TeamLease Services Ltd posted a moderate increase in revenues; however, net profits remained unchanged in the first quarter of FY23. The company’s total revenues grew by 37 per cent to ₹1,892 crore on a year-on-year basis as against ₹1,381 crore in June 2021. On a quarter-on-quarter basis, the revenues were up by 3.8 per cent.

In Q1, the headcount grew by 31 per cent on a (YoY) basis to 2,94,907 as against 2,25,973 in June 2021. It hired 13,000 new employees in Q1 FY23..

The staffing company’s PAT remained at the same level as in June 2021, at ₹27 crore, while the profit margins dropped on account of an increase in associate salaries, investments in core teams, and seasonality in the EdTech business, said the company.

“With a net addition of 13,000 associates in the quarter, we surpassed 2 lakh billable headcount in the staffing business. Our hiring capabilities over the last couple of years have improved and 125 new logos have been acquired across our various businesses with rigour in new client acquisition, hiring, and service delivery. Volume growth and margin expansion continue to remain the primary goals for upcoming quarters, “said Ashok Reddy, Managing Director, TeamLease Services Limited.

TeamLease Services is a leading human resource services company, offering a range of solutions to more than 3,500 employers for their hiring, productivity, and scale challenges. It offers solutions to large, medium, and small clients across the 3Es of employment, employability, and ease-of-doing-business.

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