TeamLease Services Q2 Net Profit at Rs 9 Crore

TeamLease Services Q2 Net Profit at Rs 9 Crore

Staffing services firm TeamLease Services has reported a net profit of Rs 9.03 crore for the quarter ended September 30, 2016, a jump of 58 percent compared to the year-ago period. The company had reported a net profit of Rs 5.72 crore in the quarter ended September 2015, a company statement said.

“The steps towards staffing vertical growth has gained momentum with the closure of acquisitions of ASAP Info Systems and Nichepro in the IT staffing space,” TeamLease Services Managing Director Ashok Reddy said.

Gross revenue of the company stood at Rs 840.88 crore for the second quarter of this fiscal with 14 percent yearly jump.

“The continued focus on productivity, margin improvement and client acquisitions has seen good traction. We stay true to our core objectives and metrics of sales growth, operating cash flows and capital frugality,” Reddy added.

During first half of this financial year, the net profit increased to Rs 16.39 crore as compared to Rs 10.68 crore in the year-ago period, up 53 percent. Gross revenue grew by 19 percent to Rs 1,634.12 crore in first half of this fiscal from Rs 1,375.77 crore in the period under review last year.

The company noted that staffing associate headcount increased to 116,500 as on September 30, 2016 compared to 113,713 on June 30, 2016, while the client base increased to over 1,800 in September 2016 compared to more than 1,400 in June 2016. Shares of the company were trading at Rs 975, down 1.03 percent on BSE.

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