TECHM

Adds reporters' bylines

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, Aug 8 (Reuters) - Indian outsourcing giant Tata Consultancy Services' TCS.NS decision to cut over 12,000 jobs signals the start of a broader AI-fueled trend that could end up eliminating around half a million jobs over the next two to three years from the $283 billion sector, experts said.

While TCS pegged the move to shed 2% of its workforce to skill mismatches rather than AI-related productivity gains, experts viewed the largest-ever layoffs by India's top private employer as the beginning of things to come in the labour-intensive sector. Roughly 12,200 TCS middle and senior management jobs will be lost.

The industry, which has played a crucial role in creating a middle class in India, is increasingly seeing AI being used for everything from basic coding to manual testing and customer support.

The sector employed 5.67 million people as of March 2025 and accounted for over 7% of India's GDP. It has a huge multiplier effect due to the direct and indirect jobs it creates and the cars-to-homes consumption it drives in the world's fifth-largest economy.

It has historically absorbed a majority of India's engineers but that will change as rising AI use ekes out more efficiencies and demands newer skills that many current employees lack, according to half a dozen industry veterans, analysts, and staffing firms.

"We are in the midst of a massive transition that will transform white-collar work as we know it," said Silicon Valley-based Constellation Research founder and chairman Ray Wang, echoing other experts who warned that more layoffs are likely on the cards.

The most vulnerable employees include pure people managers with minimal tech knowledge, those in charge of testing or identifying bugs and ensuring user-friendliness before delivering software to clients, and infrastructure management staff who provide basic tech support and ensure networks and servers are working well, experts said.

"About 400,000 to 500,000 professionals are at risk of being laid off over the next two to three years as their skills don't match client demands," tech market intelligence firm UnearthInsight's founder Gaurav Vasu said, adding that about 70% of those layoffs would impact workers with 4-12 years' experience.

"This (fear stemming from TCS layoffs) may hurt consumer demand for tourism, luxury shopping and even delay long-term investments such as real estate," Vasu said.

TCS and its peers Infosys INFY.NS, HCLTech HCLT.NS, Tech Mahindra TEML.NS, Wipro WIPR.NS, LTIMindtree LTIM.NS, and Cognizant CTSH.O collectively employ over 430,000 workers with 13 to 25 years of experience, according to staffing firm Xpheno.

"At the moment, they may appear like the big fat middle layer," Xpheno's co-founder Kamal Karanth said. None of the IT firms responded to Reuters queries seeking comment.

"With cost optimization being the key driver for new deal wins, clients are asking for productivity benefits - a trend which is also growing due to the rise in AI adoption. This requires IT firms to do more work with the same number of employees or the same work with fewer employees," Jefferies analyst Akshat Agarwal said in a research note.

ADAPT OR PERISH

TCS, which had more than 613,000 workers before the layoffs, said in its late July announcement it was gearing up to be "future-ready" by investing in new technologies, entering new markets, deploying AI at scale for its clients and itself, and realigning its workforce model. It did not answer Reuters queries on how many layoffs were tied to AI adoption and why it could not redeploy the affected employees.

"This is very devastating news," said a 45-year-old, Kolkata-based TCS employee affected by the latest layoffs. "It is very difficult for people my age to get new jobs."

Some others who are still at TCS fretted over its mediocre performance bonuses for senior employees in recent quarters, a new "bench policy" that limits the time somebody could be without a project regardless of personal circumstances or past performance, on-boarding delays, and the emotional turmoil caused by the layoffs.

"All these developments have tanked the morale of mid-career folks like me," a Pune-based TCS employee said.

The Indian outsourcing sector has been a key employment engine since the 1990s, offering upward mobility to millions of engineers. But revenue growth has weakened recently as its clients, stung by inflation and U.S. tariff uncertainty, defer discretionary spending and demand better cost management.

"The tech industry is at an inflection point, as AI and automation move to the very core of how businesses operate," industry body Nasscom said.

During past tech revolutions, disruption was felt at the organisational level.

"With AI, for the first time, the onus is on the individual to reinvent or re-skill themselves," former Tech Mahindra CEO CP Gurnani said.

