TeamLease Services posts net loss of Rs 49 crore for Sept quarter

The leading staffing firm on Friday reported a net loss

Leading staffing firm TeamLease Services on Friday reported a net loss of Rs 49.3 crore for the quarter ended September 30, 2021.

The company had posted a net profit of Rs 18.6 crore for the year-ago period, TeamLease Services said in a release.

"Q2FY22 includes exceptional provision of Rs 75 crore towards stressed investments in PF Trust," the release said.

Total revenue saw 34 per cent year-on-year growth at Rs 1,529 crore, as against Rs 1,140.6 crore in the corresponding period a year ago.

The general staffing headcount increased 28 per cent year-on-year and 9 per cent quarter-on-quarter with the highest ever quarterly net addition of 14,000 associates.

The IT staffing headcount rose 21 per cent year-on-year and 11 per cent quarter-on-quarter.

"Our investments across sales, marketing, structure and talent have helped deliver strong headcount growth in volume businesses and build a good pipeline for the year. HR Services, with major contribution from EdTech, has turned profitable," said Ashok Reddy, Managing Director, TeamLease Services.

Reddy further said "we continue our investments in digitization, hiring and talent pipeline for long term growth and sustenance."

Shares of TeamLease Services settled at Rs 4,657.65 apiece on BSE, down 0.04 per cent from the previous close.