Every major Indian IT firm wants to be seen as an AI company. But so far, only one of them has reported how much money it makes from AI. HCLTech put a number—$100 million—on its advanced AI business this quarter. The rest are still talking about platforms, copilots, and agents, and “delivering AI right”.
The difference seems simple. While HCLTech is treating AI as business, others are either using it as branding or are still underconfident about integrating AI.
In the July–September quarter, all major IT firms—TCS, Infosys, Wipro, Tech Mahindra, LTIMindtree—talked about AI more than revenue. Yet, revenue barely moved. Infosys grew 2.3% sequentially, LTIMindtree grew 2.4% and Wipro 2%. While TCS’ revenue was flat and fell year-on-year, Tech Mahindra is still crawling b