TeamLease Q1 results: Net profit drops 21.3% to Rs 20.79 cr on weak demand

India’s TeamLease Services posted a smaller-than-expected quarterly profit on Wednesday, hurt by higher expenses and weak demand in its specialised IT staffing business.

The company, which hires and trains people before helping them find jobs, said its consolidated net profit dropped 21.3 per cent to Rs 20.79 crore ($2.48 million) year-on-year in the three months ended June 30, below analysts’ estimate of Rs 24.17 crore, as per LSEG data.