The company's general staffing revenues increased at a lower-thanexpected rate at 16.6% YoY mainly led by mere increase of 5.4% YoY (average growth of 40% YoY in last five quarters) in NETAP headcount in this quarter. This was mainly on the back of weakness in manufacturing and auto segments. In the near term, any significant improvement in NETAP business is unlikely. However, continued growth in general staffing associate headcount (ex-NETAP) prompts us to believe the company could clock growth of 20.2% over FY19-21E in general staffing. This accompanied by acquisition of eCentric in IT staffing, led us to estimate 23.3% growth in...