A key worry for the sector is the muted near term outlook and cautious stance of managements given the headwinds for the technology sector
Stocks of staffing solution companies have underperformed the broader markets in November. While two of the leading companies in the space — Quess Corp and TeamLease Services —are down 14-22 per cent, SIS is down 7 per cent during the period. A mixed set of September quarter results for the 2022-23 financial year (Q2FY23) and muted near-term outlook led to the decline.
While TeamLease’s performance was in line with estimates, operating performance of Quess and SIS disappointed the Street. TeamLease posted a 28 per cent growth, led by a 20 per cent year-on-year (YoY) rise in headcount and wage inflation, while growth for Quess stood at 32 per cent. SIS posted a 14 per cent YoY growth.
Though Quess’ revenue
First Published: Nov 24 2022 | 9:52 PM IST