TeamLease Services Sees Profit Dip Despite Revenue Surge: Eyes Future Growth

TeamLease Services reported a 10.12% decrease in net profit to Rs 24.85 crore for the quarter ending September 2024, despite a 23% increase in revenue from operations. Focused on profit expansion, the company plans investments in Hiretech and Hrtech to drive future growth.

TeamLease Services, a staffing company, announced a 10.12% decline in consolidated net profit, reaching Rs 24.85 crore for the quarter ending September 2024. This comes despite a notable 23% growth in revenue from operations, which amounted to Rs 2,796.83 crore during the period under review.

In a regulatory filing, the company noted that profit expansion remains a key focus area for the current year. Managing Director Ashok Reddy expressed confidence in maintaining strong double-digit growth in sequential profits, driven by a robust billable headcount exceeding 3.5 lakh in the employment cluster.

TeamLease Services also shared plans to enhance capabilities through targeted investments in Hiretech and Hrtech solutions, both organically and inorganically. The company's shares rose by 5.36%, closing at Rs 2,841.35 on the BSE.

(With inputs from agencies.)