Indian IT Ends FY24 with Mixed ‘GenAI’ Emotions

Major Indian IT companies, including the likes of TCS, Infosys, Wipro, LTIMindtree, and HCLTech, witnessed mixed outcomes for the fourth quarter of FY24. While these companies reported a record number of deal wins, this did not translate into proportional revenue growth. 

However, when it came to quantifying generative AI deals, nothing much has changed from previous quarters. Sadly, the majority of Indian IT companies were rigid about not revealing revenue numbers from generative AI, as the amounts were either minuscule or there was barely anything to report. 

But there were a few exceptions. TCS, for the first time, revealed that its AI and generative AI pipeline recorded $900 million. HCLTech also reported that more than half of the 15+ deals won in the latest quarter were related to generative AI.