INDIAN IT giant Infosys cut its annual revenue growth forecast on Friday despite beating quarterly revenue estimates on the back of strong demand for its artificial intelligence services.
Infosys is India’s second-largest software services exporter and earns more than 80 per cent of its revenue from Western markets.
The Bengaluru-headquartered firm, along with its competitors, has struggled with a demand slowdown in recent years fanned by global uncertainty made worse by the Middle East war and fierce competition from generative AI solutions.
The company reported revenue growth of 10.7 per cent year-on-year to 492.44 billion rupees ($5.19 billion) in the July-September quarter, marginally higher than the 491.32 billion rupees analysts projected.
Net profit rose 6.2 per cent to 78.23 billion rupees.
“As enterprises move to AI adoption at scale, the strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence,” said Salil Parekh, chief executive officer and managing director. — AFP
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