quarters and is now at 387 (vs 365 in 2Q22 and ~260-270 pre-covid) We upgrade our rating to ACCUMULATE (earlier: REDUCE) given 1) Teamlease (TEAM) is gaining market share (32% YoY growth in associate addition in 9MFY22) in strong demand environment where intent of hiring continues to improve, 2) strong operating metrics in terms of new logo additions and improving FTE productivity, 3) Yield shortfall of 1% in PF trust amounting to ~Rs.15 Cr is provided for in Rs.75 Cr provision made in Q2FY22...