BENGALURU (Reuters) –India’s Infosys Ltd (NYSE) Ltd reported Wednesday a 12% rise in its quarterly revenue and a near 12% increase for the quarter. The strong demand it received from companies accelerating their digital transformations due to the pandemic has fueled its growth.

It is the second-largest IT company in the country by revenue. The firm expects revenue growth to be 19.5%-20% for the fiscal year ending March. That compares with the 17.5%-17.5% predicted in October.

Salil Parekh (Chairman of Chief Executive Office) stated in a statement that “we expect the healthy tech spend to continue with large businesses progressing on digital transformations.”

India’s $194 billion IT industry is a major beneficiary of the pandemic. This has prompted global corporations to increase investments in services, including cloud computing, cybersecurity and digital payment infrastructure.

According to the company, large deals were signed for $2.53 Billion in the third quarter, which is almost 18% more than the second.

Crosstown competitor Wipro On Wednesday, (NYSE:) reported that revenue rose by 30% in December and net profits were almost flat. Tata Consultancy Services is expected to report results in the later part of the day.

Infosys, Bengaluru, reported that its consolidated net profit rose to 58.09 Billion Indian Rupees ($786.06 Million) from 51.97 Billion rupees one year ago.

With the bank, financial services, and insurance unit accounting for more than a third, revenue grew to 318.67 million rupees. The quarter saw a 16.85% rise in revenues.

In 2021, the shares of the company soared more than 50%, exceeding an approximately 31% rise for TCS.

($1 equals 73.9000 Indian rupees).