India's Teamlease down as Q1 profit falls

Teamlease Services

27/07/2023 07:01

** Shares of Teamlease Services  TLSV.NS  fall as much as
4.9% to 2,263.7 rupees, lowest since June, 9
    ** Co on Wednesday reported its consolidated net profit fell
0.5% to 264 mln rupees ($3.22 million) during the June-qtr; saw
15.5% rise in rev from ops Y/Y
    ** Specialized staffing remains muted as IT Services
companies slow down hiring, said analysts at Motilal Oswal
    ** Discontinuation of govt's National Employability
Enhancement Mission Scheme (NEEM) will have 40 mln rupees impact
over next two quarters, added analysts
    ** Analysts at Kotak Institutional maintain "Reduce" rating
on the stock
    ** More than 26,703 shares change hands by 11:25 a.m. IST vs
1.0x 30-day avg of 27,650 shares
    ** Analysts covering the stock on average have a "hold"
rating; median PT is 2,823.5 rupees - Refinitiv data
    ** Stock down 5.7% YTD up to last close



($1 = 81.9880 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))