TeamLease Profit Falls on One-Off Charges
TeamLease Services reported a 16.5 percent drop in second-quarter net profit due to exceptional charges and increased investments in technology and staffing operations. Revenue from operations rose slightly while the firm exited lower-margin contracts.
TeamLease Services reported a 16.5% drop in second-quarter net profit to 229.8 million rupees on Thursday morning. Earnings fell as one-off charges and investments in technology weighed on margins. The contraction highlights margin pressures across India's staffing sector.
Revenue from operations rose 2.3% year-on-year to 30.76 billion rupees for the quarter ended September 30. Net profit had stood at 275.2 million rupees a year earlier. Exceptional charges totaled 29.8 million rupees, driven by the sale of a stake in joint venture Crystal HR.
