Infosys is increasing its interest in digital transformation, digital and cyber technology, CEO and MD Salil Parekh told Moneycontrol during the World Economic Forum (WEF) 2022 in Davos.
Speaking to us on May 24, the re-appointed chief of Infosys pointed out the “need to be proactive regarding demand and rising interest in computing and metaverse”.
“Infosys has witnessed the successful digital transformation of its clients. Interest in quantum and metaverse will increase over the next two to three years. We are already seeing many real-world applications of metaverse, and blockchain is being used with the client. Fundamental technology is very good,” he said.
Further on the applications, Parekh expects metaverse in manufacturing and retail, and that there are “tremendous applications in large companies”. He however noted that these are “early days”.
On blockchain technology, Parekh said that it "allows authenticated work to be done". He said that Infosys is also working with various companies and helping them transact between different countries and institutions.
He also acknowledged Moneycontrol’s coverage when it comes to tracking metaverse.
Economy and growth indicators
Talking about demand, he said large enterprises were still looking at digital transformation and that the company is witnessing a good pipeline of orders even as it remains vigilant on the macro factors.
"Demand is in good shape for us, and clients are still looking for large scale transformation," Parekh said. He added that the United States is their largest market, contributing to 60 percent of Infosys’ business.
While talking about Infosys' targets, Parekh said the company is meeting its growth guidance of 13-15 percent. He added that they would be vigilant when it comes to tracking the environment, but demand is intact.
Asked about plans for increasing profitability and game-changers he sees over the coming five years, Parekh said “lots of change is happening”, adding: “Clients are ready to look at Digital afresh. And to match it, Infosys has building capabilities that are relevant to clients. Additionally, Infosys Cobalt has very deep cloud capability in the market.”
He also sees the travel industry making a return, and said they are looking to rein in costs.
India in focus
“Incredible growth opportunities lie ahead. The government is pushing ambitious programmes,” he felt. He also said acknowledged the scope of growth for India and its presence in Davos.
“The Indian government is actively present at Davos; and people are looking at India with hope. India will probably be the largest growing large economy this year. Clients are keen to look at India for their supply chains,” he stated.
Parekh was re-appointed as CEO and MD of the IT services major for a period of five years — from July 1, 2022 to March 31, 2027, the company informed the exchanges in a regulatory filing on May 22. The re-appointment was announced by the Nomination and Remuneration Committee (NRC), subject to the approval of shareholders.
Watch the full interview here