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The Margin Note

Friday, 16 October 2026

utilisation 84% to 89%: how an it services firm grew operating profit 30% with fewer people

Note No. 124 min readResultsMembers

dollar revenue grew 6.8%, operating profit grew 30.4% & the margin rose for a twelfth straight quarter. here is how much of that can keep going.

HV InvestingIndependent analysis of Indian companies, in plain language

A large Indian IT services company grew dollar revenue 6.8% in the September quarter, & its operating profit rose 30.4% to $250 million. What made me look twice: it had about 1,900 fewer IT staff than a year earlier.

More revenue from fewer people is the cleanest kind of margin story in IT services, & this company has now raised its margin for twelve quarters in a row.
The company I'm referring to is . . .

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About the authorHV Investing

Independent analysis of Indian companies, results, industries & macro, built from primary filings & official data, explained without shorthand. The daily Corporate Intelligence Brief covers what changed before the open; The Margin Note is where one story gets the room it needs.

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