TeamLease Services Q1 net falls 14 pc at Rs 19 cr

Staffing company TeamLease Services on Friday reported a 13.76 per cent decline in its consolidated net profit at Rs 18.8 crore for the June quarter.

The company had posted a net profit of Rs 21.8 crore in the April-June period of 2018-19, TeamLease Services said in a regulatory filing.

The total income from operations stood at Rs 1,251.2 crore in the first quarter of this fiscal, as against Rs 1,021.3 crore a year-ago.

"Overall revenue grew by 23 per cent and EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew by 13 per cent in Q1FY20. Unallocated net expenses were brought down substantially on quarter-on-quarter and year-on-year basis," the filing said.

The total employee or trainee headcount stood at around 2,25,000 as of June 30, 2019 reflecting an increase of about 33,000 on a year-on-year basis.

"Headcount addition and markups in Staffing business are back on track with positive improvement in Q1," Ashok Reddy, Managing Director, TeamLease Services Ltd said adding "overall pipeline for coming quarters across businesses is encouraging".

Shares of the company were closed 0.23 per cent down at Rs 2,795.00 apiece on the BSE.