TeamLease's Q1 PAT jumps 57% to Rs 26.7 crore, Narayan Ramachandran appointed non-exec chairman

Teamlease Services

Staffing firm TeamLease Services on Wednesday reported a 57 per cent jump in consolidated profit after tax (PAT) to Rs 26.9 crore for the June 2021 quarter. The company's PAT had stood at Rs 17.1 crore during the April-June 2020 quarter, TeamLease Services said in a statement.

Its total revenue during the first quarter of the current fiscal jumped 21 per cent to Rs 1,381.3 crore, compared with Rs 1,140.55 crore in the year-ago period. TeamLease Services Managing Director Ashok Reddy said, "We have managed to sustain our headcount during the second wave across all of our employment businesses. We believe the market opportunity rebounds post-COVID-18 and we would drive for aggressive growth through headcount addition."

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Reddy added that the company's operating margin has reached pre-COVID-19 levels, and the firm continues to focus on margin expansion. Meanwhile, the company also announced the appointment of Narayan Ramachandran as its new non-executive chairman.

"In our endeavour to the highest standards of corporate governance and board effectiveness, we are moving to a non-executive chairman and expanding our board with diverse independent directors," Reddy said. Currently, Ramachandran is the lead independent director and has been on the company's board since 2015, Teamlease said in a statement.

"My association with the TeamLease Board began before the company's IPO (initial public offering), and it is an honour to assume this new role. Corporate India has been reconfiguring its people supply chains for years, but this revolution has been accelerated by COVID-19," Ramachandran said. He added that TeamLease has a central role to play in this transformation and has demonstrated a willingness to take the long view. "I look forward to working with my colleagues to accelerate this strategy."

Meanwhile, the company said its Executive Chairman Manish Sabharwal has transitioned to the role of executive Vice-Chairman. The company has also inducted Meenakshi Nevatia, Mekin Maheshwari and S Subramaniam as new independent directors on the board.

Ramani Dathi has also been redesignated as the company's chief financial officer, it added.