3.14 Provisions and contingent liability
Provision
Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made
of the amount of the obligation. When the Company
expects some or all of a provision to be reimbursed, the
reimbursement is recognised as a separate asset, but only
when the reimbursement is virtually certain. The expense
relating to a provision is presented in the standalone
statement of profit and loss net of any reimbursement.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as
a finance cost.
Contingent liability
Contingent liability is:
(a) a possible obligation arising from past events and whose
existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events
not wholly within the control of the entity or
(b) a present obligation that arises from past events but is
not recognized because:
- it is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation, or
- the amount of the obligation cannot be measured
with sufficient reliability.
The Company does not recognize a contingent liability
but discloses its existence and other required disclosures
in notes to the financial statements, unless the possibility
of any outflow in settlement is remote.
3.15 Dividend
The Company recognises a liability to pay dividend to
equity holders of the Company when the distribution
is authorised, and the distribution is no longer at the
discretion of the Company. As per the corporate laws in
India, a distribution is authorised when it is approved by
the shareholders. A corresponding amount is recognised
directly in equity.
3.16 Earnings Per Share (EPS)
Basic EPS is calculated by dividing the profit/loss for the
year attributable to equity shareholders of the Company
by the weighted average number of equity shares
outstanding during the year.
For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable to
equity shareholders of the Company and the weighted
average number of shares outstanding during the
period are adjusted for the effects of all dilutive potential
equity shares.
3.17 Operating segment
Operating segments are identified as those components
of the Company (a) that engage in business activities to
earn revenues and incur expenses (including transactions
with any of the Company's other components (b) whose
operating results are regularly reviewed by the Company's
Chief Executive Officer to make decisions about resource
allocation and performance assessment and (c) for which
discrete financial information is available. The accounting
policies consistently used in the preparation of the
financial statements are also applied to record revenue
and expenditure in individual segments.
The Company is engaged in the business relating to
rendering manpower staffing services and related
activities. These activities of the Company are reviewed
regularly by the chief operating decision maker from an
overall business perspective, rather than reviewing its
products/services as individual standalone components
and therefore subject to the same risk and reward and
accordingly falls within single business segment.
3.18 Significant accounting judgments, estimates and
assumptions
The preparation of the Company's Standalone financial
statements requires management to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of
assets or liabilities affected in future periods.
Estimates and assumptions
The key assumptions concerning the future and
other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are
described below. The Company based its assumptions
and estimates on parameters available when the
Standalone financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in
the assumptions when they occur.
Defined benefit plans
The cost of the defined benefit plans and other post¬
employment benefits and the present value of the
obligation are determined using actuarial valuations. An
actuarial valuation involves making various assumptions
that may differ from actual developments in the future.
These include the determination of the discount rate,
future salary increases and mortality rates. Due to
complexities involved in the valuation and its long term
nature, a defined benefit obligation is highly sensitive
to changes in these assumptions. All assumptions are
reviewed at each reporting date.
The calculation is most sensitive to changes in the
discount rate. In determining the appropriate discount
rate for plans operated in India, the management
considers the interest rates of government bonds where
remaining maturity of such bond correspond to expected
term of defined benefit obligation.
The mortality rate is based on publicly available mortality
tables. Those mortality tables tend to change only at
interval in response to demographic changes. Future
salary increases and gratuity increases are based on
expected future inflation rates. Further details about
gratuity obligations are given in Note 36.
Taxes
Deferred tax assets are recognised on deductible
temporary differences to the extent that it is probable
that taxable profit will be available against which the
deductible temporary differences can be utilised.
Significant management judgement is required to
determine the amount of deferred tax assets that can
be recognised, based upon the likely timing and the
level of future taxable profits together with future tax
planning strategies.
Impairment of non-current assets
Determining whether long-term investments and loans
are impaired requires an estimation of the value in use of
the individual investments in subsidiaries, associate and
joint venture or the relevant cash generating units. The
value in use calculation is based on Discounted Cash
Flow ('DCF') model. Further, the cash flow projections
are based on estimates and assumptions relating to
operational performance, growth rate, operating margins
of the CGU, etc.
