Manik Taneja on how Tech M will fare? What to expect from IT cos in H2

economictimes.indiatimes.com:

Manik Taneja, Executive Director- IT Services, Axis Capital, says tier-1 techs in particular, held onto the margins quite well. In fact, margins were flat to an improvement trajectory on a year-on-year basis across each of the tier-1 companies. But that needs to be seen in the context of the fact that some of them also deferred or delayed wage implements, so it may not be a like-to-like comparison.
Most IT companies have trimmed their guidance. Only LTI MindTree, Tata Elxsi and HCL Tech have better commentary coming in for the second half of the year. If you could just give a broad-based view on what you are making of the numbers so far and what should we be expecting in the second half?
When you look at the broader universe this quarter, and I am talking about both the tier-1 companies as well as the tier-2 techs, most companies have just about managed to meet modest expectations or in some cases disappointed from a growth standpoint.
Tier-1 techs in particular, held onto the margins quite well. In fact, margins were flat to an improvement trajectory on a year-on-year basis across each of the tier-1 companies. But that needs to be seen in the context of the fact that some of them also deferred or delayed wage implements, so it may not be a like-to-like comparison.

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For the tier-2 companies, some of the names that you mentioned, growth just about managed to meet expectations and margins. The margin difference that has been seen for tier-2 techs through the course of the