TeamLease Services Q3 net profit doubles to Rs18 crore
New Delhi: Staffing firm TeamLease Services on Tuesday said its consolidated net profit doubled to Rs18.4 crore for the quarter ended 31 December 2017.
The net profit for the corresponding quarter last fiscal stood at Rs9.2 crore, a company release said. Total revenue during the December quarter grew to Rs922.3 crore from Rs818.2 crore in the same period of 2016-17, registering a jump of 13%.
For the nine-month period ended 31 December, its net profit improved to Rs52.2 crore from Rs24.4 crore in the corresponding period of previous fiscal. “We will continue to stay focussed on growth, productivity and margin improvement/expansion,” TeamLease Services managing director Ashok Reddy said.
The company noted that it completed acquisition of Evolve Technologies effective 1 November 2017 and picked up 40.2% stake in Schoolguru Eduserve effective 1 December. “Acquisitions of Evolve and Schoolguru have been completed and integrated to drive the synergies and growth as we go forward. We will continue to explore other acquisition opportunities for building vertical capability or complementary service offerings,” Reddy added.
The total employee/trainee headcount stood around 1,79,000 as of 31 December 2017 reflecting an increase of about 32,000 year-on-year and about 15,000 quarter-on-quarter. TeamLease Services’ current associate employee headcount stood around 1,37,000 and NETAP trainee headcount was around 40,500. Shares of TeamLease Services closed at Rs2,284.80, up 1.24% on BSE.