Indian IT has survived the worst

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Editor's note: Three companies. Three diverse results. Still, shares of all three trade higher. This is how the story played out at Tata Consultancy Services Ltd, Infosys Ltd and Wipro Ltd, over the past 10 days. The COVID-19 pandemic and lockdowns in many parts of the world over the last few months have boosted the use of online communications; a prolonged lockdown in India saw more than a million programmers work from home. The effects have been telling on the results of global technology companies, many of whom reported strong quarterly earnings reports. Salesforce turned in a record 31% year-on-year revenue growth in its fiscal first quarter (ending 30 April); Microsoft saw its revenue from its cloud services division Azure rise 59% in the quarter ended 31 March; and VMware's subscription and software-as-a-service revenue grew 39% year-on-year. Their results seemed to suggest that IT dollars were flowing as companies wanted to digitize quickly to secure their business. The last ten days also saw TCS, Infosys and Wipro, the top Indian IT firms and the No. 4, respectively, announce their June quarter results. …