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Infosys working on over 225 generative AI programs for clients

Infosys is currently working on over 225 generative artificial intelligence (GenAI) programs for its clients, chairman Nandan Nilekani told shareholders during its 43rd annual general meeting (AGM), held virtually on Wednesday.

The IT major has integrated GenAI components into all its service lines and developed 25 playbooks to create impact for its clients, Nilekani added.

He said, “Our clients are combining it with Cloud capabilities in Infosys Cobalt to help them scale AI.”

Earlier this year, the company acquired semiconductor design firm InSemi for $34 million and Germany-based ER&D services provider for $480 million.

“To drive exponential growth in AI and accelerate Infosys’ chip-to-cloud strategy, the company acquired InSemi, a leading semiconductor design services provider. Infosys has built strong domain-relevant enterprise AI capabilities – from the foundation up. We have created 23 AI industry blueprints to solve industry-specific challenges,” Nilekani said.

“This is also aided by the board’s approval for strategic acquisitions like that of in-tech, the engineering R&D services firm. Together with Infosys Topaz, and InSemi’s semiconductor expertise, this will help Infosys create deeper capabilities for the next phase of automotive innovation in software-defined vehicles,” he added.

Addressing a shareholder question on future acquisition plans, Salil Parekh, chief executive officer (CEO) and managing director (MD), Infosys, said, “The company is evaluating acquisitions in areas of software-as-a-service (SaaS) and enterprise Cloud with the right “strategic, financial, and cultural fit.”

Last year, Infosys signed a five-year deal worth $454 million with leading Nordic lender Danske Bank to help it accelerate its digital transformation initiatives, and create more value for its customers using AI. As part of the deal, it acquired the lender’s IT centre in Bengaluru, which employs 1,400 people. Nilekani said this served to further strengthen the company’s overall digital talent pool.

Nilekani said Infosys invested significantly in hiring talent with proven GenAI skills and is rapidly upskilling existing engineering talent. “We have over 250,000 employees trained in the areas of generative AI. Infosys is one of the largest adopters of GitHub Copilot globally. Our employees have already generated over 3 million lines of code using GenAI large language models (LLMs),” he added.

Infosys grew 1.4 per cent in constant currency, delivering $18.6 billion in revenues during FY24. Its operating margin stood at 20.7 per cent and it generated $2.9 billion in free cash flow. This is an increase of 13.7 per cent over FY23. The large deal total contract value (TCV) for FY24 was the highest ever at $17.7 billion, with 52 per cent being net new.

Looking at the larger business environment, Nilekani said, “We are now into the second year of the generative AI revolution, and the initial AI doomerism has quietened down. People have accepted that, like any other general-purpose technology, be it electricity, nuclear energy, the internet or even a discovery like fire, GenAI has enormous potential for good when advanced within the guardrails of responsibility.”

Nilekani added that it is also clear there won’t be a scenario where there will be one model to rule them all.

“Every day brings new advances in large language models. These range from very large models which need massive computing infrastructure to small ones that can run locally on the phone. The real power of AI will come from configuring all the different models and tools to get the best solutions. The rise of powerful open-source AI models has also accelerated the deployment of AI to solve tough business and societal challenges,” he said. Business Standard

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