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Editing by Dhanya Skariachan and Kim Coghill)

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BENGALURU, July 23 (Reuters) - India's Infosys INFY.NS narrowed its forecast for the current fiscal year on Wednesday, after posting bigger-than-expected first-quarter revenue on a boost from Europe market.

The Bengaluru-based firm changed its annual forecast to 1%-3% from the flat-to-up-3% range announced in the previous quarter.

Analysts were largely expecting the firm to lift the bottom end of the range to 1%.

The company's consolidated sales rose 7.5% year-on-year to 422.79 billion rupees ($4.89 billion) in the June quarter.

Analysts, on average, expected 418.06 billion rupees, as per data compiled by LSEG.

($1 = 86.3880 Indian rupees)

(Reporting by Sai Ishwarbharath B ; Editing by Nivedita Bhattacharjee )

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Corrects syntax in paragraph 1

July 17 (Reuters) - Indian shares were muted on Thursday, tracking Asian peers, as uncertainty over Federal Reserve Chair Jerome Powell's tenure dampened sentiment, while Tech Mahindra dropped after a marginal revenue miss.

The Nifty 50 .NSEI and the BSE Sensex .BSESN were down 0.2% each at 25,153.4 points and 82,434.4 points, respectively, as of 10:19 a.m. IST.

The broader, more domestically focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 traded flat.

MSCI's broadest index for Asia-Pacific stocks outside Japan .MIAPJ0000PUS were flat, while the U.S. dollar and Treasury yields fell after President Donald Trump said he was "highly unlikely" to fire Fed Chair Jerome Powell. MKTS/GLOB

Market anxiety over Powell’s tenure and a potential shift in monetary policy could impact the U.S. dollar, influence the interest rate trajectory, and affect capital flows into emerging markets including India.

In tariff-related news, Trump said the U.S. is very close to a trade deal with India, although analysts noted that markets are unlikely to swing sharply on comments around trade deals until there is more clarity.

"A surprise factor that can trigger a rally is a tariff rate much below 20%, say 15% (on India), which the market has not discounted," said VK Vijayakumar, chief investment strategist at Geojit Investments.

Meanwhile, Tech Mahindra slipped 1.5% and was the biggest loser on the Nifty 50 and IT index .NIFTYIT, which fell 0.5%, after it reported a marginally lower-than-expected quarterly revenue.

"Results of IT (companies) continue to disappoint, and this could be a drag on the overall market," Vijayakumar said.

While IT was the biggest drag on the benchmarks, marginal gains in healthcare, automobile and mining stocks offset the losses.

Among other individual stocks, travel booking platform Ixigo's parent Le Travenues Technology LETR.NS soared 11% and hit a one-year high after it posted a higher profit.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Nivedita Bhattacharjee and Sonia Cheema)

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BENGALURU, July 16 (Reuters) - India's Tech Mahindra TEML.NS reported a marginally lower-than-expected first-quarter revenue on Wednesday as clients tightened non-essential spending amid tariff-related uncertainty.

Consolidated sales at India's fifth largest IT services firm by revenue rose 2.7% year-on-year to 133.51 billion rupees ($1.55 billion) in the June quarter.

Analysts, on average, expected 133.83 billion rupees, as per data compiled by LSEG.

($1 = 85.9340 Indian rupees)

(Reporting by Sai Ishwarbharath B and Haripriya Suresh; Editing by Janane Venkatraman )

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June 26 (Reuters) - Pininfarina SpA PNNI.MI:

• TECH MAHINDRA AND PININFARINA SIGN 6 MILLION EURO FINANCING AGREEMENT

• FINANCING TO LAST 12 MONTH

Further company coverage: PNNI.MI

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** Tech Mahindra, India's No. 5 IT services firm, missed analysts' estimates for fourth-quarter revenue on Thursday

** Stock down 2%, pulling back from from initial decline of 4%

FISCAL 2027 TARGET APPEARS "STEEP"

** Emkay Global ("add"; PT: 1,600 rupees) says TEML's Q4 results were a "mixed bag" as margins showed slight improvement but revenue was a miss, adding that prolonged macro risks pose risk to management's turnaround plans by FY27

