HCL Technologies added 39,900 people for the year ended March 31, 2022, more than double of 18,500 added in FY21, on the back of rising attrition and continued demand for IT services.
The company employs 2.08 lakh people. Its attrition stood at 21.8 percent, up from 11.8 percent registered at the beginning of the year. Infosys' attrition stood at 27.7 percent while TCS was at 17.4 percent, respectively.
To contain attrition and cater to the growing demand, the company hired 23,000 freshers in FY22 and will hire about 45,000 campus hires in FY23. Its peers TCS and Infosys hired 100,000 and 85,000 freshers in FY22.
The company is seeing close to 12-15 percent of the employees coming to offices, and is looking at a hybrid model of work.
The company reported $2,993 million in revenues during the quarter ended March 2022, up 11 percent year-on-year. For the full year the company reported $11.5 billion in revenues, up 12.8 percent compared to FY21.
The company guided for 12-14 percent in revenue for FY23 at the back of a robust demand environment after a year. The company reported $2.26 billion in net new deals for the quarter, and $8.308 billion for the year.
However, the products and platform business continue to see decline due to seasonality. The segment declined 13.9 percent for the quarter.
“The seasonality is really coming from the new product license sale. Our endeavour has been to convert as much of new license sales into more of a subscription based contracting to reduce the fluctuations. This was a long term business transformation and it will take some years. Till then you're going to see the volatility,” C Vijayakumar, CEO, explained.
Talking about the select IBM products the company acquired, he said IBM acquisition has helped the firm get access to products and also the client base. The firm has 18,000 customers for its products, and the client base it acquired.“We are seeing a good synergy playing out between our client bases for whom we have done product innovation. We have a few sizable proposals requirements coming from this client base,” he added.