Software firm HCL Technologies on Tuesday, July 12, announced that it had hired a total of 6.089 freshers for the quarter ended June 2022, with a total headcount of 210,966 employees at the global level. However, the attrition level still stood high at 23.8 per cent at the end of the first quarter of FY23, data released by HCL Tech showed.
HCL Technologies posted a higher level of attrition as compared to the quarter ended March 2022, where the same was 21.9 per cent. On a year on year basis, HCL Tech attrition level has risen 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 its people with an equitable, safe and inclusive work environment. HCL focuses on talent attraction, growth, and retention to ensure a unified experience across the enterprise,” said the company in a statement.
“As of June 30, 2022, the total global employee headcount was 210,966. Net hiring was 2,089 for the quarter,” it added. Of this, 28.30 per cent employees were female, while the company also hired across cultures as 167 nationalities were represented across 52 countries.
During the January to March quarter, HCL Tech reported a total headcount was 2,08,877 with a net addition of 11,100 employees during the quarter.
IT companies have been posting higher attrition rates over the last few quarters. On Friday, IT giant TCS reported that its attrition rate rose to 19.7 per cent on a last twelve-month basis. It was the highest attrition rate reported by the the Bengaluru-based software company in the last six quarters. The attrition rate was calculated at 17.4 per cent in the quarter-ending March 2022.
In a research note, ICICI Direct had said attrition across companies would continue to be high and, hence, cost to backfill attrition (at higher costs) and costs related to retention, bonus, rationalisation of compensations are expected to put pressure on margins.
HCL Tech Q1 Results
Meanwhile, HCL Technologies on Tuesday posted a 2.4 per cent year-on-year rise in consolidated net profit to Rs 3,283 crore for the quarter ended in June. Net profit was at Rs 3,205 crore for the corresponding quarter a year ago. The tech giant’s revenue climbed 16.92 per cent year-on-year to Rs 23,464 crore in Q1FY23, against Rs 20,068 crore in Q1FY22. Ebitda margin for June quarter stood at 21.2 per cent compared with 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 each of the company for the financial year 2022-23.
“We have started FY’23 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 robust growth momentum, growing at 2.3 per cent QoQ and 19.0 per cent YoY in constant currency, driven by our digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals”, said C Vijayakumar, CEO and Managing Director at HCL Technologies Ltd.
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