HCL Technologies and Amazon Web Services partner to broaden GenAI Use, offer digital transformation
Upstox
2 min read • Updated: May 6, 2024, 4:26 PM
Summary
HCL Technologies and AWS will assist enterprises in exploring and developing GenAI-led use cases, proofs of concept, tools, and solutions. The companies will establish a structural framework with target-based milestones aligned with business strategy, facilitating the co-creation of tailored GenAI solutions and offering clients flexible consumption models.
IT major HCL Technologies has announced a global strategic collaboration agreement with Amazon Web Services (AWS) aimed at expediting enterprise digital transformation driven by GenAI.
HCL Technologies and AWS will assist enterprises in exploring and developing GenAI-led use cases, proofs of concept, tools, and solutions.
The companies will establish a structural framework with target-based milestones aligned with business strategy, facilitating the co-creation of tailored GenAI solutions and offering clients flexible consumption models.
This partnership will involve the implementation of AWS GenAI services such as Amazon Bedrock, Amazon CodeWhisperer, Amazon SageMaker, and Amazon Titan, for enterprises spanning various industries, enhancing their digital transformation endeavors. By leveraging HCLTech’s full technology stack, core engineering capabilities, and AI expertise, this alliance aims to enable clients to witness the impact of their GenAI investments and gain early access to AWS's cutting-edge GenAI services, the firm stated.
Prabhakar Appana, Senior Vice President and AWS Global Head, HCL Technologies said the strategic collaboration agreement seeks to help enterprises unlock the value of GenAI by empowering them to reshape business models, elevate customer experiences, and foster growth. “A premier partner with a diverse range of AWS competencies, we are committed to accelerating the widespread adoption of AI to our global client base,” he said.
The tech giant reported a net profit of ₹3,986 crore for Q4FY24, showing a marginal increase from ₹3,983 crore revenue reported in the corresponding period last year. The company saw a 7.1% year-on-year (YoY) rise in revenue at ₹28,499 crore in Q4FY24. Earnings before interest and tax (EBIT) rose 3.76% YoY to ₹5,018 during the quarter.
For the fiscal year 2024, the company reported an 8.33% rise in its revenues at ₹1.09 lakh crore. The firm reported an 8.35% rise in its EBIT for the year at 20,027 crore. Net profit rose 5.73% to ₹15,702 crore during the year.
Shares of the company have fallen over 8% since the beginning of the year. The stock has risen over 26% in the last one year.