** Morgan Stanley ("equal-weight", PT: 1,550 rupees) says TEML's Q4 miss is not "material negative" as most large-cap peers missed Q4 estimates, but co may push FY27 goals due to macro uncertainty and that it requires "flawless execution" to achieve these goals

** Nuvama ("reduce", PT: 1,300 rupees) says TEML "plucked low-hanging fruits" with modest growth in Q4, however, co's FY27 target still appears a "tall ask"

** Brokerage adds, while delivering better-than-industry average growth might appear closer, due to the industry average itself coming down, it will make margin expansion difficult

(Reporting by Kashish Tandon in Bengaluru)

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Adds analyst comment, recasts throughout

HYDERABAD, April 24 (Reuters) - India's Tech Mahindra TEML.NS missed analyst estimates for fourth-quarter revenue on Thursday, as economic uncertainty weighed on spends by the software services exporter's clients, especially in its telecom vertical.

The company's communications vertical, which generates a third of its total revenue, has been struggling for the past several quarters as persistently high inflation in several countries has weighed on consumer spending, forcing clients to tighten their budgets. Revenue from the segment fell 2.2% year-on-year.

U.S. President Donald Trump's unpredictable tariff policies have further fueled concerns about the India's IT sector, with some of the largest companies flagging delays in technology spending decisions by clients.

"Global economic conditions continue to present challenges," chief executive Mohit Joshi said.

He added the company was seeing volatility in some of its large sectors, especially manufacturing.

Growth had not come back in its telecom vertical, but there were "signs of stability returning" in Europe and Asia Pacific, Joshi said.

Tech Mahindra's consolidated revenue rose 4% year-on-year to 133.84 billion rupees ($1.57 billion) in the quarter ended March 31, but missed estimates of 134.52 billion rupees.

The IT services firm, which has lagged its peers and is undergoing a turnaround under Joshi, also saw revenue decline in its manufacturing and hi-tech verticals, while its other segments grew.

"I do feel that comparatively, we are in a much stronger position than we were maybe a year ago," Joshi said.

Tech Mahindra's profit for the quarter rose 76.5% to 11.67 billion rupees, largely due to lower subcontracting expenses and a deferred tax gain.

Its order bookings rose to $798 million from $500 million, a year earlier.

"Deal wins being better sequentially is also a good sign. However, the exposure of the telecom vertical has again increased from a revenue perspective. This may not be construed positively, but the BFSI exposure increasing is a good sign," Sushovon Nayak, an IT analyst at Anand Rathi, said.

($1 = 85.2750 Indian rupees)

(Reporting by Haripriya Suresh; Editing by Leroy Leo, Nivedita Bhattacharjee and Sonia Cheema)

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Corrects syntax in paragraph 1

By Haripriya Suresh

BENGALURU, April 4 (Reuters) - India's $283-billion IT sector should brace for a rough year ahead as tariffs are likely to stoke inflation in its key U.S. market and force clients to cut spending, analysts said.

Although President Donald Trump did not impose direct tariffs on IT services, Indian firms are expected to feel the heat as clients, especially in manufacturing, logistics and retail sectors, adjust to the new levies.

That could slow deal cycles, delay existing projects and hurt revenue growth, analysts said. Bernstein and ICICI Securities rushed to cut their ratings on the Indian IT sector soon after the tariff announcement.

The tariffs come at a time the sector was counting on Trump to revive client confidence and discretionary spending after years of weak revenue growth.

The U.S. accounts for more than half of India's $190 billion software exports, making the sector sensitive to shifts in spending confidence among businesses in the world's largest economy. J.P.Morgan on Friday lifted global and U.S. recession odds to 60% after Trump's tariff announcement.

"With a rising risk of U.S. recession and uncertain decision-making, we think chances of fiscal 2026 being a complete washout are rising," J.P. Morgan said in a note on Friday, without giving specific numbers.

At least six analysts expect Indian IT firms to issue a "conservative" annual revenue growth forecast when quarterly results start next week.

Companies with a greater exposure to discretionary spending are expected to bear the brunt of any tariff-fueled slowdown.

"Discretionary IT spend will likely see an impact across the industry verticals. Companies to get impacted will typically be the high-growth companies in the large caps and some of the mid-caps where the exposure usually is much higher on the discretionary side," BNP Paribas analyst Kumar Rakesh said.

