QUESS' 48.5% YoY revenue growth to INR15.8b was a beat to our estimate, driven by a pick-up in organic growth and integration of TBSS (which we had assumed for the subsequent quarter). While there have been several acquisitions over the last few quarters, we reckon organic growth in the quarter would be ~25% v/s ~20% in the previous quarter. A pick-up was also seen in the People & Services business,with growth of 25% YoY v/s 8% YoY in the year-ago period. EBITDA margin at 5.7%expanded by 10bp YoY. While margins were stable in P&S and the integration of higher-margin Manipal Integrated Services boosted profitability in Integrated Facilities Management, there was a YoY decline seen in Global Technology Solutions (-50bp) and Industrials (-200bp). A turn around in Industrials and further integration of accretive acquisitions would, however, lead to expansion, going forward. PAT at INR690m was up105% YoY, beating estimates because of a lower ETR (80JJAA).