TeamLease Services Q2 net profit up 43% to Rs 24.9 cr

Staffing firm TeamLease Services Tuesday reported a 43.1 per cent increase in its consolidated net profit to Rs 24.9 crore for the second quarter ended September 30.

The company had posted a net profit of Rs 17.4 crore in the corresponding quarter previous fiscal, TeamLease Services said in a regulatory filing.

During the quarter under review, the company's total revenue surged 24.4 per cent to Rs 1,094.7 crore as compared to Rs 880 crore in the year-ago period.

For the first half of the current fiscal, the firm's net profit was up by 38.1 per cent to Rs 46.7 crore and total revenue jumped 22 per cent to Rs 2,121.2 crore.

"Our focused approach on headcount addition and sales reorganisation has helped deliver good set of results in the first half of the year.

"Our acquisition of Avantis Regtech platform strengthens our 'Ease-of-Doing-Business' vertical with a vision to drive paperless, presenceless and cashless compliance for small and big employers," said Ashok Reddy, managing director at TeamLease Services.

The company's ratio of associates or trainees to staffing core employees improved to 241 in the second quarter from 210 in the year-ago period.

"Our total core employee headcount has reduced to 1,704 in Q2 FY19 from 1,726 in Q1 FY19," the company said.