He added the impact of a potential slowdown could be apparent by the September quarter.

India's Nifty IT index .NIFTYIT fell 3.6% on Friday to take its losses for the week to 9.15%, the steepest weekly fall for the index in more than five years.

(Reporting by Haripriya Suresh; Editing by Dhanya Skariachan, Sonia Cheema and Saumyadeb Chakrabarty)

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April 3 (Reuters) - ServiceNow Inc NOW.N:

• TECH MAHINDRA AND SERVICENOW PARTNER TO DELIVER NEXT-GEN BROADBAND SOLUTIONS FOR COMMUNICATION SERVICE PROVIDERS

  
  

Source text: ID:nPn2qyRvla

Further company coverage: NOW.N

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** Shares of Tech Mahindra TEML.NS rise 2% to 1,423.45 rupees apiece

** TEML is the top percentage gainer in IT index .NIFTYIT which is up 0.5%

** J.P.Morgan upgrades TEML to "neutral" from "underweight", citing likely margin expansion in an environment of subdued growth

** J.P. Morgan says macro uncertainty in the U.S. will weigh on March quarter earnings in the sector

** Brokerage downgrades HCLTech HCLT.NS to "neutral" from "overweight", citing likely weak March quarter results, soft deal wins

** HCLT shares down 0.7% on the day

** TEML shares are down 18.2% in 2025 so far, HCLT sheds 20% compared to Nifty IT's 16.5% drop

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 28 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA LTD - APPROVES MERGER OF COMVIVA USA WITH COMVIVA AMERICAS

Source text: ID:nBSE1PkG54

Further company coverage: TEML.NS

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Feb 18 (Reuters) - Tech Mahindra Ltd TEML.NS:

• APPROVES MERGER OF WHOLLY-OWNED SUBSIDIARIES

Source text: ID:nBSE6dX802

Further company coverage: TEML.NS

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Jan 20 (Reuters) - Wipro's shares WIPR.NS surged about 8% on Monday, set for their best day in nearly four years, after India's No. 4 IT services company joined its peers in signaling a revival in demand.

The company beat third-quarter revenue and profit estimates on Friday and CEO Srinivas Pallia said, "We see discretionary spending slowly coming back" after facing macroeconomic challenges in 2024.

Wipro's shares were also among the top percentage gainers on the benchmark Nifty 50 .NSEI index, which was trading flat. At least eight brokerages raised their rating on Wipro's stock, while 16 raised their price targets, as per LSEG data.

"Wipro is witnessing a pick up in discretionary spends in its BFSI (banking, financial services and insurance) segment - evident from 11% y/y growth in revenue," Jefferies analysts said in a note, raising both their rating and price target.

The BFSI segment accounts for about a third of the company's revenue.

Wipro's bet of a more promising 2025 echoed similar indications from larger peers TCS TCS.NS, Infosys INFY.NS and HCLTech HCLT.NS.

India's $254 billion IT services sector has faced sluggish growth for several quarters due to global macroeconomic uncertainties and inflationary pressures, which have pushed clients to rein in spending.

($1 = 86.4390 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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Jan 17 (Reuters) -

• TECH MAHINDRA EXEC: FOCUSSED ON IMPROVING GROWTH CAPABILITIES

• TECH MAHINDRA EXEC: REVENUE MIX TO MEET FY27 GROWTH TARGET

• TECH MAHINDRA EXEC: STEEP CURRENCY MOVEMENTS IMPACTED REPORTED NUMBERS IN QUARTER

• TECH MAHINDRA EXEC: DESPITE CHALLENGES IN AUTOMOTIVE SECTOR, SEE OPPORTUNITIES

• TECH MAHINDRA EXEC: SEEING MOMENTUM IN SERVICENOW PRACTICE

• TECH MAHINDRA EXEC: CLIENT ADOPTION OF SERVICENOW PLATFORM BOOSTED BY AI INTEREST

• TECH MAHINDRA EXEC: GROWTH IN Q3 WAS LED BY BFSI, COMMUNICATIONS SEGMENTS

• TECH MAHINDRA EXEC: AREAS OF INVESTMENT INTEREST INCLUDE GENAI TOOLS, PARTNERSHIPS

• TECH MAHINDRA EXEC: WE WILL HAVE TO DEPLOY MULTIPLE LEVERS IF CURRENCY SITUATION MOVES ONE WAY OR OTHER

• TECH MAHINDRA EXEC: IN MEDIUM-TO-LONG TERM, HAVE WELL-DIVERSIFIED REV STREAMS

Further company coverage: TEML.NS

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Dec 20 (Reuters) - Tech Mahindra Ltd TEML.NS:

