"Large deals by their nature require vendors to make large upfront investments. This would translate into margin declines in quarters where the vendor makes these investments. Hence, we believe consensus expectations of margins remaining in a narrow band from current levels are at risk. We model in a 70-basis point (-bp) margin decline in FY15 and 90-bp in FY16," said Nitin Padmanabhan and Soumitra Chatterjee of Espirito Santo.
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