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India's TeamLease Services reported a 14.8% rise in fourth-quarter profit on Wednesday, led by growth in its general staffing business.
The company said consolidated net profit came in at 274.8 million rupees ($3.30 million) for the three months ended March 31.
Total revenue rose 20% to 24.32 billion rupees ($292.07 million), with the company's general staffing business that accounts for roughly 92% of the total, up 21%.
Revenue from its specialised IT staffing business increased 4.7%, compared with a 12.3% rise in the previous quarter.
Staffing solutions providers have been impacted by companies in the information technology sector slowing down hiring. For the financial year 2024, India's top IT companies reported either a net decline in headcount on a year-on-year basis or a small increase.
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TeamLease said that headwinds in the IT industry "continued to impact the growth and profitability in specialised staffing".
The $254-billion Indian IT industry has been grappling with weak client demand and falling discretionary spending amid inflationary pressures and recessionary concerns, after gaining immensely from the pandemic-induced boom.
General staffing business revenue increased on the back of strong hiring in the fast moving consumer durables, retail, e-commerce and telecom sectors, the company said.
"While we have had a slight setback on BFSI (banking, financial services, and insurance) hiring for the past few months, the outlook from the second quarter of FY25 is shaping up well," said Managing Director Ashok Reddy.
Teamlease's shares rose as much as 8.1% after the results before closing 3.2% higher.
