Buy Team Lease; target of Rs 4205: ICICI Direct
ICICI Direct is bullish on Team Lease recommended buy rating on the stock with a target price of Rs 4205 in its research report dated June 10, 2021.
June 15, 2021 / 11:21 AM IST
ICICI Direct's research report on Team Lease
TeamLease Services’ (TLS) revenues increased 5.1% QoQ (up 0.8% YoY) mainly led by 5.5% QoQ growth in general staffing and 32.9% QoQ growth in other HR services, partially offset by 3.5% QoQ decline in specialised staffing. EBITDA margins were flat QoQ at 1.9% in Q4FY21 (vs. our expectation of 2.0%). General staffing core to associate ratio also improved from 334 to 352.
Hence, we maintain our BUY rating on the stock with a revised target price of Rs 4,205 (45x PE FY23E EPS) (earlier target price Rs 3,290).
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