We expect revenues to be impacted in Q1FY22E mainly due to lockdown. However, we expect revenues to improve from Q2FY21E onwards led by a gradual recovery in the economy and improved traction in healthcare, education, e-commerce, manufacturing, essential retail and IT. This, coupled with addition of new logos and large ticket customer are expected to further drive general staffing revenues. In addition, from a structural perspective, we believe that since the pandemic has forced enterprises to variablise its cost structure, it will lead to higher outsourcing of labour making flexi...