Nuvama

SIS reported in-line Q2FY26 numbers with revenue at INR37.6bn (+5.9% QoQ/+15% YoY), ahead of our estimate of INR36.4bn. EBITDA margin came in at 4.5%, in line with our expectation of 4.5%. PAT (adjusted for capital gain

Result Update

TeamLease Services Limited

Headcount growth to pick up

TeamLease (TEAM) reported a decent set of numbers for Q2FY26 with positive headcount additions across segments. Revenue came in at INR30.3bn (+4.9% QoQ/+8.4% YoY), above our estimate of INR29.5bn. EBITDA margin at 1.3%

Headcount boosted by festive seasonality

Quess Corp reported a steady Q2FY26 performance with revenue at INR38.3bn, in line with our estimate. EBITDA margin came in line with our expectation at 2%, reflecting continued focus on operational improvement. Adjusted

Result Update

Security & Intelligence Services India Ltd

Steady performance across segment

SIS reported a decent set of numbers. Revenue for Q1FY26 stood at INR35.5bn (+3.5% QoQ/+13.4% YoY), ahead of our estimate of INR33.7bn. EBITDA margin stood at 4.3%, below our expectation of 4.6%, impacted by one-off

Result Update

TeamLease Services Limited

Margin recovery in focus

TeamLease (TEAM) reported headcount additions across segments. Overall performance was modest with revenue at INR28.9bn (+1.2% QoQ/+12.1% YoY) in line with our expectation of INR29.3bn. EBITDA margin at 1.1% (-60bp

Growth to rebound; margins surprise

Quess Corp reported in-line Q1FY26 results with continued focus on margin improvement. Revenue stood at INR36.5bn, matching our estimate. EBITDA margin at 1.9% too is in line with our expectation. PAT adjusted for the

Result Update

TeamLease Services Limited

Regulatory headwind constrains growth

Teamlease (TEAM) reported decent Q4FY25 results. Revenue at INR28.6bn (-2.2% QoQ/+17.5% YoY) slightly undershot our expectation of INR29.3bn. EBITDA margin at 1.7% (+50bp QoQ/+20bp YoY) beat our estimate of 1.4%. PAT at

Growth hurt by NBFC headwind

Quess reported a weak set of Q4FY25 numbers with revenue at INR36.6bn (-9.0% QoQ/+3.4% YoY), lowest in the last 15 quarters. EBITDA margin came in at 1.8% (+29bp QoQ/+15bp YoY). Adjusted PAT was INR625mn (+30.8%

Result Update

Security & Intelligence Services India Ltd

Focus remains on margin expansion

SIS reported in line results for Q4FY25 with revenue at INR34.3bn (+1.9% QoQ/+9.3% YoY), in line with our estimate of INR34.5bn. Consolidated EBITDA margin improved 14bp QoQ to 4.8% against our estimate of 4.7%. PAT came

Margins under pressure; BFSI headwind

Quess reported a decent set of Q3FY25 numbers with revenue at INR55.2bn (+6.6% QoQ/+14% YoY), above our estimate of INR54.8bn. EBITDA margin contracted 20bp QoQ to 3.6%. PAT came in at INR805mn, below our estimate of

Result Update

TeamLease Services Limited

Quarter broadly in-line; BFSI headwind

Teamlease (TEAM) reported Q3FY25 broadly in line with expectations. Revenue came in at INR29.2bn, +4.4% QoQ/+19.5% YoY—slightly above our expectation of INR28.5bn. EBITDA margin came in at 1.2% (flat QoQ/-30bp YoY),

Result Update

Security & Intelligence Services India Ltd

Margin improvement efforts paying off

SIS reported a modest Q3FY25 with revenue at INR33.6bn (+2.9% QoQ/+9.4% YoY), slightly below our estimate of INR34.3bn. Consolidated EBITDA margin improved by 23bp QoQ to 4.7% against our estimate of 4.4%. PAT came in at

Result Update

TeamLease Services Limited

TeamLease Services (TEAM IN, INR 2,847, BUY) - Growth remains strong; margins soft; Result Update

Teamlease (TEAM) reported moderate Q2FY25 results with revenue coming in at INR27.9bn, +8.4% QoQ/+23.1% YoY—slightly above our expectation of INR26.8bn. EBITDA margin expanded to 1.2% (+30bp QoQ/-20bp YoY), below our

Growth to pick up in H2FY25

Quess reported decent Q2FY25 numbers. Revenue stood at INR51.8bn (+3.5% QoQ/+9.1% YoY), in line with consensus estimate of INR51.8bn. EBITDA margin expanded 10bp QoQ to 3.8%. PAT came in at INR924mn, in line with

Result Update

Security & Intelligence Services India Ltd

Margin expansion remains key focus

SIS reported moderate Q2FY25 results with revenue of INR32.7bn (+4.4% QoQ/6.4% YoY), in line with our estimate of INR32.3bn. Consolidated EBITDA margin remained flat QoQ at 4.4% against our estimate of 4.6%. PAT at

Result Update

TeamLease Services Limited

Growth strong; margin dips

Teamlease (TEAM) reported a mixed Q1FY25. Revenue came in at INR25.8bn, up 19% YoY—in line with our expectations. EBITDA margin contracted to 0.9% (-60bp QoQ/-30bp YoY), falling short of our 1.2% estimate. PAT at

March towards excellence

Quess reported an in-line set of Q1FY25 numbers . Revenue grew 1.9% QoQ/8.8% YoY. EBITDA margin contracted 30bp QoQ to 3.7% due to wage inflation, and seasonality in few businesses of OAM and GTS platforms. PAT was

Result Update

Security & Intelligence Services India Ltd

SXP international affects performance

SIS reported a muted set of Q1FY25 numbers with revenue at INR31.3bn (+5.1% YoY), below our estimate of INR33.3bn (+12.0% YoY). Consolidated EBITDA margin stood at 4.4% versus our estimate of 4.8%. Margins were hurt by a

Thematic

Business Services

July 22, 2024

Invite for CMS Info Systems - Conference Call-26th Jul'24

Nuvama Wealth Management is hosting a conference call with the management of CMS Info Systems Limited, India to discuss the Company’s Q1FY25 financial results on Friday, July 26, 2024 at 12.00 Noon IST.

Result Update

TeamLease Services Limited

General and HR Services hold the fort

Teamlease (TEAM) posted an in-line Q4FY24 led by 21%/5% YoY growth in general/specialised staffing. HR Services witnessed an uptick led by seasonality. EBITDA margin stood flat at 1.5%, in line with Street’s estimate.

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