TeamLease Q3 profit dips 5% YoY, board to consider share buyback next week

Staffing firm TeamLease Services Ltd on Wednesday reported a dip in its net profit for the third quarter of FY23 at Rs 29 crore. This is a 9 per cent quarter-on-quarter (QoQ) decline from Rs 32 crore in Q2 and a 5 per cent year-on-year (YoY) decline from the same period last financial year, which saw a profit of Rs 30 crore.

The company’s revenue grew 14 per cent YoY to Rs 2,108 crore in the quarter ended December, from Rs 1,767 crore a year ago. EBITDA for the firm fell 16 per cent to Rs 32 crore in Q3 from Rs 38 crore.

“Weak festive demand in general staffing and headwinds in specialised staffing impacted our growth rates this quarter both on a QoQ and YoY basis,” said Ashok Reddy, Managing Director, TeamLease Services Limited.