Then, the acquisitions have squeezed margins badly, leaving the company with the lowest margins amongst its peers. Its operating profit margin for FY 2014/15 was 17.81 per cent compared to 58.28 per cent for Infosys, 46.98 per cent for HCL, 35.37 per cent for TCS, and 28.1 per cent for Wipro. And net profit margin for Tech Mahindra was 11.77 per cent, compared to 46.62 per cent for Infosys, 37 per cent for HCL, 26.17 per cent for TCS, and 19.68 per cent for Wipro. Nayyar, though, is undeterred and more focused on buying the right companies to broaden Tech Mahindra's offerings. There's another aspect, too. Tech Mahindra's low margins, according to Gogia, are largely an effect of its focus on infrastructure management and testing, its traditional strengths.