Most investors look at just the operating parameters of the business, such as margins. But how those margins can be sustained, or improved upon, depends on the HR process known as pyramid of employees,” says Raunak Onkar, Head of Research, Parag Parikh Financial Advisory Services, in conversation with Moneycontrol’s Santosh Nair. In this podcast, Onkar explains the business models of leading IT services companies, and lists the things that investors should keep an eye out for when investing in IT stocks.