India's Tech Mahindra posts marginal first-quarter revenue miss on Americas weakness
Consolidated sales rose 2.7% year-on-year to 133.51 billion rupees ($1.55 billion) in the June quarter, slightly below the average analyst estimate of 133.83 billion rupees, according to LSEG data.
"The market is still very, very volatile. We are seeing a continued slowdown in the auto and manufacturing portfolios," said Mohit Joshi, CEO at Tech Mahindra.
"It's a mixed picture, and I feel that it's too early to say whether the tide has turned towards significant growth, or, god forbid, towards a recession," he said in a post-earnings call.
Sagar Shetty, research analyst at StoxBox called Q1 numbers a "steady" performance due to improvement in terms of deal wins and operating margin.
"The company continued to exhibit resilience on the deal-win front, exceeding its typical quarterly guidance of $600–800 million, signaling sustained client confidence and healthy pipeline conversion," he said.
Revenue from the Americas market, which accounts for nearly half of its overall revenue, fell 5.9% compared to last year.
This marks the sharpest decline since a 6.4% drop in the December quarter of FY21 during the COVID-19 pandemic.
"I would say the single biggest hit (for Americas) has been the slowdown from a manufacturing perspective," Joshi added.
Uncertainty around U.S. tariffs have dampened IT firms' hopes of a revival in client confidence and spending in their biggest market. A survey, opens new tab in May showed two in five tech executives had deferred discretionary projects.
Four of the company's seven business verticals grew, led by a 3.8% increase in retail.
Tech Mahindra's net new bookings rose to $809 million in the quarter from $798 million in the previous quarter and $534 million in the year-ago period.
Net profit rose 34% to 11.41 billion rupees, driven by improved operating margins, but missed estimates of 11.72 billion rupees, as per data compiled by LSEG.
Last week, bellwether Tata Consultancy Services (TCS.NS), opens new tab also missed revenue estimates, citing delays in decision-making and project launches.
Peers Wipro (WIPR.NS), opens new tab and LTIMindtree (LTIM.NS), opens new tab report later this week.
($1 = 85.9340 Indian rupees)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
19 minutes ago
- Reuters
China's Unitree Robotics starts IPO process
BEIJING, July 18 (Reuters) - Chinese startup Unitree Robotics has begun the so-called "tutoring" process for a potential initial public offering, a filing with the securities regulator showed on Friday. CITIC Securities acts as the company's tutoring institution and is scheduled to assist Unitree in preparing the listing application documents in accordance with relevant regulations in the fourth quarter of this year.
Telegraph
19 minutes ago
- Telegraph
Best Nintendo Switch 2 controllers of 2025: Is the official controller the gamepad to buy?
The original Nintendo Switch stood out among modern game consoles. It was the only gaming machine that came with two controllers in the box. Its successor, the Switch 2, is largely the same, with just a modestly tweaked design. Called 'Joy-Con' controllers, these attach to the side of the console's screen. However, they can also be placed in the bundled controller dock for one-player gaming on the TV, or turned vertically to work as two separate wireless miniature gamepads if a friend comes over. That said, while it is possible for each player to game using a separate Joy-Con controller, this isn't the most comfortable experience. The Joy-Con is generally small, with cramped buttons and sticks. If you regularly play multiplayer games with friends on the sofa, you might want to invest in an extra controller. As the Nintendo Switch 2 is still brand-new, there aren't many additional controllers you can buy right now. I've tested most currently available Switch 2 game pads, including the official Pro 2 controller, to figure out which is best. The best Nintendo Switch 2 controllers: At a glance How we test Nintendo Switch 2 controllers Video game controllers are some of the easiest and simplest products to test, as they only have one use case. I mostly just need to play games on their console of choice. Once connected to the Switch 2, I assess each controller for comfort, build quality, performance, special features and overall value for money. The only way to do this is by playing a lot of games with each controller, making notes about various aspects such as analogue stick smoothness, comfort over long gaming sessions and how responsive the buttons feel. As I mentioned earlier, there aren't many controllers specifically designed for use with the Switch 