Mumbai, Jan. 18 -- India's largest IT firm Tata Consultancy Services Ltd (TCS) says it will not surrender margins for revenue, even as its operating margin failed to meet its estimates of 26-28% during a commentary at the beginning of the financial year. V. Ramakrishnan, the company's chief financial officer, said in an interview that margins came under pressure largely due to currency fluctuation and rise in employee costs. He agreed that TCS is short of its margin guidance, but it does not mean that the target is not achievable. Edited excerpts:
Is it correct that the margin declined because TCS is buying revenues as it aggressively looks to sign deals, which have a higher component of TCS taking over employees from clients (what is cal...