The overall revenue grew by 23 percent YoY to Rs 1,251.2 crore in Q1.
Human resources firm TeamLease Services posted a 13.8 percent year-on-year (YoY) drop in its June quarter (Q1) consolidated net profit at Rs 18.8 crore.
Overall revenue grew by 23 percent YoY to Rs 1,251.2 crore in Q1 and EBITDA grew by 13 percent YoY to Rs 22.7 crore in Q1FY20.
During the quarter ended June 30, the company through its subsidiary TeamLease Digital acquired the IT Staffing vertical of E-Centric Solutions for Rs 27.09 crore. eCentric is engaged in the business of providing staffing and recruitment services to clients in the Information Technology (IT) sector.
Ashok Reddy, Managing Director, TeamLease Services said, "Headcount addition and markups in Staffing business are back on track with positive improvement in Q1. Our technology investments in products of Avantis and Fresher’s World are heading in the right direction and in line with our plan. Overall pipeline for coming quarters across businesses is encouraging."
Among the revenue segments, general staffing grew by 23 percent YoY to Rs 1,130.6 crore. The other HR services segment saw a 26 percent YoY drop in revenues to Rs 22.4 crore in Q1.The company said that the profitability of HR services got impacted by Rs 6 crore on account of a delay in collections and making provisions thereafter. It added that they expect a reversal of these provisions in Q2/Q3.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.