Best Artificial Intelligence Stocks in October 2024 – 5yr CAGR Basis

The Artificial Intelligence market is expected to grow significantly, with a projected market size of $184 billion by 2024. It is anticipated to have an annual growth rate of 28.46% from 2024 to 2030, potentially reaching a market volume of $826.70 billion by 2030. In a global context, the largest market will be in the United States, with an estimated size of $50.16 billion in 2024. In this article, let’s look at some of the best artificial intelligence stocks in India for October 2024 based on the 5-year CAGR.

What Are Artificial Intelligence Stocks?

Investing in Artificial Intelligence stocks means putting money into companies that focus on developing AI technology or using it in various industries. The use of artificial intelligence (AI) is widespread across different industries. It plays a significant role in enhancing online security, helping with data protection and preventing theft. Additionally, AI robots have gained popularity in various fields, such as logistics, healthcare, and hospitality, demonstrating their versatility and effectiveness in improving operations.

Best Artificial Intelligence Stocks in October 2024 – 5yr CAGR Basis

Note: The best artificial intelligence sector stocks in India listed here are selected from the Nifty 500 universe and sorted as per the 5-yr CAGR as of September 26, 2024. 

Overview of Best Artificial Intelligence Stocks in India in October 2024

• Persistent Systems Ltd

Persistent Systems offers software engineering and strategy services to assist companies in enhancing and updating their operations. The company has developed its own software and frameworks that include ready-made integrations and speed-up features. Additionally, it collaborates with partners like Salesforce and AWS.

For the quarter ended June 2024, the company’s revenue increased to ₹2,691.40 crore from ₹1,630.90 crore in the preceding quarter. Meanwhile, the net profit increased to ₹247.94 crore from ₹183.96 crore in the previous quarter. 

Key metrics: 

• Earning per share (EPS): ₹64.27
• Return on equity (ROE): 20.72%
• KPIT Ltd

KPIT is a worldwide technology company that provides software solutions aimed at advancing mobility toward a future that is autonomous, clean, smart, and connected. With over 10,000 dedicated employees, known as Automobelievers, KPIT specializes in embedded software, AI, and digital solutions, helping customers speed up the adoption of next-generation mobility technologies. The company has development centres in Europe, the USA, Japan, China, Thailand, and India.

For the quarter ended June 2024, the company’s revenue increased to ₹568.44 crore from ₹546.22 crore in the preceding quarter. Meanwhile, the net profit decreased to ₹75.29 crore from ₹81.71 crore in the previous quarter. 

Key metrics: 

• EPS: ₹11.87
• ROE: 20.31%
• Tanla Platforms Ltd

Tanla Platforms Ltd, previously known as Tanla Solutions Ltd, is a cloud communications company that helps businesses connect with their customers and intended recipients. Based in Hyderabad, India, it is a global provider of A2P (application-to-person) messaging platforms.

For the quarter ended June 2024, the company’s revenue decreased to ₹239.93 crore from ₹263.59 crore in the preceding quarter. Meanwhile, the net profit decreased to ₹17.02 crore from ₹80.92 crore in the previous quarter. 

Key metrics: 

• EPS: ₹11.84
• ROE: 26.72%
• Tata Elxsi Ltd

Tata Elxsi is one of the top providers of design and technology services in various industries, including automotive, media, communications, and healthcare. The company offers a range of services, from research and strategy to electronics and mechanical design, software development, testing, and deployment. It is backed by a network of design studios and global development centres with offices around the world.

For the quarter ended June 2024, the company’s revenue increased to ₹926.46 crore from ₹905.94 crore in the preceding quarter. Meanwhile, the net profit decreased to ₹184.08 crore from ₹196.93 crore in the previous quarter. 

Key metrics: 

• EPS: ₹126.45
• ROE: 31.43%
• Birlasoft Ltd

Birlasoft is involved in computer programming, consulting, and related services. It offers software development and IT consulting mainly to clients in banking, financial services, insurance, life sciences, energy resources, utilities, and manufacturing. The company is based in Pune and is part of The CK Birla Group, employing over 10,000 professionals.

For the quarter ended June 2024, the company’s revenue increased to ₹721.38 crore from ₹682.03 crore in the preceding quarter. Meanwhile, the net profit increased to ₹108.37 crore from ₹68.91 crore in the previous quarter. 

Key metrics: 

• EPS: ₹13.04
• ROE: 24.53%

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.