Indian IT leaders Infosys and Tata Consultancy Services (TCS) have both expressed high optimism that technology spending will continue to rise, predicting massive spending on digital services, particularly the cloud.
Infosys, a major player in India’s $190 billion-plus software services industry, completed deals worth $2.53 billion in the three months towards the end of December.
In announcing its profit for the December quarter, TCS reported a 12.3% increase in consolidated net profit to 97.69 billion rupees, slightly below analysts’ forecast of 98.44 billion rupees.
Infosys increased its consolidated net profit in the third quarter by almost 12% to 58.09 billion rupees, exceeding average analyst estimates of 57.05 billion rupees.
Consolidated revenue from operations at TCS jumped 16.4% to 488.85 billion rupees, while Infosys posted revenue of 318.67 billion rupees.
TCS and Infosys have gained international recognition by providing cost-effective solutions to problems such as the Y2K bug for Western customers.
For more information, read the original story in Reuters.