INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of TeamLease Services dropped over 4 per cent in Wednesday's trade after the company reported a less-than-expected set
of June quarter numbers.
The stock fell 4.28 per cent to hit a low of Rs 2,664.90 on BSE.
"Teamlease reported muted set of numbers for
1QFY19 with a marginal miss on revenue and margins," said HDFC Securities
The company on Tuesday reported 32.9 per cent YoY rise in net profit at Rs 21.8 crore for the June quarter compared with Rs 16.4 crore in
the same quarter last year
Revenue for the quarter rose 19.5 per cent YoY to Rs 1026.60 crore from Rs 858.80 crore in the corresponding quarter last year
The profit margin for the quarter expanded to 2.1 per cent from 1.9 per cent on year-on-year basis.
HDFC Securities has cut its revenue
estimate marginally by less than 1 per cent and has lowered its Ebitda margin estimates to 2.1/2.4 per cent for FY19 and FY20.
"We like the
staffing business," it said while maintaining a buy rating on the stock.
The company meanwhile approved the acquisition of an additional 21
will become subsidiary of TeamLease Services post completion of the transaction.
