Staffing services firm TeamLease Services today reported over two fold jump in net profit to Rs 11.5 crore for the December quarter of the current fiscal.
The company had posted a net profit of Rs 5 crore in the October-December quarter of 2015-16, TeamLease said in a statement.
"Our domain agnostic operations with diversified and long-standing client base contributed to consistent growth in revenue and headcount. Steps taken for margin expansion, both organically and inorganically, gained momentum during the quarter," TeamLease Services MD Ashok Reddy said.
Reddy said, "While we are prepared for the long term and short term trends and reforms, we stay true to our core objectives and metrics of sales growth, margin expansion, operating cash flows and capital frugality".
Revenue grew by 29 per cent to Rs 814.7 crore in the quarter under review, from Rs 631.1 crore in the corresponding period a year ago.
The staffing associate's headcount increased to 125,207 as on December 31, 2016 as compared to 108,630 on December 31, 2015.
The company said its acquisition of Keystone Business Solutions is completed as of February 1, 2017.
Keystone is a Bangalore-based niche IT staffing company and will be integrated with Nichepro under our IT staffing vertical.
For the nine-month period ended December 31, 2016, the net profit of the company stood at Rs 27.9 crore, up 79 per cent from the year ago period.
TeamLease has more than 145,000 employees/trainees with over 1,900 clients across 6,500 locations in India.
Disclaimer: No Business Standard Journalist was involved in creation of this content
