diff --git a/src/breakshaft/models.py b/src/breakshaft/models.py
index 24bff02..abd4b2a 100644
--- a/src/breakshaft/models.py
+++ b/src/breakshaft/models.py
@@ -71,6 +71,7 @@ class ConversionPoint:
             raise ValueError(f'Function {func.__qualname__} provided as injector, but return-type is not specified')
 
         rettype_origin = get_origin(rettype)
+        fn_rettype_origin = get_origin(fn_rettype)
         cm_out_origins = [
             typing.Generator,
             typing.Iterator,
@@ -83,6 +84,8 @@ class ConversionPoint:
         ]
         if any(map(lambda x: rettype_origin is x, cm_out_origins)) and is_context_manager_factory(func):
             rettype = get_args(rettype)[0]
+        if any(map(lambda x: fn_rettype_origin is x, cm_out_origins)) and is_context_manager_factory(func):
+            fn_rettype = get_args(fn_rettype)[0]
 
         if is_basic_type_annot(rettype):
             return []
diff --git a/src/breakshaft/renderer.py b/src/breakshaft/renderer.py
index 79a7aa3..473686c 100644
--- a/src/breakshaft/renderer.py
+++ b/src/breakshaft/renderer.py
@@ -146,7 +146,7 @@ class InTimeGenerationConvertorRenderer(ConvertorRenderer):
 
         conversion_models = deduplicate_callseq(conversion_models)
 
-        ret_hash = hashname(callseq[-1].injects)
+        ret_hash = hashname(callseq[-1].rettype)
 
         conv_args = []
         for i, from_type in enumerate(from_types):