Infosys launches generative AI platform Topaz

Software services giant Infosys on Tuesday announced the launch of Topaz — an AI-first set of services, solutions and platforms using generative artificial intelligence (AI) technologies.

Topaz leverages Infosys' applied AI framework to build an AI-first core that has over 12,000 AI use cases, more than 150 pre-trained AI models and over 10 AI platforms, the IT company says in a press statement.

"We are seeing strong interest from our clients for efficiency and productivity enhancing programs, even as businesses are keen to secure their future growth. Our own business operations have been hugely benefited by Infosys Topaz bringing the power of generative AI platforms and data solutions," says Salil Parekh, chief executive officer and managing director, Infosys.

Topaz helps "amplify the potential of humans, enterprises and communities to tap into the next-generation of opportunities to create value from unprecedented innovations, connected ecosystems and pervasive efficiencies", the IT major says.

According to the Bengaluru-based company, Topaz converges the power of Infosys Cobalt cloud, and data analytics to AI-power business, deliver solutions and "intuitive experiences that drive growth".

The development comes a month after Infosys signed a memorandum of understanding with Saudi Arabia's Aramco to accelerate their human resource technology. Infosys and Aramco are looking to bring new insights to HR data and analytics, scale the use of automation tools, and enhance employee experience through AI technologies.

Infosys, which released its earnings for the fourth quarter on April 13, reported a 7.8% year-on-year (YoY) rise in consolidated net profit at ₹6,128 crore for the January-March quarter. Revenue from operations surged 16% to ₹37,441 crore in Q4 FY23, as against ₹32,276 crore in the corresponding quarter last fiscal. Revenues in constant currency terms grew by 8.8% year-on-year and declined by 3.2% quarter-on-quarter.

Infosys has provided revenue guidance of 4-7% year-on-year in constant currency for FY24. It has provided margin guidance of 20-22%, lower than the consensus expectations of 21-23% for FY24.

Operating profit for the IT firm stood at ₹7,877 crore, up 13.2% as compared with ₹6,956 crore posted in the year-ago quarter. Operating margin contracted by 50 basis points to 21% in the fourth quarter.

Infosys’ digital revenue stood at 62.9% of its overall revenue, logging a year-on-year growth of 15%.

For FY23, the Infosys board recommended a final dividend of ₹17.50 per share. Together with the interim dividend of ₹16.50 per share already paid, the total dividend per share for FY23 amounts to ₹34 which is a 9.7% increase over FY22. With this, the company has announced a total dividend of around ₹14,200 crore for FY23.

Infosys' attrition rate declined further in Q4 to 20.9% from 24.3% in the December quarter. The company's headcount stood at 3,43,234 employees at the end of the fourth quarter compared with 3,46,845 in December.