Other estimates
The preparation of financial statements involves estimates
and assumptions that affect the reported amount of
assets, liabilities, disclosure of contingent liabilities at the
date of financial statements and the reported amount
of revenues and expenses for the reporting period.
Specifically, the Company estimates the probability of
collection of accounts receivable by analysing historical
payment patterns, customer concentrations and current
economic trends. If the financial condition of a customer
deteriorates or there is an overall deterioration in the
credit risk macro environment, additional allowances
may be required in future.
3.19 Events after the reporting period
If the Company receives information after the reporting
period, but prior to the date of approved for issue, about
conditions that existed at the end of the reporting period, it
will assess whether the information affects the amounts that
it recognises in its financial statements. The Company will
adjust the amounts recognised in its financial statements
to reflect any adjusting events after the reporting period
and update the disclosures that relate to those conditions
in light of the new information. For non-adjusting events
after the reporting period, the Company will not change
the amounts recognised in its financial statements but
will disclose the nature of the non-adjusting event and an
estimate of its financial effect, or a statement that such an
estimate cannot be made, if applicable.
3.20 New and amended standards (Ind AS)
Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended 31
March 2025, MCA has not notified any new standards
or amendments to the existing standards applicable
to the Company.
Notes:
1) The Board of directors of TeamLease Digital Private Limited (TDPL), I.M.S.I. Staffing Private Limited (I.M.S.I.) and Keystone
Business Solutions Private Limited (Keystone), in their respective meetings held on 16 August 2022 approved the Scheme
of Amalgamation of I.M.S.I and Keystone with TDPL ("Scheme") pursuant to Sections 230 to 232 of the Companies Act,
2013 ("the Act") and other relevant provisions of the Act, to the extent applicable, with appointed date as April 01, 2022. The
Scheme was filed with the relevant jurisdictional office of National Company Law Tribunal (NCLT) on 6 September 2022.
During the previous year ended 31 March 2024, NCLT had approved Scheme with the appointed date as April 01, 2022.
2) On 20 December 2024, the Company entered into a Share Sale and Purchase Agreement with TSR Darashaw Private
Limited ('Seller') and its promoters and acquired 90% stake in TSR Darashaw HR Services Private Limited ('TSR') by
way of allotment of equity shares on fully diluted basis at an agreed consideration of H16.08 crores with an undertaking to
acquire the balance 10% stake in TSR for a fixed consideration of H1.60 crores and an additional consideration of an amount
equivalent to 10% of the profits earned by TSR for the period commencing 21 December 2024 until 30 September 2025.
3) On 6 January 2025, the Company entered into a Share Purchase Agreement with Crystal HR & Security Solutions Private
Limited ('CHSSPL') and its promoters to acquire 30% stake by way of allotment of equity shares on fully diluted basis with
an intention to acquire the balance stake of 70% in multiple tranches, subject to approval of the Board of Directors of the
Company and on completion of the various terms and conditions set out in the Share Purchase Agreement.
Nature and purpose of other reserves
(i) Securities premium
Securities premium reserve is used to record the premium on issue of shares. The reserve is to be utilised in accordance
with the provisions of Section 52 of Companies Act, 2013.
(ii) Retained earnings
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or
other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit plans,
net of taxes that will not be reclassified to standalone statement of profit and loss.
(iii) Share based payment reserves
This reserve relates to stock options and stock appreciation rights granted by the Company to employees under TeamLease
Employee Stock Option Plan and Employee Stock Appreciation Rights Plan 2019 respectively. Refer note 37 and note 38.
(iv) Capital redemption reserve
In accordance with section 69 of the Companies Act, 2013, the Company created capital redemption reserve equal to the
nominal value of shares bought back, as an appropriation from the free reserves.
Note 36: Employee benefit obligation
a. Gratuity (associates with reimbursement right from customers)
The Company has defined benefit gratuity plan for its employees. The gratuity plan is governed by the Payment of Gratuity
Act, 1972. Under the Act, every employee who has completed 5 years of service are eligible for gratuity on departure at 15
days salary (last drawn salary) for each completed year of service. The level of benefits provided depends on the member's
length of service and salary at retirement age. The gratuity plan of the Company is unfunded.
