Indian IT’s GenAI Lag

Infosys, TCS, Wipro, and HCLTech recently announced their third quarterly results for FY24 and showed good performance overall, surpassing earnings expectations, besides maintaining robust margins. However, when quantifying generative AI deals, revenue and investments, most showed little to no confidence.

On the contrary, rival Accenture has been vocal about sharing the numbers, having secured $450 million from its generative AI initiative, marking a 50% increase from the previous six months. 

Here’s a glimpse of the latest ‘GenAI’ quarterly report.

When compared to the previous quarter, this time as well, AIM noted a decline in the total headcount for many IT firms, along with signs of disparity in hiring freshers, as the companies are mainly focusing on training their existing employees, besides scaling workflow automation and digital initiatives.