• TECH MAHINDRA LTD - YABX TECHNOLOGIES ENTERS AGREEMENT WITH SC VENTURES AND FURAHA HOLDINGS

• TECH MAHINDRA - YABX ACQUIRES 1.2 MILLION ORDINARY SHARES, 1.8 MILLION C ORDINARY SHARES OF FURAHA

Source text: ID:nBSE4zqQyT

Further company coverage: TEML.NS

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By Haripriya Suresh

BENGALURU, Dec 20 (Reuters) - India's Tech Mahindra TEML.NS is stepping up focus on its banking, financial services and insurance (BFSI) business in a bid to bridge the gap with larger peers which have historically made more revenue from the lucrative segment, its CEO said in an interview.

Mohit Joshi, who took the helm of India's No.5 software services exporter in December 2023 after more than two decades at Infosys INFY.NS, wants to increase the share of BFSI in Tech Mahindra's revenue mix by up to 25% by March 2027, from about 16% currently.

Some of Tech Mahindra's peers in the $254 billion Indian IT sector already make as much as a third of their revenue from this sector.

"We still have a lot of room to catch up," said Joshi, who started out as a banker with ABN Amro and ANZ before joining Infosys. "I do expect that the relative share of BFSI revenue within TechM will increase, but...organically."

Unlike its peers, Tech Mahindra has relied heavily on telecom clients to boost revenue. That will change as Joshi tries to take advantage of his own expertise and experience dealing with financial services firms to turn the company around.

"BFSI is the single largest spender from a tech services perspective. It's very important for us to play aggressively in this space. Large banks typically spend over $10 billion a year in terms of technology," Joshi said.

Tech Mahindra, which has lagged its peers in both revenue and profit, will focus on core banking, payments, asset and wealth management and custodian services, as well as insurance, he said. Joshi has already shored up its BFSI leadership.

GENERATIVE AI

Generative artificial intelligence is a friend and not a foe for the sector, according to Joshi.

"GenAI is the best spokesperson for why we need more money to be spent on technology," he said, adding it is not the end of the road for software developers.

"I do feel that the overall demand for developers is not going to reduce, because there is a lot more work to be done candidly than there are people just now."

Joshi played down concerns about any potential hit to customer service roles at Tech Mahindra.

"I'm very skeptical about whether we'll see a wholesale replacement of contact centers with GenAI because when it comes to critical issues, people prefer to speak with human beings."

(Reporting by Haripriya Suresh; Editing by Dhanya Skariachan and Varun H K)

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Dec 11 (Reuters) - Tech Mahindra Ltd TEML.NS:

• ANNOUNCES MERGER OF EVENTUS SOLUTIONS GROUP WITH TECH MAHINDRA (AMERICAS)

Source text: ID:nBSE36HJYv

Further company coverage: TEML.NS

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Dec 2 (Reuters) - Tech Mahindra Ltd TEML.NS:

• APPROVES MERGER OF WHOLLY-OWNED SUBSIDIARIES

• PLAN OF MERGER OF TWO SUBSIDIARIES OF ALLYIS INC USA HAS BEEN APPROVED

Source text: ID:nBSE4TbmFB

Further company coverage: TEML.NS

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Updates at 9:26 a.m. IST

Oct 21 (Reuters) - Indian shares opened higher on Monday, led by top private lender HDFC Bank and IT major Tech Mahindra after their better-than-expected quarterly earnings.

The NSE Nifty 50 .NSEI opened 0.3% higher at 24,923.2 points as of 9:26 a.m. IST, while the BSE Sensex .BSESN added 0.44% to 81,576.9 points.

