Shares of LTIMindtree Limited traded a percent higher to Rs 5,566 in morning trade on February 20 after the company announced the launch of Navisource.AI, a GenAI-powered autonomous sourcing platform, aimed at reducing overall procurement costs by 10-15 percent.
“Navisource.AI will simplify indirect procurement processes, bring predictability, and free up a lot of time spent on manual activities so that procurement functions can focus more on strategic initiatives,” the company said in an exchange filing.
Since the start of the year, the stock has tanked over 12 percent on the bourses.
With the reliability and trust in AI increasing, the information technology major said that it foresees more autonomous AI-driven business processes being orchestrated. “Procurement teams can use Navisource.AI for market research, pricing intelligence, and recommendations with cost efficiencies at its core,” the company said.
In the December quarter, the company reported a 17 percent year-on-year (YoY) rise in net profit at Rs 1,169 crore. Meanwhile, the company’s revenue from operations witnessed a marginal increase of 4.6 percent to Rs 9,016 crore in the same period.
Post Q3, the management sounded cautious, stating that the overall weak environment may seep through to Q4 as well. “Against a continued background of the challenging macroeconomic environment and delays in client decision-making, we expect Q4 performance to remain similar to the current quarter,” Debashis Chatterjee, CEO of LTIMindtree said.
The article originally appeared on Moneycontrol.