Tech Mahindra provides artificial intelligence training to 8,000 employee

 Tech Mahindra provides artificial intelligence training to 8,000 employee

Due to a steep decline in profit margins, Tech Mahindra's net profit for the June quarter fell 38% to Rs 692.5 crore. As it prepares to meet demand for generative AI and quantum computing, IT giant Tech Mahindra trained 8,000 staff in artificial intelligence, a top business executive revealed on Saturday.

Harshvendra Soin, head of marketing and chief people officer for Tech Mahindra globally, stated that the business is increasing its focus on the BFSI, healthcare, manufacturing, and retail sectors in countries like the USA.

At Tech Mahindra, we are investing in quantum computing, cybersecurity, and AI while we sharpen our emphasis on the BFSI, healthcare, manufacturing, and retail sectors in countries like the USA. To build a talent pool that is robust and future-proof, we will also keep investing in the learning and development of our personnel. In the quarter ending in June 2023, we educated and upskilled almost 8,000 personnel in generative AI and other AI platforms, Soin stated.

A steep contraction of the profit margins caused Tech Mahindra's net profit for the June quarter to decline by 38% to Rs 692.5 crore.

In the same April through June period the previous year, the Mahindra group firm had generated a net profit of Rs 1,131.6 crore.

Revenues for the firm fell to Rs 13,159 crore in the reporting quarter from Rs 13,718 crore in the March quarter prior, and year-over-year growth was only 3.5%.The company's retiring Chief Executive Officer and Managing Director, C P Gurnani, said on the results call that the quarter was among the worst he has experienced in the preceding 

five years and mentioned how the company's core business of Communications, Media, and Entertainment (CME) had experienced a decline that had an impact on the overall numbers.

However, he placed faith in the areas of cybersecurity, quantum computing, and generative AI, which would propel the company's growth while experience management serves as a crucial differentiator.

"Quantum-based generative AI has emerged as the industry's next big thing, revolutionising the way that we collaborate, communicate, and create content. The need for skills has also changed significantly as a result of this quick transformation, forcing businesses to retrain and upskill their workforce using a variety of platforms and learning technologies, according to Soin.