TCS Profit Beats Estimates In Q3 On Higher Demand For Cloud Computing

Tata Consultancy Services (TCS) on Friday reported a 7.2 per cent jump in its profit for the final quarter of 2020, as India’s top software services firm benefitted from greater demand for its cloud services during the Covid-19 pandemic.

The results kick off India’s corporate earnings season for the December quarter, a seasonally weak period for the software industry, but one which analysts reckon has been good for IT firms in 2020 because in part due to the Covid-19 crisis.

TCS and rivals, Infosys and Wipro, have been winning more large contracts from businesses that are investing in services such as cloud-computing and cybersecurity to support their shift to remote work.

“Growing demand for core transformation services … have driven a powerful momentum that helped us overcome seasonal headwinds,” TCS Chief Executive Officer Rajesh Gopinathan said in a statement to the stock exchanges.

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