In case of associates with reimbursement right from customers, the Company recognises the net benefit expense net of
reimbursement from its customers and recognises a right to reimbursement from customers in the balance sheet equivalent
to the net defined benefit liability.
The following table summarise the components of net benefit expense recognised in the standalone statement of profit and
loss and amounts recognised in the balance sheet for the gratuity benefit:
The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity analysis are based on a change in a significant assumption, keeping all other assumptions constant.
The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely
that changes in assumptions would occur in isolation from one another.
Note:
1) The estimates of future salary increases, considered in actuarial valuation, takes into account inflation, seniority,
promotion and other relevant factors such as supply and demand factors in employment market.
2) Plan Characteristics and Associated Risks:
The Gratuity scheme is a Defined Benefit Plan that provides for a lump sum payment made on exit either by way
of retirement, death or disability. The benefits are defined on the basis of final salary and the period of service
and paid as lump sum at exit. The Plan design means the risks commonly affecting the liabilities and the financial
results are expected to be:
a) Discount rate risk : The defined benefit obligation calculated uses a discount rate based on government
bonds. If bond yields fall, the defined benefit obligation will tend to increase
b) Salary inflation risk : Higher than expected increases in salary will increase the defined benefit obligation
c) Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality,
withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward
and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate
withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year
as compared to a long service employee.
Note 37: Share based payments
Employee Share Option Scheme (ESOP)
The Company has granted stock options to employees of the Company and its subsidiaries under 'TeamLease Services Limited
ESOP Plan' 2015. The options issued under the plan has term of 3-4 years and vest based on the terms of individual grants. When
exercisable, each option is convertible into one equity share. The exercise price of option is H 10. The stock options are restricted
for sale, pledge or transfer.
Tranche I and II - Total number of options granted were 126,640 out of which 110,522 options were exercised and 16,118 options
expired in earlier years.
Fair value of options granted
The fair value of stock options granted is estimated using Black-Scholes valuation model, which incorporates various assumptions
including expected life, volatility, risk free rate, interest rates and dividend yield. As no stock options were granted for the year
ended 31 March 2025 and 31 March 2024, valuation assumptions are not disclosed.
The weighted average remaining contractual life for the share options outstanding as at 31 March 2025 was Nil (31 March 2024: Nil).
The weighted average exercise price of the outstanding option is H 10 (31 March 2024: H 10).
Stock Option Compensation expense is H Nil (31 March 2024: H Nil) for the year.
(b) Fair value hierarchy
The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value,
grouped into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by
reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of
investment in quoted equity shares and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities,
measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e., as prices) or indirectly (i.e., derived from prices).
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets
and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are
determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.
(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are
inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value
estimates presented above are not necessarily indicative of the amounts that the Company could have realised or
paid in sale transactions as of respective dates. As such, fair value of financial instruments subsequent to the reporting
dates may be different from the amounts reported at each reporting date.
(iii) There have been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2025 and 31 March 2024.
Note 40: Financial risk management objectives and policies
The Company's principal financial liabilities, comprise loans and borrowings, lease liabilities, trade and other payables. The main
purpose of these financial liabilities is to support its operations. The Company's principal financial assets include investments,
loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
The Company has exposure to the following risks arising from financial instruments:
• Market risk;
• Credit risk; and
• Liquidity risk.
Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The Company's risk management policies are established to identify and analyse the risks faced by
the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies
and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through
its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in
which all employees understand their roles and obligations.
The Company's audit committee oversees how management monitors compliance with the Company's risk management policies
and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
The audit committee is assisted in its oversight role by internal auditors. Internal Audit function includes regular reviews of risk
management controls and procedures, the results of which are reported to the Audit Committee.
(a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and foreign currency risk.
(i) Foreign Currency Risk
Foreign currency risks is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign currency rates. The Company does not have significant foreign currency exposure and hence is
not exposed to any significant foreign currency risks.
