TeamLease to consider share buyback next week, shows 14% revenue growth in third quarter

With a market value of Rs. 4,124.34 Crore, TeamLease Services Limited is a medium sized company engaged in Commercial Services industry. One of the leading HR firms in India, TeamLease Services is a Fortune India 500 company listed on the NSE and BSE.

The company said in a stock exchange filing today that “We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Friday, February 03, 2023 at 10:00 AM IST.” -Alia, Chairman of the Company To consider and if deemed fit, to review, consider and approve the proposal for buyback of equity shares as well as related/relevant matters.”

TeamLease Services Limited has reported a net revenue of Rs. 2,018 Cr in Q3FY23 as against Rs. 1,767 Cr was recorded in Q3FY22, representing a YoY growth of 14%. Company reported EBITDA 32 crore in the quarter ending December 2022 as against 38 crore was recorded in the quarter ending December 2021, representing a decline of -16%. TeamLease Services reports net profit As compared to 29 Cr in Q3FY23 30 crore recorded in the year-ago quarter, representing a decline of 5%.

Commenting on the quarterly results, Mr. Ashok Reddy, Managing Director, TeamLease Services Ltd. said, “Weak festive demand in general staffing and headwinds in specialized staffing impacted our growth this quarter on both a 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%.

Shares of TeamLease Services Limited closed today on NSE 2,365.00 at each level, down 3.01% from its previous close 2,438.50. The stock recorded a total volume of 43,410 shares as compared to the 20-day average volume of 12,662 shares. The stock touched a 52-week high at 4,688.00 (04-Feb-2022) and 52-week low 2,236.00 on (14-Nov-2022). For the quarter ended December 2022, the company reported promoter shareholding of 31.51%, FII holding of 37.25%, DII holding of 23.81%, public holding of 7.37% and others holding of 0.05%.

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