The world is at a very early stage of the GenAI revolution and unlike consumer AI which will roll out quickly, enterprise AI will take several years to unfold, Nandan Nilekani, cofounder and chairman of Infosys, said in his address to shareholders at the company’s 43rd annual general meeting (AGM).

“Enterprise AI requires companies to do major changes inside the company, organise their data, build responsible systems and follow laws. So enterprise AI will take several years to unfold.. Infosys will be able to deal with the transition,” he informed shareholders.

Infosys is working on 225 Generative AI programs for clients, and over 2,50,000 employees have been 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 generative AI large language models,” Nilekani said.

The IT major also disclosed that it has over 70 AI client advocacies and 46 AI patents filed by the company in FY24.

The AGM’s agenda included adoption of financial statements, declaration of dividends, appointment of Nandan Nilekani as director liable to rotation, among others.

In a virtual presentation to shareholders, Salil Parekh, CEO and MD, Infosys said that the IT major has returned over Rs 88,400 crore to shareholders over the past five years.

On compensation to employees, Parekh said the company completed employee compensation review for FY24 in November last year. “And we are currently looking for plans for FY25. The parameters include what is going on within the environment of inflation and where the demand areas are.”Battling several questions around unemployment in the IT sector, hiring from colleges and providing jobs, chief financial officer Jayesh Sanghrajka said the company hires freshers considering the demand environment and growth outlook. “We are also hiring freshers from the market and will continue that….”

Taking questions on growth and acquisitions going forward, Parekh said the company is evaluating acquisitions in SaaS, enterprise and cloud areas and incremental geographical expansion.

Parekh added, “Our focus is on making sure what are the newly emerging areas and GenAI. Lot of work is going on with Infosys Cobalt – our cloud activity – in the previous financial year, it has grown rapidly and will see pick up… we have focussed on other areas for example engineering services, growth in data, large deals coming from efficiency, consolidation and cost-take out deals. That keeps us in a good position in the next five years.”

“In terms of new areas or markets, we will see more growth in northern Europe, Nordic countries, in Denmark, Germany, etc. We are seeing good traction in Japan, Middle East which will continue to grow for us in future. There are other industries we are looking at in North America like healthcare, etc,” Parekh stated.

The world is at a very early stage of the GenAI revolution and unlike consumer AI which will roll out quickly, enterprise AI will take several years to unfold, Nandan Nilekani, cofounder and chairman of Infosys, said in his address to shareholders at the company’s 43rd annual general meeting (AGM).

“Enterprise AI requires companies to do major changes inside the company, organise their data, build responsible systems and follow laws. So enterprise AI will take several years to unfold.. Infosys will be able to deal with the transition,” he informed shareholders.

Infosys is working on 225 Generative AI programs for clients, and over 2,50,000 employees have been 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 generative AI large language models,” Nilekani said.

The IT major also disclosed that it has over 70 AI client advocacies and 46 AI patents filed by the company in FY24.

The AGM’s agenda included adoption of financial statements, declaration of dividends, appointment of Nandan Nilekani as director liable to rotation, among others.

In a virtual presentation to shareholders, Salil Parekh, CEO and MD, Infosys said that the IT major has returned over Rs 88,400 crore to shareholders over the past five years.

On compensation to employees, Parekh said the company completed employee compensation review for FY24 in November last year. “And we are currently looking for plans for FY25. The parameters include what is going on within the environment of inflation and where the demand areas are.”Battling several questions around unemployment in the IT sector, hiring from colleges and providing jobs, chief financial officer Jayesh Sanghrajka said the company hires freshers considering the demand environment and growth outlook. “We are also hiring freshers from the market and will continue that….”

Taking questions on growth and acquisitions going forward, Parekh said the company is evaluating acquisitions in SaaS, enterprise and cloud areas and incremental geographical expansion.

Parekh added, “Our focus is on making sure what are the newly emerging areas and GenAI. Lot of work is going on with Infosys Cobalt – our cloud activity – in the previous financial year, it has grown rapidly and will see pick up… we have focussed on other areas for example engineering services, growth in data, large deals coming from efficiency, consolidation and cost-take out deals. That keeps us in a good position in the next five years.”

“In terms of new areas or markets, we will see more growth in northern Europe, Nordic countries, in Denmark, Germany, etc. We are seeing good traction in Japan, Middle East which will continue to grow for us in future. There are other industries we are looking at in North America like healthcare, etc,” Parekh stated.