New Delhi, Jun 9 (PTI) Staffing firm TeamLease Services on Tuesday reported a consolidated net loss of Rs 29.43 crore for the fourth quarter ended March 31, mainly on account of higher taxes.

The company had posted a net profit of Rs 26.02 crore for the same period previous fiscal, TeamLease Services said in a BSE filing.

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The total revenue stood at Rs 1,345 crore for the quarter under consideration. It was Rs 1,168.57 crore for the same period a year ago, it added.

The company had paid tax of Rs 51.79 crore for the quarter. It was Rs 78 lakh for the same period in 2019, the filing said.

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For the fiscal 2019-20, the net profit of the company was Rs 34.97 crore. It was Rs 98.02 crore in the preceding financial year, TeamLease Services said.

Total revenue of the company for the FY20 stood at Rs 5,231.56 crore. It was Rs 4,465.66 crore in FY19, it added.

"We are optimistic at the prospects of growth reviving and do believe that the formal staffing industry would stand to gain from the economy opening up and simplification of labour laws," TeamLease Services MD Ashok Reddy said.

Shares of TeamLease Services closed at Rs 1,789.85 per scrip on the BSE, up 3.74 per cent from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)