IT outsourcer Infosys has signed a five-year $2 billion AI and automation deal with an unnamed existing client just three days before it releases its Q1 2024 earnings, a report that experts have predicted would be dismal.In itsCEO Salil Parekh said the company was leveraging generative AI capabilities both for clients and internally.
"We anticipate generative AI to provide more opportunities for work with our clients, and to enable us to improve our productivity," said Parekh. The earnings call reported attrition at over 20 percent, a rate that stood at 17.4 percent the previous year. It also revealed the company sat at an 80 percent utilization rate, which CFO Nilanjan Roy called"probably one of the lowest I've seen."
The company did report positive revenue growth for the quarter of 11.7 percent year-on-year, taking the figure up to $18.2 billion.