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April 2018
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Business News
Infosys eyes artificial intelligence profits
 
(Bangalore,July 14, 2017):India's second largest IT exporter Infosys+ said on Friday that artificial intelligence+ was key to future profits as it bids to satisfy clients' demands for innovative new technologies.

India's multi-billion-dollar IT outsourcing sector has long been one of the country's flagship industries. But as robots and automation grow in popularity its companies are under pressure to reinvent themselves.

"We are revealing new growth with services that we (have been) focusing on for the past couple of years including -- AI (artificial intelligence) and cloud computing," said Infosys chief executive Vishal Sikka, announcing a small rise in quarterly profits.

In April Infosys had launched a platform called Nia to "help clients embrace AI".

"Nia continues to be central to all our conversations with clients as we work with them to transform their businesses," the company said in its earnings statement Friday.

"Going forward, we will count on strong growth coming from these services," added Sikka, who signalled his intent by arriving at the press conference in a driverless golf cart, a vehicle that has been indigenously developed at its Mysore centre.

Infosys' efforts in developing the autonomous vehicle, according to Sikka, is aimed at training employees on new emerging technologies like artificial intelligence.

"I drove here to this venue in our own indigenously- built autonomous golf cart. This is a test bed that we have built to train thousands of engineers on autonomous driving technology as we renew our existing services on the basis of these dual forces of automation and innovation," Sikka said in the media briefing.

He added that such initiatives demonstrate the company's focus on new areas of services and software.

On Friday, Infosys reported a 1.4 per cent growth in its net profit at Rs 3,483 crore for the April-June quarter. The IT major overshot first-quarter profit estimates. The company said it lost one client in its $100 million category during the quarter.

Bengaluru-headquartered Infosys had posted a consolidated net profit of Rs 3,436 crore in the same quarter last year.

The company's consolidated revenue from operations rose about 1.8 per cent to Rs 17078 crore in the reporting quarter.

Some analysts had predicted a fall of as much as 5 per cent in the growth figures of Infosys. However, unlike its rival, Tata Consultancy Services (TCS), which had declared its results on Thursday, the Vishal Sikka-led IT company turned the tides on these expectations.


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