TeamLease Services, one of India’s largest staffing firms, on Friday said it will buy back shares. on 100 crores 3,050 per share through the tender offer route, according to an exchange filing.
The buyback of shares is at a 32% premium to today’s opening price. TeamLease Services will buy back 3,27,869 shares or 1.92% of the paid-up equity of the company.
At 01.37 pm, TeamLease Services shares were higher by 3.7% 2331.7 each on the National Stock Exchange.
TeamLease Services is a mid-sized company in the commercial services industry with a market capitalization of Rs. 3995.9 crores. It is a Fortune India 500 company listed on NSE and BSE. It is one of the leading HR firms in India.
TeamLease Services Ltd. Reported Consolidated Total Revenue 2,018 crore in Q3FY23, up from 1,767 crore in Q3FY22, representing 14% YoY growth.
Company reported consolidated EBITDA 32 crore in the quarter ending December 2022 as compared to 38 crore from a year ago, representing a 16% YoY decrease. its consolidated net profit 29 crore in Q3FY23, down 5% from the previous quarter’s profit 30 crores. The company added 3,000 net headcount in Q3FY23, registering a growth of 1% on QoQ basis and 13% on YoY basis.
Commenting on the quarterly results, Ashok Reddy, Managing Director, said, “Weak festive demand in general staffing and headwinds in special staffing impacted our growth in this quarter on both QoQ and YoY basis. We have started working on alternate placement of apprentices under NEEM programme. Margins will remain under pressure in the coming quarters given soft demand, recovery pressure, NEEM impact. Due to digitization and strict cost control, the number of core employees has decreased by 9%.
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