2. Older Switch 1 controllers may still work, but I will discuss this in more detail in the FAQ section of this guide. In the meantime, I tested gamepads that do work, including Hori, 8Bitdo, PowerA, Gulikit, GameSir and, of course, Nintendo itself. Why you can trust Telegraph Recommended Our tech experts continuously conduct in-depth, independent, real-world tests, scoring devices against pre-set testing metrics and industry benchmarks, so we can deliver definitive and comprehensive buying advice. Telegraph Recommended reviews are never shared with product manufacturers before publication, we don't accept payment in exchange for positive reviews, nor do we allow brands to pay for placement in our articles. Visit our Who We Are page to learn more. The best Nintendo Switch 2 controllers of 2025 1. Best Buy Nintendo Switch 2 Controller: Nintendo Switch 2 Pro controller Score: 9/10 We like: Works seamlessly, wonderful feeling analogue sticks, includes all the new buttons Given that Nintendo's Pro controller for the original Switch still works with the Switch 2, you might think there isn't much reason to upgrade. It costs £15 more, so you would hope the answer would be no, but Nintendo has made some serious quality-of-life improvements that make this the Switch 2 controller to beat. Many of the reasons why it's so good are shared with the original. It has the same comfortably ergonomic design, long-lasting 40-hour battery life and tactile buttons. It even looks pretty similar, though the semi-transparent shell has been replaced with a smooth, non-opaque plastic. After using it for some time, I can say that the improvements add up to something rather special. There's the 'C' button for instant access to GameChat, a 3.5mm headphone connector and two rear buttons that can be assigned to any button press of your choosing. There are less obvious improvements: it charges in about half the time, and the analogue sticks are among the smoothest I've ever used. The gamepad is also the best choice because it has access to the console in a way that other controllers don't. Only this Nintendo-made pad can wake up the Switch 2 and customise the rear buttons directly via the console's interface. It's a shame Nintendo hasn't made these features available to others, but it does cement this pad's place as the best Switch 2 controller, even if it's a touch unfair on everyone else. Key specifications Dimensions: W 148mm, D 60.2mm, H 105mm Weight: 237g Switch 2 connection: Bluetooth Battery life: 40 hours 2. Best Value Nintendo Switch 2 Controller: Hori HoriPad Turbo for Switch 2 Quite often, the cheapest product in a category isn't the best value, due to cutting corners or other unseen disappointments. Thankfully, the Hori Horipad Turbo doesn't have any such issues that prevent it from being a strong recommendation to those on a budget. It's not as no-frills as the price suggests it might be, either. It includes features that Nintendo calls 'Pro', such as the dedicated 'C' button for in-game chats and programmable buttons on the back. On top of this, the buttons are sensibly laid out and feel nice and responsive in use. You can even adjust the dead zone to your tastes, which is an unexpected perk at this price, helping to prevent accidental in-game movements. In terms of drawbacks, the most obvious is that it's wired, meaning you have to be close to the console, inadvertently creating a trip hazard every time you start a gaming session. Adjusting dead zones, enabling turbo mode and setting up the back buttons is also done via some fiddly button presses, which you will need the manual on hand to pull off. Without a battery inside, it also feels a little light, cheap and on the flimsy side, which may be off-putting. Finally, it has no built-in 3.5mm headphone jack. If that's a problem for you, it's worth spending £4 more on the PowerA Advantage wired gamepad instead, which has one. Key specifications Dimensions: W 165mm, D 85mm, H 145mm Weight: 153g Switch 2 connection: Wired Battery: N/A 3. Best Third-Party Wireless Controller: 8Bitdo Ultimate 2 8Bitdo has earned a reputation for making gamepads that feel good in the hand, with all the extra bells and whistles that hardcore gamers enjoy. The 8Bitdo Ultimate 2 is no exception at a reasonable price. It's a superb controller before you even get to the customisation options. It's comfortable to use for extended sessions, and it's a great weight. 