External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Teamlease registered a 23% CAGR in revenue over FY21-25, but EBITDA growth was limited to 9% CAGR due to EBITDA margins compressing from 2.0% in FY21 to 1.2% in FY25</li><li>This drop in consolidated margins was mainly caused by a decline in gross margins (GM) in the general staffing segment, where GM fell from 3.9% in FY21 to 2.6% in FY25</li><li>The GM is closely linked to PAPM, which has remained largely flat over the years, hovering around ~INR 650-700</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Teamlease registered a 23% CAGR in revenue over FY21-25, but EBITDA growth was limited to 9% CAGR due to EBITDA margins compressing from 2.0% in FY21 to 1.2% in FY25This drop in consolidated margins was mainly caused by a decline in gross margins (GM) in the general staffing segment, where GM fell from 3.9% in FY21 to 2.6% in FY25The GM is closely linked to PAPM, which has remained largely flat over the years, hovering around ~INR 650-700Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Teamlease Services: New Labour Codes: Long-Term Structural Impact. Maintain BUY

TeamLease Services

Teamlease Services: New Labour Codes: Long-Term Structural Impact. Maintain BUY