Maintain BUY with a TP of Rs 3,125 based on 40x FY20E EPS. Teamlease reported muted set of numbers for 1QFY19 with marginal miss on revenue and margins. Revenue stood at Rs 10.21bn up 4.5% QoQ vs our est. of Rs 10.30bn. Growth was led by high growth in HR Services (+38% QoQ) while Core staffing (90% of rev) was up 3.7 QoQ and Specialised staffing (7% of rev) was up 3.0% QoQ.