8Bitdo bundles a charging dock in the box, which conceals a 2.4G USB dongle, suitable for stable, low-latency gaming. In terms of customisation, it's no slouch either. There are trigger-mode switches on both shoulder buttons, which can be used to alter the amount of physical feedback, a turbo mode for rapid fire and you can even change the colours and movements of the light rings on the pad. Why is this cheaper option not the best Switch 2 controller? It's largely Nintendo's fault because the Switch 2 doesn't give third-party pads the same access as the official one. That means you can't wake the console up with the controller, and if you want to use the four customisable buttons, you have to set it up via 8BitDo's Ultimate Software, rather than changing things on the Switch 2 itself. It also needs an update before it will work, so you will need a small amount of technical know-how and a computer to hand. If these points don't bother you, then the 8BitDo Ultimate Controller 2 is an easy recommendation, and a good £15 cheaper than Nintendo's official offering. Key specifications 4. Best for Customisation: Gulikit KK3 Max Score: 8/10 We like: Impressively customisable, can easily be cycled between PC, mobile and Switch, sturdy and comfortable If you live for customisation, the Gulikit KK3 Max is the pad for you. You can adjust analogue stick sensitivity, vibration intensity, lighting effects and whether the directional pad registers presses in eight directions, or just four. Manual trigger switches on the shoulder buttons control how much give they provide, just as with the 8Bitdo pad. Customisation starts as soon as you take it out of the box. It comes with back buttons, but these are manually installed paddles, with six to choose from. Or none, if you don't want accidental presses to get in the way of your game. Gulikit even provides additional face buttons, so you can make sure the letters match Xbox or Switch layouts. Switching between connections is a doddle, with a button on top letting you jump between Switch, Windows or mobile. The sticks are precise and offer a decent amount of resistance, too. The drawbacks, unfortunately, are the same as with the 8Bitdo model. It's not made by Nintendo, which means you can't wake up the console with the pad, nor can you easily change the rear buttons on a game-by-game basis via the Switch 2's menu. You also need to update it before it works with Nintendo's new hardware. All of this makes this pad a great all-rounder if you play games on multiple systems, but for Switch 2-only gamers, the official pad remains the way to go. Key specifications 5. Best for Handheld Play: Nintendo Joy-Cons Score: 7/10 We like: Ingeniously designed for handheld and big-screen play, a big improvement on the originals, two in a pack At the time of writing, this is a victory by default, as nobody else is yet making Joy-Con alternatives for the Switch 2. That does a disservice to Nintendo, which has refined the joy of Joy-Cons without reinventing the wheel. The positives remain the same: they allow you to jump seamlessly between handheld and big-screen play, they charge automatically when attached to the console, and you can split them into two pads for instant multiplayer. That makes them one of the more cost-effective ways of getting a four-player Mario Kart split-screen game going, despite the high price. The new magnetic locking system is a big improvement on the rails of the original, and the larger size makes them less likely to induce hand cramps when using one individually. Only a little, so if you're regularly playing two-player games, you'll probably want something else to allow both players to use full-size pads. It's a shame Nintendo seems to have backed off the colourfulness of the originals. First-generation Joy-Cons came in a bunch of playful colours, but at launch, you can only buy black ones for the new console. No doubt Nintendo will amend that in time, but it's a kick in the teeth for early adopters. Also consider: GameSir G8+ Those who prefer something a little larger for handheld mode may consider the GameSir G8+. It's designed for mobiles and tablets rather than the Switch 2's magnetic ports, but it offers an alternative to the Joy-Cons via a Bluetooth grip that's worth considering if you don't get on with Nintendo's built-in solution. Key specifications 6. Best for Small Hands: Gulikit Elves 2 Pro Score: 7/10 We like: Fun design for retro games, a layout to appeal to PlayStation gamers We don't like: Requires an update for Switch 2 use, some problems detected by console, pricey Another, more basic Gulikit pad is a good option for those who find Xbox-style gamepads a bit too bulky. This retro-inspired controller has a look of the old Sega Saturn about it, albeit with two analogue sticks in a position that'll be familiar to long-term PlayStation users. It's not for everyone, and it's a bit more basic on the customisation front, with no programmable