Home / Markets / Stock Markets /  TeamLease Services to buy back shares at 3,050 apiece

One of India’s largest staffing firms TeamLease Services on Friday said it will buy back shares worth up to 100 crore at 3,050 per share through the tender offer route, according to an exchange filing.

The buyback of shares is at an over 32% premium to today's opening price. TeamLease Services will buy back up to 3,27,869 shares or 1.92% of the company's paid-up equity.

At 0137pm, shares of TeamLease Services were 3.7% higher at 2331.7 apiece on the National Stock Exchange.

Teamlease Services is a mid-sized company in the commercial services industry with a market capitalization of 3995.9 crore. It is a Fortune India 500 company that is listed on the NSE and BSE. It is one of the leading human resources firms in India.

Teamlease Services Ltd reported consolidated total revenue of 2,018 crore in Q3FY23, up from 1,767 crore in Q3FY22, representing a 14% YoY increase.

The company reported consolidated Ebitda of 32 crore in the quarter ended December 2022, compared to 38 crore a year ago, representing a 16% YoY decrease. Its consolidated net profit of 29 crore in Q3FY23, was 5% lower from the previous quarter's profit of 30 crore. The company added net 3,000 headcount in Q3FY23 with growth of 1% on QoQ basis and 13% on YoY basis.

Commenting on the quarterly results, Ashok Reddy, managing director, said, “Weak festive demand in general staffing and headwinds in specialized staffing impacted our growth rates this quarter both on QoQ and YoY basis. We have started working on alternative placement of apprentices under NEEM program. Margins will be under pressure for the coming quarters given the soft demand, realization pressure, NEEM impact. Core employee headcount has been reduced by 9% on account of digitization and tighter cost control."


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