IT services major LTIMindtree and engineering services company L&T Technology Services (LTTS) together have a generative AI (Gen AI) deal pipeline worth $200 million, said chairman SN Subrahmanyan on June 26.
His comments come at a time when IT services giants Accenture and Tata Consultancy Services (TCS) have started sharing quarterly Gen AI deal pipeline numbers. Accenture last week said it has clocked in $2 billion in total Gen AI bookings for the fiscal year to date.
Addressing the media in Mumbai, Subrahmanyan said, “We have a fairly decent backlog of revenues if we can put it like that. Both the companies put together have nearly $200 million in Gen AI deals. And as we speak, we have seen much more increases in Gen AI deals and beyond.”
“Within L&T also we are pushing in a lot of Gen AI applicability along with co-pilot to see how to improve ourselves as an organization from an operational efficiency point of view. Those examples done within the company is standard for our ITES companies to take it outside to the world. We feel positively about it,” he added.
Nearly 35,000- 40,000 engineers between both companies have been retrained into Gen AI abilities. And the company is quite positive about taking this forward, Subrahmanyan shared.
Growth green shoots
According to Subrahmanyan, both the listed technology companies are seeing some green shoots compared to last year.
“We look quarter by quarter. This quarter says that there is green shoots compared to last year…As we look at it, we seem to be on the positive side of it. There are plenty of deals in the offing across the spectrum of activities that we do. It’s not only the ERP space, but it's also in the in the digital space and the cost optimization space and the Gen AI, customer experiences space and such like that,” he said.
“For the technology services company, in spite of the fact that many multinationals have come and put up their own GCCs there is a possibility that we end up collaborating with the GCC to augment their ability and capability out here. But at the same time you also find a renewed effort on the R&D space because of the fact that they also need to cost cut from their economic and growth point of view in the parts of the West that is both the United States and Europe,” he added.
Subrahmanyan was appointed as the chairman for both the technology companies, coming into effect from June 27 after L&T’s chairman emeritus AM Naik stepped down.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
