Tech Mahindra's CEO Mohit Joshi predicts that fiscal year 2025 will mark a significant turnaround for the company.

In the competitive digital landscape, IT services will be crucial in enhancing technology by seamlessly integrating AI into core business functions, according to Anand Mahindra, chairman of Tech Mahindra (TechM). Mahindra emphasized that technology is fundamental to global businesses and industries. He noted that IT services would elevate the value of technology through AI, likening the improvement to increasing gold's purity from 18 carat to 24 carat.

Mahindra stated that in the digital race, agility, preparation, and the ability to scale quickly would determine the winners, not necessarily the largest or most specialized companies. Despite a challenging macroeconomic environment, TechM's revenue from operations in FY24 decreased by 2.42% to Rs 51,996 crore ($6.3 billion) from Rs 53,290 crore ($6.4 billion) in FY23. In June of the previous year, Mohit Joshi was appointed as the new CEO and MD, succeeding CP Gurnani, who retired on December 19, 2023.

In his first message to stakeholders, Joshi stated that FY25 would be a turnaround year with new investments in key accounts and service lines. He highlighted plans to integrate portfolio companies, focus on major clients, and prioritize cost optimization. The strategic roadmap outlines that by FY26, TechM aims to complete the integration journey and by FY27, reach an optimized state with an improved structural mix.

The annual report also mentioned TechM's development of a Point of View (POV) for Generative AI (GenAI), which includes sustainable engineering, intellectual property (IP), alternative architectures, and an OEM strategy. Joshi emphasized that enterprises need to scale rapidly, and TechM, with its expertise and focus on learning, is well-positioned to meet this demand.

Additionally, TechM launched Project Indus, a large language model (LLM) initiative with 539 million parameters and 10 billion tokens. This project, catering to Hindi and its 37 dialects, is noted for being the most cost-effective LLM to date due to minimal team and investment.

Anand Mahindra also paid tribute to CP Gurnani for his 19-year tenure at Tech Mahindra, including 11 years as MD and CEO, praising his significant contributions to the company.