Maintain BUY with a TP of Rs 3,260 based on 40x Sep-20E EPS. Teamlease reported strong set of numbers for 2QFY19 with beat on both revenue and margins front. Revenue stood at Rs 10.90bn up 6.8% QoQ vs our est. of Rs 10.64bn. Growth was led by Staffing (90% of rev, +6.7% QoQ) and HR Services (4% of rev, +25% QoQ). Specialiced staffing (6% of rev) was soft due to higher attrition in IT staffing & Evolve.