A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players — TCS, Infosys, HCL Technologies and Wipro — have continued to shrink at a pace that has had the street surprised.
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