In order to cater the demands around generative AI and quantum computing, IT major Tech Mahindra trained 8,000 employees in artificial intelligence, said a senior company official said on Saturday.
Tech Mahindra Trained 8,000 Employees In Artificial Intelligence
It appears that the company is enhancing focus on BFSI, healthcare, manufacturing and retail sectors in geographies like the USA, said Tech Mahindra global chief people officer and head of marketing Harshvendra Soin.
The IT giant recorded a 38 percent fall in June quarter net profit at Rs 692.5 crore due to a sharp contraction of the profit margins.
Last year, the whole Mahindra group company had reported a net profit of Rs 1,131.6 crore in the corresponding April-June period.
The firm’s revenues slid to Rs 13,159 crore during the reporting quarter from Rs 13,718 crore in the preceding March quarter.
This was only 3.5 percent up when compared to the year-ago period.
A Tough Quarter
The quarter was termed as one of the toughest in the last five years, said the company’s outgoing Chief Executive Officer and Managing Director C P Gurnani during the earnings call.
He has pointed to reverses in its mainstay of Communications, Media and Entertainment (CME) impacting the overall numbers.
Interestingly, he pegged hope on generative AI, quantum computing and cybersecurity.
They will drive growth for the company with 5G connected solutions and networks and experience management to be a key differentiating factor for the company, he said.
Adding, “Generative AI, quantum has emerged as the next big thing in the industry, disrupting the way we work, communicate and create content. This swift transition has also triggered substantial shifts in the skills demand, pushing companies to re-skill and upskill employees through various learning tools and platforms.”
In the meantime, Tech Mahindra’s stock opened at Rs 1150 and closed at Rs 1142.3 on the last trading day.
The stock reached a high of Rs 1182.1 and a low of Rs 1145.7 in that day’s trading session.
The stock’s 52-week high and low are Rs 1270.35 and Rs 968.17 respectively with a trading volume of 92,214 shares on the BSE.
