Infosys Q4 results | IT major hired 85,000 freshers in FY22, attrition spikes to 27.7%

Software major Infosys hired 85,000 freshers in the year ended March 31, 2022, as attrition continues to spike amid a robust demand environment.

For the year, the company added 54,396 people and is looking to hire more than 50,000 freshers in FY23, the Bengaluru-based IT player said on April 13 as it shared its fourth-quarter numbers.

India’s second-largest IT services provider reported a consolidated net profit of Rs 5,686 crore for the March quarter, an on-year growth of 12 percent. On a sequential basis, the profit declined by 2 percent.

The company said that it expanded its fresher hiring programme to 85,000 for the year from the 55,000 it had shared earlier t meet strong demand for its services. This also comes at a time when its attrition has spiked, amidst an unprecedented war for technology talent in India.

The attrition stood at 27.7 percent.

Also read: Infosys grows faster than TCS third year in a row, posts 20.3% growth in FY22

The company reported $4280 million in revenues in the March quarter, up 18.5 percent from $3,613 million in the year-ago period. For the year, the company’s reported $16,311 million, a growth of 20.3 percent.

In FY22, Infosys raised its revenue growth guidance, for the third time this year to 19.5-20 percent from 12-14 percent it started with at the beginning of the year.

Also read: Infosys Q4 Results LIVE Updates | Digital revenues at 59.2% of total revenues, operating margin at 21.5%

“Infosys delivered highest annual growth in a decade with broad-based performance driven by deeply differentiated digital and Infosys Cobalt led cloud capabilities, powered by ‘One Infosys’ approach. We continue to gain market share as a result of sustained clients’ confidence in our ability to successfully navigate their digital journeys,” CEO and MD Salil Parekh said.

“With the acceleration of digital disruptions across industries, we see immense potential to engage and partner with clients as they transform, adapt and thrive. We will scale talent globally, invest in employees and accelerate innovation and digital capabilities to capitalize on the expanding market opportunities.”