BENGALURU: Mid-tier IT firm Sonata Software Chief Financial Officer Jagannathan Chakravarthi said Artificial Intelligence (AI) is going to play a key role in all deals in the coming days. “We will not have any proposal without AI,” he told TNIE in an interaction.
“The challenge is to know the role of AI, its benefits, what are we going to get out of it, and how many of our customers will adopt it. AI is an evolving area and it will take another five to six quarters for us to know the meaningful impact of AI,” he said.
The company last year launched Harmoni.AI, a responsible-first AI offering with a bouquet of industry solutions. The CFO said the company is investing in developing AI use cases and also training people. In the last six months, it has trained 2,000 people in AI.
The Bengaluru-based firm has reported a 3% YoY drop in net profit to Rs 110 crore in March quarter. Sequentially, its revenue from operations declined 11.8% to Rs 2,192 crore. The company’s revenues from international IT services stood at Rs 679 crore.
Speaking about revenues, the CFO said, “Up to Q3, large deals were helping us to grow the business regularly. By the end of the third quarter, we started seeing some slowdown in the closure of deals.” From 6-9 months, deal closure is now taking a solid 9-12 months and there are definitely uncertainties in the market, he added.