TeamLease posts Q3 profit drop as revenue growth slows, costs rise

Indian staffing firm TeamLease Services Ltd on Wednesday reported a drop in quarterly profit hurt by slowing revenue growth and higher expenses.

The Bengaluru-based company said profit fell 3.4% to 289.6 million rupees ($3.55 million) in the quarter ended Dec. 31, while revenue rose 14% to 20.08 billion rupees, the lowest in seven quarters.

The revenue growth was well below the 20%-40% increase the company had clocked over the last six quarters.

TeamLease had benefited from the rise in demand for IT-trained candidates during the pandemic and for flexi-staffing, through which firms hired staff temporarily solely on a need or demand basis.