TeamLease reported a soft quarter, with revenue at Rs 8.17bn (up 0.3% QoQ), owing to flattish core staffing (0.1% QoQ, 96% of revenue), and supported by the integration of Keystone (IT staffing). Core staffing EBITDA margin came in at 1.7%, up 11bps QoQ. Consolidated margin stood at 1.8%, slightly below expectations (1.9%).