Aggressive cost rationalization measures, full-year consolidation of a higher margin entity (IMSI), and shift in mix toward apprentices provides strong headroom for margin expansion during FY21E (50bp/40bp v/s For FY21-22E, we upgrade our EPS estimate by 15% and expect ~31% PAT CAGR. However, margins in General Staffing and Specialized Staffing segments specialized staffing and other HR services (INR62m), (b) provision write-back from the previous quarters in other HR services (INR45m), (c) MAT credit write-off (INR496m), as the company is moving to the new tax regime, and (d) 80JJAA driven quarterly tax aberrations. Recovery in some verticals like logistics and manufacturing is expected to take scope for further rationalization of ~300 employees, translating into cost savings In 4QFY20, TEAMs revenue/adj.