Latest News | TeamLease Services Q4 Profit Jumps 61 Pc to Rs 31.6 Cr

New Delhi, May 18 (PTI) Leading staffing company TeamLease Services on Wednesday said its consolidated net profit rose by 61 per cent to Rs 31.6 crore for the fourth quarter ended on March 31, 2022.

Its consolidated net profit in the January-March 2021 quarter stood at Rs 19.6 crore, TeamLease Services said in a regulatory filing.

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For the fiscal year 2021-22, the net profit fell to Rs 39.5 crore, from Rs 78.5 crore in FY 2020-21, it added.

General staffing headcount was up 22 per cent year-on-year and 3 per cent quarter-on-quarter with the highest ever yearly net addition of over 34,000 associates.

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IT staffing headcount went up by 33 per cent year-on-year and 4 per cent quarter-on-quarter basis.

"Our diversified client portfolio has enabled us to score growth across all industries and businesses, contributing to a net headcount addition of 57k associates during the year," said Ashok Reddy, Managing Director, TeamLease Services.

"Sustained revenue growth, EBITDA margin expansion and fortress balance sheet continue to be the key focus areas. We have successfully exited the PF Trust management without any incremental liability or impact on business operations," Reddy added.

As per the filing, the company sold all its investments in PF Trust during March 2022 (except for investment in IL&FS) and deposited the realized funds with EPFO matching to the liability without any additional provision.

"Effective April 1, 2022, the company does not administer the PF operations and does not carry any liability on account of the Trust," it said.

The company further said that Rituparna Chakraborty has been appointed as an Executive Director with immediate effect subject to approval of shareholders at the ensuing Annual General Meeting.

Shares of TeamLease Services closed at Rs 3,410.45, down 2.13 per cent over the previous close on BSE.

(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)