software firm HCL Technology On Tuesday, 12 July, it announced that it has hired a total of 6.089 freshers for the quarter ended June 2022, with a total of 210,966 employees globally. Although attrition Data released by HCL Tech showed that the level was still at a high of 23.8 per cent at the end of Q1 FY23.
HCL Technologies reported a higher level of job losses compared to the quarter ended March 2022, where it stood at 21.9 per cent. On a year-on-year basis, HCL Tech attrition level has increased by 12 per cent from 11.8 per cent in Q1FY22 to 23.8 per cent in Q1FY23.
“HCL Technologies believes in a culture that fosters grassroots innovation and is committed to providing an equitable, safe and inclusive work environment to its people. HCL focuses on talent attraction, development and retention to ensure a unified experience across the enterprise,” the company said in a statement.
“As of June 30, 2022, the total global employee headcount was 210,966. Net hiring for the quarter was 2,089.” Of this, 28.30 percent of employees were women, while the company also hired across cultures as 167 nationalities were represented in 52 countries.
During the January to March quarter, HCL Tech reported that the total workforce during the quarter was 2,08,877, which included a total of 11,100 employees.
IT companies have been posting high attrition rates in the last few quarters. On Friday, IT giant TCS reported that its job loss rate rose to 19.7 per cent over the past twelve months. This was the highest rate reported by the Bengaluru-based software company in the last six quarters. The job loss rate for the quarter ended March 2022 was calculated to be 17.4 per cent.
In a research note, ICICI Direct had said that attrition across companies will continue to be high and hence, costs related to cost to backfill attrition (at higher cost) and rationalization of retention, bonus, compensation are expected to put pressure on margins.
HCL Tech Q1 Result
Meanwhile, HCL Technologies on Tuesday reported a 2.4 per cent year-on-year growth in consolidated net profit at Rs 3,283 crore for the quarter ended June. Net profit stood at Rs 3,205 crore in the same quarter a year ago. The tech giant’s revenue grew 16.92 per cent year-on-year to Rs 23,464 crore in Q1FY23 as against Rs 20,068 crore in Q1FY22. Ebitda margins stood at 21.2 per cent in the June quarter, up from 25.2 per cent in the year-ago period. The HCL board has also declared an interim dividend of Rs 10 per equity share of Rs 2 per equity share of the company for the financial year 2022-23.
“We have started FY23 on a strong note with an overall growth of 2.7 per cent QoQ and 15.6 per cent YoY in constant currency. Our services business continues to have strong growth momentum, growing at 2.3 percent QoQ in constant currency and 19.0 percent year-on-year, driven by our digital engineering and digital applications services, with cloud adoption being a horizontal across all services and verticals. subject”, said C. Vijayakumar, CEO and Managing Director, HCL Technologies Ltd.
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