TeamLease Services Ltd. (TEAM) reported decent set of numbers wherein Net sales grew by 19.7% in line with our estimates. However, EBITDA margins came in marginally lower than our estimates at 2%, up 50bps yoy. Net profit growth stood at 33.1% yoy. We expect TEAM's performance to continue due to increased preference for organized players and its strong growth momentum in high margin business. Recommend Buy.