(ii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate
because of changes in market interest rates.
(b) Credit risk
Credit risk is the risk that counterparty will not meet its contractual obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade
receivables and unbilled revenue) and loans receivables, investments and other financial assets.
i. Trade receivables (including unbilled revenue) and other financial assets
With respect to trade receivables/unbilled revenue, the Company has framed the policies to review the receivables
on periodic basis and to take necessary mitigations, wherever required. The Company follows 'simplified approach'
for recognition of provision for ECL on trade receivables. The application of simplified approach does not require
the Company to track changes in credit risk. Rather, it recognizes provision for ECL based on lifetime ECLs at each
reporting date, right from its initial recognition.
Management does not expect any significant loss from non-performance by counterparties on credit granted that has
not been provided for.
ii. Credit risk from balances with the banks and financial institutions are managed by the Company's treasury department
in accordance with the Company's policy. Investment of surplus fund is made only with approved counterparties
within credit limits assigned to each counterparty.
Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimise the concentration
of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.
iii. The Company's investments and loans are primarily to its subsidiaries and joint venture, the performance of which are
reviewed on a periodic basis.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Company's reputation. The Company's objective is to maintain a balance between continuity of funding and flexibility
through the use of bank borrowings.
Note 41: Capital management
The key objective of the Company's capital management is to ensure that it maintains a stable capital structure with the focus
on total equity to uphold investor, creditor and customer confidence and to ensure future development of its business. The
Company is focused on keeping strong capital base to ensure independence and sustained growth in business.
The Company is predominantly equity financed. To maintain and adjust capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares.
The Company has very minimal amount of borrowings. The existing surplus funds along with the cash generated by the Company,
are sufficient to meet its current/non-current obligation and working capital requirement.
Note 42: Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker (CODM). As the Company is primarily engaged in rendering manpower staffing services, its business activities falls
within a single business segment and accordingly there are no additional disclosures to be provided under Ind AS 108 'Segment
Reporting' The Company operates primarily in India and there is no other significant geographical segment.
Terms and conditions of transactions with related parties
i) All transactions entered into with related parties defined under the Companies Act, 2013 were as per the contractual terms
with the respective related parties on arm's-length pricing basis. The loans to subsidiaries are generally for periods upto
5 years and interest charged is prevalent to the market interest rate. Outstanding balances at the year-end are unsecured
and settlement occurs in cash as per the credit terms with the respective related parties. This assessment of impairment
is undertaken each financial year through examining the financial position of the related party and the market in which the
related party operates.
ii) The non-interest bearing advance to key management personnel is for 1.5 years, repayable in monthly instalments.
1. In addition to aforesaid service tax matters in dispute, the Company has filed writ petition with the Hon'ble High Court
of Kolkata for service tax demands pertaining to the period April 2006 to December 2008 aggregating to H 8.88 crores
(including penalty etc.) against which the Company has already settled H 4.43 crores and balance is largely provided for as
a matter of abundant caution (Refer note 21).
2. Bonus liability pursuant to the amendment of Payment of Bonus Act, 1965, for financial year 2014-15 is considered as
contingent liability, based on expert legal opinion obtained by the Company and stay orders from various High Courts
across the country. As per the contractual agreement with the customers, both bonus liability and minimum wages in
respect of associate employees is recoverable from the customers in case such liability arises.
3. In addition to above tax demands, there are certain tax litigations for earlier years in respect of deduction claimed by
the Company under Section 80JJAA of the Income Tax Act, 1961 ("Act"), with respect to eligible expenditure incurred for
net additional employees hired in each year with effect from financial year 2016-17 till date. The Company's claim for the
financial years 2016-17 and 2017-18 was allowed in tax assessments completed earlier under Section 143(3) of the Act.
Subsequently, the Income Tax authorities disallowed the deduction u/s 80JJAA for financial year 2018-19 (AY 2019-20)
and issued notice for reassessment u/s 148 of the Act for financial year 2016-17 (AY 2017-18) and 2017-18 (AY 2018-19). The
Company filed appeal before National Faceless Appeal Centre under Section 246(1)(a) of the Act for AY 2019-20 and a
writ petition before the Hon'ble Karnataka High Court for AY 2017-18 and AY 2018-19, challenging the stand taken by tax
authorities and has obtained a stay as of 31 March 2025.
