LTIMindtree launches Canvas.ai, an enterprise-ready generative AI platform

Canvas.ai guarantees up to 40-50 percent reduction in time and effort for app modernization and cloud migration programs. Canvas.ai is available for clients globally through LTIMindtree’s Generative AI Studios in Warren, NJ; Dallas, TX; Hartford, CT; and Minneapolis, MN in US; London and Paris in Europe; and Mumbai, Bengaluru and Hyderabad in India.

The company reported a consolidated net profit of Rs 1,113 crore for the fourth quarter that ended March 31, 2023 versus Rs 1,108 crore year on year. Total revenue stood at Rs 8,691 crore, up 22 percent year on year, but lower than CNBC-TV18 poll of Rs 8,825 crore.

The year 2022 saw the merger of two midcap IT companies L&T Infotech (LTI) and Mindtree -both individually growing faster than the industry. 2023 will be the first full year of combined operations, as a merged entity. The merged entity of Larsen & Toubro Infotech and Mindtree is confident of realising revenue synergies of $1 billion and cost synergies that will drive margin expansion of 200 basis points to 19-20 percent by financial year 2027.

LTIMindtree is trading flat on NSE at Rs 4,996 per share at 9:30 am on June 22.

Generative AI’s impact on productivity could add trillions of dollars in value to the global economy. A report by McKinsey and Company estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually.  Banking, high tech, and life sciences are among the industries that could see the biggest impact as a percentage of their revenues from generative AI. Across the banking industry, for example, the technology could deliver value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented. In retail and consumer packaged goods, the potential impact is also significant at $400 billion to $660 billion a year.

The acceleration in the potential for technical automation is largely due to generative AI’s increased ability to understand natural language, which is required for work activities that account for 25 percent of total work time. Thus, generative AI has more impact on knowledge work associated with occupations that have higher wages and educational requirements than on other types of work.