India's Infosys eyes artificial intelligence profits

July 14, 2017

Indian IT giant Infosys said 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 () and ," said Infosys chief executive Vishal Sikka, announcing a small rise in quarterly profits.

"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.

Infosys reported an increase of 1.4 percent in consolidated year-on-year for the first quarter, marginally beating analysts' expectations.

Net in the three months to June 30 came in at 34.83 billion rupees (540 million), marginally above the 34.36 billion rupees it reported in the same period last year, Infosys said.

India's $150-billion IT sector is facing upheaval in the face of automation and US President Donald Trump's clampdown on visas, with reports of mass redundancies.

Industry body Nasscom recently called on companies to teach employees new skills after claims they had failed to keep up with new technologies.

In April Infosys 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 said in its earnings statement Friday.

Analysts surveyed by Bloomberg had expected profits of 34.3 billion rupees.

Infosys announced revenues of 170.78 billion rupees, marginally up from the 167.8 billion rupees reported for the same period last year.

Its shares rose nearly 3 percent in early trade after the company forecast revenue growth of between 6.5 to 8.5 percent for the current financial year.

Explore further: India's TCS profits fall by 6 percent

Related Stories

India's TCS profits fall by 6 percent

July 13, 2017

India's largest IT services firm Tata Consultancy Services reported a nearly 6 percent fall in quarterly earnings Thursday owing to a strengthening rupee, the company said.

India's Infosys posts 5.00% rise in profits

July 21, 2015

Indian software giant Infosys Technologies reported a five percent rise in quarterly net profits on Tuesday, aided by a weak rupee and strong demand from the United States.

India's Infosys gives muted earnings, stock falls

April 24, 2015

Indian software giant Infosys Technologies saw its shares dip nearly seven percent Friday after it reported a single digit rise in yearly revenues and also missed quarterly profit estimates.

Recommended for you

Permanent, wireless self-charging system using NIR band

October 8, 2018

As wearable devices are emerging, there are numerous studies on wireless charging systems. Here, a KAIST research team has developed a permanent, wireless self-charging platform for low-power wearable electronics by converting ...

Facebook launches AI video-calling device 'Portal'

October 8, 2018

Facebook on Monday launched a range of AI-powered video-calling devices, a strategic revolution for the social network giant which is aiming for a slice of the smart speaker market that is currently dominated by Amazon and ...

Artificial enzymes convert solar energy into hydrogen gas

October 4, 2018

In a new scientific article, researchers at Uppsala University describe how, using a completely new method, they have synthesised an artificial enzyme that functions in the metabolism of living cells. These enzymes can utilize ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.