The Company believes that deduction under Section 80JJAA has been claimed in accordance with the provisions of the
Act, and as advised by the legal experts, is reasonably confident of favourable outcome in the matter. Accordingly, no
provision is considered necessary by the management in the said matter.
During the year, the Company has also received re-assessment notice u/s 148 of the Income Tax Act for AY 2019-20,
AY 2020-21, AY 2021-22 and AY 2022-23 to reassess or recompute the loss or the depreciation allowance or any other
allowance or deduction and submit a return in a prescribed form.
4. In addition to aforesaid GST matters:
(a) There are certain demands where the probability assessment is remote and hence not disclosed above.
(b) The Company has received various show cause notices from GST authorities for various years on account of
mismatches/pending reconciliations, etc. that are pending final assessment.
5. The aforementioned amounts under disputes are as per the demands from various authorities for the respective periods
and has not been adjusted to include further interest and penalty leviable, if any, at the time of final outcome of the appeals.
6. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain
sections of the Code came into effect on 3 May 2024. However, the final rules/interpretation have not yet been issued. The
Company will assess the impact of the Code when it comes into effect and will record any related impact in the period such
final rules/interpretation will be issued.
(b) Leases
Company as a Lessee
The Company has lease contracts of building used in its operations. Leases of building have lease terms between 2 to
9 years. The Company's obligations under its leases are secured by the lessor's title to the leased assets. These lease
agreements have escalation clauses primarily linked to inflation rates over the lease period and includes extension and
termination option. The Company applies judgement in evaluating whether it is reasonably certain whether or not to exercise
the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to
exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there
is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise
the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to
the leased asset).
The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the
Companies Act, 2013 for the above transactions and the transactions are not violative of the Prevention of Money-Laundering
Act, 2002 (15 of 2003)
The Company has not advanced any fund to intermediaries for further advancing to other person on behalf of ultimate
beneficiaries for the year ended 31 March 2024.
(v) The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vi) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed any income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961).
(vii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.
(viii) MCA has amended the Rule 3 of the Companies (Accounts) Rules, 2014 (the "Accounts Rules") vide notification dated 5
August 2022, relating to the mode of keeping books of account and other books and papers in electronic mode. Back-ups
of the books of account and other books and papers of the Company maintained in electronic mode are now required to be
retained on a server located in India on daily basis (instead of back-ups on a periodic basis as provided earlier) as prescribed
under Rule 3(5) of the Accounts Rules. With respect to the above, the Company has complied with the requirement.
(ix) The Company has used accounting softwares for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares,
except that, audit trail feature is not enabled for direct changes to data using privileged/ administrative access rights.
Additionally for one of the accounting software edit log is enabled for master data changes w.e.f. 11 April 2024. Further,
during the course of our audit we did not come across any instance of audit trail feature being tampered with, in respect of
accounting softwares where the audit trail has been enabled. Additionally, the audit trail of prior year has been preserved
by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded.
Note 53: Certain amounts (currency value or percentages) shown in the various tables and paragraphs included in these
financial statements have been rounded off or truncated as deemed appropriate by the management of the Company. The
figures of the previous year end have been regrouped or reclassified, wherever necessary.
As per our report of even date attached
For S.R. Batliboi & Associates LLP For and on behalf of the Board of Directors of
Chartered Accountants TeamLease Services Limited
ICAI Firm Registration Number: 101049W/E300004
per Sandeep Karnani Ashok Kumar Nedurumalli Subramaniam Somasundaram
Partner Managing Director Independent Director
Membership Number: 061207 DIN: 00151814 DIN: 01494407
Ramani Dathi Alaka Chanda
Chief Financial Officer Company Secretary
F10911
Place: Bengaluru Place: Bengaluru
Date: 21 May 2025 Date: 21 May 2025
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