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Business trends

Indian IT posts record profits on digital transformation wave

TCS, Infosys and others roar back to life in latest quarter amid pandemic

The combined net profit in the October-December quarter of four leading Indian IT companies reached $2.7 billion for the first time. (Nikkei montage/Source photos by AP, Getty Images)

MUMBAI -- India's top information technology companies, including Tata Consultancy Services, Infosys, HCL Technologies and Wipro surprised market watchers by reporting record results during the quarter ended December, as their global clients accelerated their digital transformation efforts amid the COVID-19 pandemic.

The IT companies all reported record quarterly net profits in an otherwise seasonally weak period. The combined net profit of the four companies surpassed 200 billion rupees ($2.7 billion) for the first time.

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