HDFC Bank HDBK.NS, the heaviest-weighted stock on the Nifty, rose 3% after posting September-quarter earnings above expectations.

IT major Tech Mahindra TEML.NS also rose 4% after reporting a growth in quarterly revenue.

On the flipside, Kotak Mahindra KTKM.NS fell 3% on the back of a sequential margin contraction and asset quality deterioration in September quarter.

Meanwhile Tata Consumer Products TACN.NS shed 6.5% after its core margins for the quarter fell short of most analysts' estimates.

(Reporting by Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Savio D'Souza)

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** IT services firm Tech Mahindra TEML.NS rises 3.3% to 1,629 rupees, making it the top Nifty 50 .NSEI gainer

** CLSA upgrades to "outperform" from "hold", hikes TP to 1,749 rupees, citing likely expansion in profit margin

** Adds focus on BFSI, healthcare, manufacturing indicates more balanced industry mix with reduced telecom reliance

** Says the company's 15% EBIT margin target by FY27 is unambitious due to levers like offshoring, subcontracting

** Overall, analysts' avg rating on TEML is the equivalent of "hold"; median PT is 1,553 rupees -LSEG data

** TEML now up ~28% YTD, top performer on IT index .NIFTYIT which is up ~19%

(Reporting by Yagnoseni Das in Bengaluru)

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Sept 24 (Reuters) - Tech Mahindra Ltd TEML.NS:

• MITSUBISHI UFJ FINANCIAL GROUP SOLD AN INDIRECT INTEREST IN TECH MAHINDRA

• MUFG HAS 2.96% STAKE IN TECH MAHINDRA AS ON SEPTEMBER 19

• MUFG SOLD 2.05% STAKE IN TECH MAHINDRA

Source text for Eikon: ID:nBSE7ZrlHz

Further company coverage: TEML.NS

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** Shares of IT services firm Tech Mahindra Ltd TEML.NS end 1.5% lower at 1,604.65 rupees

** Stock biggest loser on blue-chip Nifty 50 .NSEI index and among IT stocks .NIFTYIT

** CLSA downgrades TEML to "hold" from "outperform", citing near-term stress in telecom, its biggest segment

** Tepid pace of 5G rollout as well as lack of cost saving deal announcements in recent months vs multiple deal wins by rivals among factors for downgrade - CLSA

** Brokerage adds TEML stock's YTD outperformance vs IT stocks and limited upside has resulted in stretched valuations

** Analysts on average rate TEML "hold", in line with most stocks on 10-member Nifty IT index

** TEML stock trims YTD gains to 26.4%, remains second-best performer on IT index

(Reporting by Nandan Mandayam in Bengaluru)

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Corrects paragraph 2 to say analysts' estimate was for revenue, not profit

BENGALURU, July 25 (Reuters) - Tech Mahindra TEML.NS, India's fifth-largest IT services firm by revenue, reported a smaller-than-expected fall in first-quarter revenue on Thursday, on the back of demand recovery in its manufacturing and healthcare segments.

Consolidated revenue in the first quarter fell 1.2% to 130.05 billion rupees ($1.55 billion). Analysts, on average, had expected revenue to fall 1.6% to 129.45 billion rupees, as per LSEG data.

($1 = 83.7090 Indian rupees)

(Reporting by Sai Ishwarbharath B; Editing by Janane Venkatraman )

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BENGALURU, July 18 (Reuters) - India's No.2 IT services firm Infosys INFY.NS beat quarterly revenue estimates on Thursday, helped by a recovery in demand from clients in its financial services and manufacturing verticals.

Consolidated revenue in the first quarter rose 3.6% to 393.15 billion rupees ($4.70 billion), beating analysts' average estimate of 389.15 billion rupees, as per LSEG data.

(Reporting by Sai Ishwarbharath B; Editing by Nivedita Bhattacharjee)

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June 25 (Reuters) - Tech Mahindra Ltd TEML.NS:

• PLAN OF MERGER OF UNIT HEALTHNXT INC. WITH ITS PARENT COMPANY TECH MAHINDRA (AMERICAS) HAS BEEN APPROVED

Further company coverage: TEML.NS

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