back buttons to speak of. Though you can still adjust the vibration intensity, joystick sensitivity and engage auto-fire mode if you like, with a couple of button combinations. Once again, this requires an update to work with the Switch 2. I also found this pad far more temperamental at being recognised by the Switch 2 than other wireless models. Sometimes it just wouldn't appear, and it would take several goes for it to show up. Once connected, however, it's a nice little pad that's especially appealing for Nintendo's growing archive of retro games available for Switch Online subscribers. Ultimately, it's a little hard to wholeheartedly recommend at its high price, but if you want something that sits between the Joy-Cons and Pro pad, this is a good alternative. Key specifications Nintendo Switch 2 controllers FAQs Do all Bluetooth controllers work with the Switch 2? Weirdly, no. Some controllers simply refuse to pair with the Switch 2, even if they connected without fuss to the original hardware. It's worth Googling the specific model you're considering to make sure it works. Some pads are compatible, but only after they've been updated, including three in the list above. This is a relatively simple process, but requires a computer, a USB lead and some basic technical know-how. What are the main differences between the Joy-Con 2 and the original Switch Joy-Cons? The main differences come down to size, features and how they connect. They now attach via magnets, rather than a locking system, and they're also a bit taller because the Switch 2 has a larger screen than its predecessor. There are new features too, with the second-gen Joy-Cons having an Optical sensor to function as a mouse, and the right one has a 'C' button for GameChat. One lesser-used feature has been removed. The right Joy-Con no longer contains an IR sensor. This means that certain Switch 1 games won't fully function when played with the new controllers, such as WarioWare: Move It! and 1-2 Switch. Yes, but with some drawbacks. The obvious one is that because the original Switch Joy-Cons have a new docking system and are physically larger, they can't be physically connected for handheld play. They can still be connected wirelessly, though you'll need to get an external charger, as they can't connect to the Switch 2 for a battery top-up. The Switch Pro Controller works fine with the Switch 2, but it can't wake the console up. It's also missing the 3.5mm headphone jack, the GameChat button and the customisable rear buttons. Is there a new Nintendo Switch 2 Pro Controller? Nintendo released a new Switch 2 Pro Controller, and as you can read above, it's a solid improvement on the original. Not only is the build quality superior, but it comes with programmable back buttons, a 'C' button for GameChat and a 3.5mm jack to connect a headset. How does the new magnetic attachment for the Joy-Con 2 work? Rather than the locking mechanism of the original Switch and Joy-Cons, the new versions are connected to the body of the console via strong magnets. These magnetic Joy-Cons stay firmly in place until you press the release button on the back to disengage the lock. What is the 'GameChat' feature? GameChat is a feature built into the Switch 2 hardware which allows up to 12 players to join an audio group chat. If you have a USB-C camera connected, you can also broadcast your gameplay in real time to up to four other players. All of this is quickly accessible via the 'C' button on the official Switch 2 Pro controller, the right Joy-Con and some third-party alternative pads. Those without the dedicated button can still access GameChat via the Home menu, however.
Reuters
an hour ago
- Reuters
US Treasury's Bessent believes good tariff deal is possible, Japan PM Ishiba says
TOKYO, July 18 (Reuters) - U.S. Treasury Secretary Scott Bessent told Japanese Prime Minister Shigeru Ishiba that their countries can reach a "good agreement" on tariffs, Ishiba said on Friday after meeting Bessent at his office in Tokyo. Ishiba added that while no specific terms were discussed, such as the 25% tariff U.S. President Donald Trump has said he will impose on Japan from August, he asked Bessent to continue "active talks" with his top tariff negotiator Ryosei Akazawa. Akazawa, who also joined the meeting, told reporters that both countries agreed to carry on a "constructive dialogue". Bessent left Ishiba's office without speaking to reporters. The comments from top Japanese officials came after Bessent made a courtesy visit to Ishiba in Tokyo, before attending a U.S. national day event on Saturday at World Expo 2025 in Osaka. The White House did not immediately respond to a Reuters request for comment.
