All stocks in Nifty IT rose over 100 percent in the last 10 years amid a steep rise in the dollar, advance in software technology and an increase in outsourcing services. Nifty IT also surged over 246 percent during this time.

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The rupee traded around Rs 48.21 per dollar in August 2009 as compared to over Rs 70 per dollar currently.

In July 2019, when most stocks were beaten down amid liquidity crunch, global concerns and slowdown in demand, IT was the only sector that gave positive returns. The June quarter earnings for most of the stocks in the sector met analyst estimates while other sectors witnessed muted results.

NIIT Technologies was the best performer in the sector, up 1,118 percent in the last decade. The stock has gone from Rs 104 in August 2009 to Rs 1,275 currently.

HCL Technologies and Tata Consultancy Services followed suit and surged over 750 percent each during the same period. Meanwhile, Tata Elxsi advanced over 650 percent and Mindtree rose 600 percent. The other constituents — Tech Mahindra, Infosys, Wipro, and Oracle Financial Services Software gained between 100 and 250 percent.

NIIT Technologies has risen over 12 percent in 2019. The company has shown a significant improvement in over the past decade. Its net profit has increased from Rs 88.5 crore in FY09 to Rs 299 crore in FY19, up 237 percent.

Tata Elxsi has also shown a consistent rise in profit during the ten-year period. It reported Rs 290 crore net profit in FY19 as compared to 58.10 in FY09. TCS, on the other hand, rose its profit after tax (PAT) from around Rs 5,256 in FY09 to Rs 30,065 in FY19. HCL Technologies also advanced from Rs 997.3 crore in FY09 to Rs 1,793 crore in FY19.

According to analysts, currency provided a strong tailwind to IT companies which helped them to re-invest in the business while maintaining margins.

Earlier in FY11, digital technologies accounted for just 3-4 percent of the overall Indian IT players revenue growth. However, due to the rapid shift in digital tech, it now accounts for more than 30 percent of the revenues in most of the Indian IT players.

"The unexpected surge in demand for digital business clearly indicates that digital transformation is facilitating clients towards increasing their revenue drivers and also aid a focus on cost savings," Prabhudas Lilladher said in a report.

"We believe digital services will be the key revenue drivers for Indian IT industry in coming years and their rising contribution along with the strong demand environment will provide a tailwind for Indian IT industry," he added.

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