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ICICI Securities Report
Tata Consultancy Services Ltd./Infosys Ltd.'s annual report analysis points to a weakening employee pyramid. In a common string, artificial intelligence and sustainability technology solutions are gaining prominence.
AI integration into existing product platforms and services, reskilling the workforce on generative AI (GenAI) and expansion of GenAI partnerships/ ecosystem stitch the strategic path to leveraging GenAI opportunities.
A strong focus on ESG should translate well into bagging large deals. The key enterprise demand themes are:
Cloud transformation.
Cost takeout – AI being used as a key lever.
New energy/sustainability.
Supply chain transformation.
These themes drove 25.2%/80.6% order book growth for TCS/Infosys in FY24. In the current soft-demand environment, we prefer TCS/Infosys in large-caps and Persistent Systems Ltd. in mid-caps.
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