Maintain BUY with a TP of Rs 3,300 based on 40x Dec-20E EPS. Teamlease reported strong revenue growth for 3QFY19 but missed on margins. Revenue stood at Rs 11.72bn up 7.5% QoQ vs our est. of Rs 11.40bn. Growth was led by Core staffing (90% of rev, +8.6% QoQ) offset by HR Services (3% of rev, -16.8% QoQ). Specialised staffing (7% of rev) grew 4.6% QoQ led by IT staffing offset by soft Evolve (Telecom staffing).