs. 4,753.01 Cr.