Staffing firm TeamLease Services today reported a net profit of Rs 16.42 crore for the quarter ended June 30, registering a more than two-fold jump over the corresponding period last year.
In the April-June quarter of 2017, the company had a net profit of Rs 6.40 crore.
The net profit margin also improved to 1.9 per cent in the first quarter of this financial year from 0.9 per cent in the year-ago period.
"We have delivered another quarter of topline growth coupled with margin improvement. The integration of the acquired businesses has been complete and that along with organic growth have started to yield the necessary results," TeamLease Services Managing Director Ashok Reddy said.
Reddy further said, "We continue to explore M&A opportunities in the market for building vertical capability or complementary service offerings. We are well poised with the client base and product range to take advantage of the market opportunities and sustain growth to the future."
The operating revenue of the company grew by 24 per cent on year-on-year basis to Rs 852.96 crore in the first quarter of this fiscal from Rs 687.53 crore last year.
The company further noted that as of June 30, 2017, it had a net increase in associate/trainee headcount by over 18,800 compared to June 30, 2016 and an increase of over 3,500 compared to March 31, 2017.
TeamLease Services' core employee headcount increased marginally between March 31, 2017 (1,425 employees) and June 30, 2017 (1,467 employees).
The company further added that Gopal Jain has resigned from the directorship and committee membership of the company with immediate effect due to personal reasons.
The board of the company at its meeting held today has accepted his resignation.
Shares of TeamLease Services closed at Rs 1,440, up 2.49 per cent on the BSE.
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