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India IT giant TCS sees profits jump on pandemic demand

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India’s largest software exporter Tata Consultancy Services saw its quarterly profits climb more than seven percent Friday, citing strong demand for its cloud services as the pandemic boosts remote working.

The country’s second-most valuable firm by market size said net profit jumped by 7.2 percent to 87.01 billion rupees ($1.19 billion) for the October-December quarter compared to a year earlier.

The figures represent a rebound for the company after earlier coronavirus-led lockdowns dampened the appetite for its services among Western clients looking to cut spending.

The turnaround in demand from customers in the key financial and banking sectors helped the firm post one of its strongest third quarter performances.

“Growing demand for core transformation services… have driven a powerful momentum that helped us overcome seasonal headwinds”, TCS chief executive Rajesh Gopinathan said in a statement.

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