Indian IT giant Infosys recently released its third-quarter results. The company reported a consolidated net profit of Rs 6,106 crore for the quarter ending in December, marking a 7% decrease from the Rs 6,586 crore reported in the same quarter the previous year.

The company mentioned a large deal TCV for the quarter was $3.2 billion, with 71% being net new. However, during the earnings call, Infosys’ chief Salil Parekh hesitated to mention the amount attributable to generative AI. “AI has a lot of interest and traction, even if the revenue numbers are small,” he said, avoiding giving out the exact figures. 

“We are not, at this stage, publicly sharing what the Generative AI revenue is, but we have tremendous capability, a good leading market position, and we feel, in generative AI, we are very strong in the capabilities,” he said. 

Parekh gave no additional comments when asked about the reason for termination of Infosys’s $1.5 billion deal by a global client. The deal aimed to provide an enhanced digital experience, modernisation, and business operations services over a 15-year period, leveraging Infosys platforms and AI solutions, which might be Topaz. 

However he  mentioned that Infosys has an extremely strong capability set and a lot of activity with its clients. “We are working with a large retail company on their AI First Transformation. This is very strategic work with the client” he said. 

Furthermore he added, “We’re also working with a large global bank on their risk area, using large language models to enhance the risk management for them. So, we have a large number of such deals.” 

Stressing on the capability he said, “We are seeing strong traction for generative AI programs leveraging our Topaz capability. We have integrated our generative AI components into our service line portfolio, creating impact for our clients. We have 100,000 employees trained in generative AI areas.”

“I believe we have incredible capability in Topaz, and clients are also resonating with that capability. We are not calling out the value of generative AI today, but that is a different subject. The work we’re doing, I think, is quite impactful” he added. 

When asked about the clients, he said it’s a mix of both new and existing clients. “We’ve also done what we call a Generative AI Roadshow. It’s a tour where we take all of our capabilities to different locations around the world, and there are some new clients as well for whom we are doing generative AI for the first time,” he added.

The post Infosys Shows Low Level of Confidence in Generative AI, Stresses on Capabilities appeared first on Analytics India Magazine.