Margins of Tier 1 companies are expected to decline ~32-200 bps while among Tier 2 companies NIIT and TechM are expected to post a margin decline of ~161-200 bps. This is mainly due to a dip in utilisation, pricing pressure & cross currency headwind, partially offset by rupee depreciation, lower travel cost and lower general administrative cost. Among midcap, LTI, MindTree to report stable margins We expect L&T; Infotech to report stable margins led by rupee tailwind, lower travel cost and absence of one-time contribution to PM cares fund...